UBS Group Cuts Baker Hughes (NASDAQ:BKR) Price Target to $69.00

Baker Hughes (NASDAQ:BKR) had its price target reduced by UBS Group from $72.00 to $69.00 in a research note published on Wednesday, Marketbeat.com reports. UBS Group currently has a neutral rating on the stock.

Several other equities research analysts have also recently issued reports on BKR. The Goldman Sachs Group restated a “buy” rating and issued a $71.00 target price on shares of Baker Hughes in a report on Tuesday. Wolfe Research assumed coverage on shares of Baker Hughes in a research note on Wednesday, July 8th. They set an “outperform” rating and a $70.00 target price for the company. Stifel Nicolaus increased their price target on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Piper Sandler raised their price target on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Finally, Citigroup lifted their price objective on Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.41.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $56.00 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. The firm has a market cap of $55.59 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 2.42 and a beta of 1.04. The business has a 50-day simple moving average of $60.75 and a two-hundred day simple moving average of $61.10. Baker Hughes has a fifty-two week low of $43.92 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.54 billion. During the same quarter last year, the firm posted $0.63 EPS. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. On average, analysts expect that Baker Hughes will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were given a $0.23 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.92 annualized dividend and a yield of 1.6%. Baker Hughes’s dividend payout ratio (DPR) is presently 29.68%.

Institutional Investors Weigh In On Baker Hughes

A number of hedge funds have recently modified their holdings of the business. OP Asset Management Ltd purchased a new stake in Baker Hughes in the first quarter worth about $6,049,000. NewEdge Advisors LLC grew its stake in shares of Baker Hughes by 152.3% during the 2nd quarter. NewEdge Advisors LLC now owns 149,817 shares of the company’s stock valued at $8,315,000 after acquiring an additional 90,427 shares during the period. Hsbc Holdings PLC grew its stake in shares of Baker Hughes by 2.0% during the 4th quarter. Hsbc Holdings PLC now owns 1,892,101 shares of the company’s stock valued at $86,230,000 after acquiring an additional 37,473 shares during the period. ABN AMRO Bank N.V. increased its holdings in Baker Hughes by 6.5% in the 1st quarter. ABN AMRO Bank N.V. now owns 679,842 shares of the company’s stock worth $41,625,000 after acquiring an additional 41,657 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in Baker Hughes by 367.1% in the 1st quarter. Fifth Third Bancorp now owns 199,621 shares of the company’s stock worth $12,187,000 after acquiring an additional 156,881 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes Company (NASDAQ:BKR) is an energy technology company that provides equipment, services and digital solutions to oil and gas producers, industrial companies and other energy customers. Its offerings support activities across the energy value chain, including exploration and production, drilling, well construction, production optimization, and the transportation and processing of hydrocarbons.

The company supplies oilfield services and equipment such as drilling systems, well-completion technologies, artificial-lift systems, subsea production equipment and well-intervention services.