Baker Hughes (NASDAQ:BKR – Get Free Report) was upgraded by investment analysts at Wolfe Research to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.
BKR has been the subject of several other reports. UBS Group increased their price objective on Baker Hughes from $69.00 to $73.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Piper Sandler lifted their target price on Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Evercore reiterated an “outperform” rating and set a $76.00 price target on shares of Baker Hughes in a report on Monday, April 27th. Capital One Financial boosted their price objective on shares of Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Finally, TD Cowen upped their target price on shares of Baker Hughes from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $70.14.
View Our Latest Research Report on BKR
Baker Hughes Stock Up 5.8%
Baker Hughes (NASDAQ:BKR – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the prior year, the firm posted $0.51 earnings per share. Baker Hughes’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities analysts anticipate that Baker Hughes will post 2.29 earnings per share for the current year.
Insiders Place Their Bets
In other news, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is owned by insiders.
Institutional Investors Weigh In On Baker Hughes
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. EFG International AG purchased a new position in shares of Baker Hughes during the fourth quarter worth about $26,000. Cullen Frost Bankers Inc. grew its stake in Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after buying an additional 468 shares during the last quarter. Meeder Asset Management Inc. increased its position in Baker Hughes by 49.0% during the first quarter. Meeder Asset Management Inc. now owns 651 shares of the company’s stock worth $40,000 after buying an additional 214 shares during the period. Quarry LP purchased a new stake in Baker Hughes in the fourth quarter valued at approximately $31,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Baker Hughes in the fourth quarter valued at approximately $34,000. 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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