Baker Hughes (NASDAQ:BKR) Hits New 52-Week High After Strong Earnings

Baker Hughes (NASDAQ:BKR) reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $37.78 and last traded at $37.56, with a volume of 5988486 shares. The stock had previously closed at $35.58.

The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a return on equity of 11.42% and a net margin of 6.95%. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year.

Analyst Ratings Changes

BKR has been the subject of several recent research reports. The Goldman Sachs Group upped their target price on Baker Hughes from $36.00 to $38.00 in a report on Tuesday, April 23rd. Bank of America reduced their target price on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 15th. UBS Group increased their target price on shares of Baker Hughes from $35.00 to $36.00 in a research report on Tuesday, April 23rd. Jefferies Financial Group boosted their price objective on Baker Hughes from $45.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Baker Hughes in a research report on Monday, April 8th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.92.

Insider Buying and Selling

In other news, EVP Maria C. Borras sold 55,980 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were 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 in the company, valued at approximately $2,945,120. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James & Associates increased its stake in Baker Hughes by 13.8% during the 4th quarter. Raymond James & Associates now owns 466,769 shares of the company’s stock valued at $15,954,000 after purchasing an additional 56,707 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Baker Hughes by 26.1% during the 4th quarter. Pacer Advisors Inc. now owns 143,762 shares of the company’s stock worth $4,914,000 after acquiring an additional 29,763 shares during the last quarter. Kingswood Wealth Advisors LLC purchased a new position in Baker Hughes during the 4th quarter worth $377,000. Blue Trust Inc. boosted its holdings in Baker Hughes by 15.5% during the 4th quarter. Blue Trust Inc. now owns 2,432 shares of the company’s stock worth $85,000 after acquiring an additional 327 shares during the last quarter. Finally, ICICI Prudential Asset Management Co Ltd boosted its holdings in Baker Hughes by 8.7% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 9,766 shares of the company’s stock worth $334,000 after acquiring an additional 782 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Stock Up 5.6 %

The company has a current ratio of 1.25, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $37.48 billion, a PE ratio of 20.74, a P/E/G ratio of 0.60 and a beta of 1.41. The stock’s fifty day simple moving average is $33.55 and its 200-day simple moving average is $32.20.

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.