Wells Fargo & Company Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its price target boosted by Wells Fargo & Company from $42.00 to $49.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 18.70% from the company’s previous close.

BKR has been the topic of several other reports. UBS Group dropped their price objective 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. Morgan Stanley upped their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. BMO Capital Markets upped their price target on shares of Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, October 10th. Stifel Nicolaus upped their price target on shares of Baker Hughes from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Benchmark reaffirmed a “buy” rating and set a $42.00 price target on shares of Baker Hughes in a research note on Thursday, October 24th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.53.

Baker Hughes Stock Performance

BKR traded down $0.52 during trading on Tuesday, hitting $41.28. The stock had a trading volume of 616,809 shares, compared to its average volume of 7,097,056. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.30. The firm has a market capitalization of $40.85 billion, a P/E ratio of 18.37, a PEG ratio of 0.72 and a beta of 1.40. The company’s 50-day moving average price is $40.63 and its 200 day moving average price is $36.80. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $45.17.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.06. The company had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. Baker Hughes’s revenue was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 EPS. On average, equities research analysts forecast that Baker Hughes will post 2.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its holdings in Baker Hughes by 20.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 28,216 shares of the company’s stock valued at $992,000 after buying an additional 4,884 shares during the period. Blue Trust Inc. grew its position in shares of Baker Hughes by 54.2% during the second quarter. Blue Trust Inc. now owns 4,924 shares of the company’s stock worth $165,000 after buying an additional 1,731 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Baker Hughes by 16.0% during the second quarter. Fifth Third Bancorp now owns 36,302 shares of the company’s stock worth $1,277,000 after buying an additional 4,997 shares in the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Baker Hughes during the second quarter worth approximately $536,000. Finally, JB Capital LLC grew its position in shares of Baker Hughes by 4.1% during the second quarter. JB Capital LLC now owns 74,047 shares of the company’s stock worth $2,604,000 after buying an additional 2,926 shares in the last quarter. 92.06% of the stock is currently 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.