Royal Bank of Canada Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its price target boosted by investment analysts at Royal Bank of Canada from $49.00 to $53.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 12.86% from the stock’s current price.

Several other research firms also recently issued reports on BKR. Atb Cap Markets downgraded Baker Hughes from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Stifel Nicolaus boosted their price objective on Baker Hughes from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Wells Fargo & Company raised their target price on Baker Hughes from $49.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday. Piper Sandler increased their price target on Baker Hughes from $53.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Bank of America raised their price objective on shares of Baker Hughes from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.24.

Baker Hughes Price Performance

Shares of BKR stock traded up $0.78 on Monday, hitting $46.96. 3,176,073 shares of the company’s stock were exchanged, compared to its average volume of 7,566,447. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $47.60. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 0.94. The company has a 50 day moving average of $43.03 and a 200 day moving average of $39.12. The stock has a market cap of $46.47 billion, a P/E ratio of 15.80, a price-to-earnings-growth ratio of 0.89 and a beta of 1.39.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, January 30th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. On average, equities research analysts predict that Baker Hughes will post 2.55 EPS for the current year.

Insider Activity at Baker Hughes

In related news, EVP Maria C. Borras sold 8,000 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $44.77, for a total transaction of $358,160.00. Following the completion of the sale, the executive vice president now directly owns 173,302 shares of the company’s stock, valued at approximately $7,758,730.54. This trade represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Creative Planning grew its position in shares of Baker Hughes by 36.5% during the 2nd quarter. Creative Planning now owns 61,976 shares of the company’s stock valued at $2,180,000 after acquiring an additional 16,582 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Baker Hughes by 39.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,227 shares of the company’s stock valued at $360,000 after purchasing an additional 2,898 shares during the period. Sanctuary Advisors LLC purchased a new stake in Baker Hughes in the second quarter worth $1,505,000. Park Avenue Securities LLC lifted its position in shares of Baker Hughes by 6.0% during the 3rd quarter. Park Avenue Securities LLC now owns 26,703 shares of the company’s stock valued at $965,000 after buying an additional 1,501 shares during the last quarter. Finally, Quent Capital LLC grew its stake in shares of Baker Hughes by 97.0% during the 3rd quarter. Quent Capital LLC now owns 3,265 shares of the company’s stock worth $118,000 after acquiring an additional 1,608 shares during the period. Institutional investors own 92.06% of the company’s stock.

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.