Baker Hughes (NYSE:BKR – Get Rating) had its price target reduced by research analysts at Citigroup from $40.00 to $36.00 in a research note issued to investors on Tuesday, The Fly reports. Citigroup’s price objective would indicate a potential upside of 61.58% from the company’s previous close.
BKR has been the topic of several other reports. Susquehanna lowered their target price on Baker Hughes from $39.00 to $35.00 in a research note on Thursday, July 21st. Morgan Stanley reduced their price target on Baker Hughes from $40.00 to $35.00 and set an “overweight” rating for the company in a research report on Wednesday, July 13th. BMO Capital Markets reduced their price target on Baker Hughes from $33.00 to $30.00 in a research report on Thursday, July 21st. Royal Bank of Canada reduced their price target on Baker Hughes from $36.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, September 20th. Finally, The Goldman Sachs Group reduced their price target on Baker Hughes from $41.00 to $32.00 and set a “buy” rating for the company in a research report on Wednesday, July 13th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.81.
Baker Hughes Stock Up 6.3 %
BKR stock opened at $22.28 on Tuesday. Baker Hughes has a twelve month low of $20.42 and a twelve month high of $39.78. The company has a quick ratio of 1.08, a current ratio of 1.51 and a debt-to-equity ratio of 0.44. The stock’s 50 day moving average is $24.36 and its 200-day moving average is $29.93. The firm has a market capitalization of $22.70 billion, a PE ratio of 31.28 and a beta of 1.40.
Baker Hughes (NYSE:BKR – Get Rating) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.11). The business had revenue of $5.05 billion for the quarter, compared to the consensus estimate of $5.34 billion. Baker Hughes had a positive return on equity of 3.82% and a negative net margin of 2.27%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.10 earnings per share. Sell-side analysts expect that Baker Hughes will post 0.94 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, Director Michael R. Dumais bought 10,000 shares of Baker Hughes stock in a transaction on Thursday, July 21st. The shares were purchased at an average price of $24.39 per share, for a total transaction of $243,900.00. Following the acquisition, the director now owns 24,977 shares of the company’s stock, valued at $609,189.03. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.34% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Stephens Inc. AR purchased a new stake in shares of Baker Hughes in the 1st quarter worth approximately $342,000. South Dakota Investment Council purchased a new stake in Baker Hughes during the 1st quarter valued at $480,000. Los Angeles Capital Management LLC boosted its stake in Baker Hughes by 770.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 2,446,473 shares of the company’s stock valued at $89,076,000 after purchasing an additional 2,165,521 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its stake in Baker Hughes by 14.6% during the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 26,733 shares of the company’s stock valued at $973,000 after purchasing an additional 3,410 shares during the last quarter. Finally, Gradient Investments LLC purchased a new stake in Baker Hughes during the 2nd quarter valued at $214,000. Hedge funds and other institutional investors own 96.62% of the company’s stock.
About Baker Hughes
Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). The OFS segment offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies.
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