Bank of America Lowers Baker Hughes (NASDAQ:BKR) Price Target to $38.00

Baker Hughes (NASDAQ:BKR) had its price target decreased by equities researchers at Bank of America from $40.00 to $38.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 4.68% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group boosted their target price on Baker Hughes from $36.00 to $38.00 in a research note on Tuesday, April 23rd. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Baker Hughes in a research note on Monday, April 8th. Jefferies Financial Group increased their target price on shares of Baker Hughes from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Piper Sandler dropped their price target on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Benchmark reiterated a “buy” rating and issued a $40.00 target price on shares of Baker Hughes in a research report on Wednesday, April 24th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.93.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $36.30 on Monday. The company has a quick ratio of 0.84, a current ratio of 1.25 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $36.23 billion, a PE ratio of 20.28, a P/E/G ratio of 0.59 and a beta of 1.41. The firm has a fifty day simple moving average of $33.12 and a 200 day simple moving average of $32.08. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $37.58.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Wednesday, April 24th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.40 by $0.03. Baker Hughes had a return on equity of 11.42% and a net margin of 6.95%. The company had revenue of $6.42 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the business posted $0.28 EPS. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. On average, sell-side analysts forecast that Baker Hughes will post 2.09 EPS for the current year.

Insider Activity

In other Baker Hughes news, EVP Maria C. Borras sold 55,980 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $32.00, for a total value of $1,791,360.00. Following the sale, the executive vice president now directly owns 92,035 shares of the company’s stock, valued at $2,945,120. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Several large investors have recently modified their holdings of the business. Graham Capital Management L.P. purchased a new stake in shares of Baker Hughes during the third quarter worth $225,000. Wellington Management Group LLP increased its holdings in Baker Hughes by 12.0% during the 3rd quarter. Wellington Management Group LLP now owns 905,513 shares of the company’s stock worth $31,983,000 after purchasing an additional 97,108 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in Baker Hughes in the 3rd quarter valued at about $279,000. Nordea Investment Management AB boosted its stake in shares of Baker Hughes by 731.1% in the 4th quarter. Nordea Investment Management AB now owns 1,458,833 shares of the company’s stock valued at $49,732,000 after buying an additional 1,283,296 shares during the period. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Baker Hughes during the fourth quarter worth about $33,000. Institutional investors and hedge funds own 92.06% 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. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.