Baker Hughes (NASDAQ:BKR) Stock Rating Lowered by Wall Street Zen

Baker Hughes (NASDAQ:BKR) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

BKR has been the topic of several other research reports. Evercore reiterated an “outperform” rating and issued a $76.00 target price on shares of Baker Hughes in a report on Monday, April 27th. Weiss Ratings cut shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 13th. Piper Sandler raised their price target on Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. TD Cowen lifted their price objective on Baker Hughes from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Citigroup boosted their price objective on Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, July 8th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and an average target price of $69.95.

Baker Hughes Trading Up 1.8%

Shares of BKR stock opened at $62.75 on Wednesday. Baker Hughes has a 12 month low of $41.96 and a 12 month high of $70.41. The company has a market cap of $62.29 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 1.96 and a beta of 0.97. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The business’s 50 day moving average is $59.08 and its two-hundred day moving average is $60.65.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. Baker Hughes’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.63 earnings per share. Equities analysts predict that Baker Hughes will post 2.46 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at $1,027,327.34. This represents a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 367,910 shares of company stock valued at $22,420,797. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EFG International AG bought a new stake in shares of Baker Hughes in the 4th quarter worth approximately $26,000. Cullen Frost Bankers Inc. increased its position in shares of Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after purchasing an additional 468 shares during the period. Meeder Asset Management Inc. increased its position in shares of Baker Hughes by 49.0% during the first quarter. Meeder Asset Management Inc. now owns 651 shares of the company’s stock valued at $40,000 after purchasing an additional 214 shares during the period. Quarry LP acquired a new position in shares of Baker Hughes in the fourth quarter valued at $31,000. Finally, MV Capital Management Inc. acquired a new position in shares of Baker Hughes in the fourth quarter valued at $34,000. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.