Baker Hughes (NASDAQ:BKR – Get Free Report) had its price target raised by equities researchers at Capital One Financial from $66.00 to $71.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. The brokerage presently has an “overweight” rating on the stock. Capital One Financial‘s target price points to a potential upside of 6.85% from the company’s previous close.
BKR has been the topic of several other research reports. Zephirin Group lifted their price objective on Baker Hughes from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Monday, January 26th. Evercore restated an “outperform” rating and set a $76.00 price target on shares of Baker Hughes in a research report on Monday, April 27th. TD Cowen boosted their price objective on Baker Hughes from $64.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Zacks Research lowered Baker Hughes from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 28th. Finally, Citigroup raised their target price on shares of Baker Hughes from $69.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and an average target price of $69.41.
Read Our Latest Analysis on BKR
Baker Hughes Trading Down 0.5%
Baker Hughes (NASDAQ:BKR – Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 EPS. On average, analysts predict that Baker Hughes will post 2.31 earnings per share for the current fiscal year.
Insider Activity at Baker Hughes
In other news, CEO Lorenzo Simonelli sold 272,594 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the transaction, the chief executive officer directly owned 866,444 shares of the company’s stock, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Maria Georgia Magno sold 5,063 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the transaction, the insider owned 15,555 shares of the company’s stock, valued at approximately $918,367.20. This represents a 24.56% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 550,250 shares of company stock valued at $32,988,331. Company insiders own 0.19% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Groupe la Francaise lifted its position in shares of Baker Hughes by 10.0% in the 1st quarter. Groupe la Francaise now owns 73,059 shares of the company’s stock worth $4,460,000 after purchasing an additional 6,655 shares during the period. Liontrust Investment Partners LLP purchased a new position in shares of Baker Hughes during the first quarter valued at about $10,620,000. Hobbs Group Advisors LLC bought a new position in Baker Hughes in the first quarter worth about $445,000. Bank of America Corp DE raised its stake in Baker Hughes by 5.1% in the first quarter. Bank of America Corp DE now owns 3,837,618 shares of the company’s stock worth $234,287,000 after buying an additional 184,897 shares in the last quarter. Finally, Oddo BHF Asset Management Sas purchased a new stake in Baker Hughes in the first quarter worth about $1,143,000. 92.06% of the stock is owned by hedge funds and other institutional investors.
About Baker Hughes
Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.
The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.
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