Wells Fargo & Company Raises Baker Hughes (NASDAQ:BKR) Price Target to $40.00

Baker Hughes (NASDAQ:BKR) had its price target hoisted by investment analysts at Wells Fargo & Company from $35.00 to $40.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 5.29% from the company’s current price.

Several other analysts have also issued reports on BKR. Susquehanna upped their price target on shares of Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Monday. The Goldman Sachs Group upped their price target on shares of Baker Hughes from $36.00 to $38.00 in a research report on Tuesday, April 23rd. UBS Group upped their price target on shares of Baker Hughes from $35.00 to $36.00 in a research report on Tuesday, April 23rd. TD Cowen upped their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday. Finally, Stifel Nicolaus upped their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Baker Hughes Stock Up 0.9 %

Shares of NASDAQ:BKR opened at $37.99 on Monday. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $37.99. The firm has a fifty day moving average of $33.64 and a 200 day moving average of $32.25. The firm has a market capitalization of $37.91 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 0.64 and a beta of 1.41. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, research analysts anticipate that Baker Hughes will post 2.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Maria C. Borras sold 55,980 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 92,035 shares of the company’s stock, valued at $2,945,120. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Baker Hughes

Institutional investors have recently bought and sold shares of the stock. Louisiana State Employees Retirement System bought a new position in shares of Baker Hughes during the fourth quarter valued at approximately $4,813,000. Twin Tree Management LP increased its stake in shares of Baker Hughes by 183.0% during the first quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock valued at $11,348,000 after purchasing an additional 219,060 shares in the last quarter. Cibc World Markets Corp increased its stake in shares of Baker Hughes by 59.4% during the fourth quarter. Cibc World Markets Corp now owns 274,046 shares of the company’s stock valued at $9,367,000 after purchasing an additional 102,174 shares in the last quarter. Caxton Associates LP bought a new position in shares of Baker Hughes during the fourth quarter valued at approximately $13,672,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Baker Hughes by 101.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,383,918 shares of the company’s stock valued at $81,484,000 after purchasing an additional 1,200,407 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

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.