Baker Hughes (NASDAQ:BKR) Given New $50.00 Price Target at Citigroup

Baker Hughes (NASDAQ:BKR) had its price target raised by Citigroup from $42.00 to $50.00 in a research note published on Thursday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research firms have also issued reports on BKR. JPMorgan Chase & Co. lifted their price objective on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Morgan Stanley boosted their price objective on Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. UBS Group lowered their target price on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Barclays boosted their price target on shares of Baker Hughes from $41.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. Finally, TD Cowen lifted their price objective on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.59.

Baker Hughes Stock Performance

NASDAQ:BKR traded down $0.44 on Thursday, reaching $42.74. 2,277,352 shares of the company’s stock were exchanged, compared to its average volume of 7,231,725. The firm has a market cap of $42.29 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 0.73 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88. The stock has a fifty day simple moving average of $37.30 and a 200-day simple moving average of $35.13. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $44.49.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. The company had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same period in the previous year, the company posted $0.42 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, sell-side analysts predict that Baker Hughes will post 2.29 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, November 4th. This represents a $0.84 annualized dividend and a yield of 1.97%. Baker Hughes’s payout ratio is 37.67%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in Baker Hughes by 32.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after purchasing an additional 4,207,973 shares during the period. Hotchkis & Wiley Capital Management LLC grew its position in shares of Baker Hughes by 34.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock worth $394,775,000 after buying an additional 2,811,940 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Baker Hughes by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after buying an additional 680,621 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Baker Hughes by 1.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,633,006 shares of the company’s stock valued at $348,233,000 after acquiring an additional 145,537 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Baker Hughes by 8.6% in the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after acquiring an additional 692,859 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Company Profile

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.