Zacks Research lowered shares of Baker Hughes (NASDAQ:BKR – Free Report) from a strong-buy rating to a hold rating in a report published on Thursday,Zacks reports.
A number of other research firms have also commented on BKR. Piper Sandler dropped their price target on Baker Hughes from $73.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Baker Hughes in a report on Friday, October 9th. Stifel Nicolaus lifted their price target on shares of Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Susquehanna lifted their price target on shares of Baker Hughes from $72.00 to $75.00 and gave the company a “positive” rating in a research note on Thursday, September 10th. Finally, Barclays reduced their price target on shares of Baker Hughes from $72.00 to $62.00 and set an “equal weight” rating for the company in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $70.27.
Check Out Our Latest Analysis on Baker Hughes
Baker Hughes Trading Up 3.6%
NASDAQ BKR traded up $1.67 during trading on Thursday, reaching $47.87. 12,646,896 shares of the stock traded hands, compared to its average volume of 7,374,273. The firm has a market cap of $47.52 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 2.55 and a beta of 1.07. The stock’s 50-day moving average price is $56.92 and its 200 day moving average price is $60.03. The company has a quick ratio of 0.90, a current ratio of 1.24 and a debt-to-equity ratio of 0.85. Baker Hughes has a fifty-two week low of $44.26 and a fifty-two week high of $70.41.
Baker Hughes (NASDAQ:BKR – Get Free Report) last posted its earnings results on Tuesday, October 27th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.09. The company had revenue of $8.03 billion for the quarter, compared to analyst estimates of $7.74 billion. Baker Hughes had a net margin of 10.08% and a return on equity of 13.55%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $0.68 earnings per share. Analysts predict that Baker Hughes will post 2.56 EPS for the current year.
Baker Hughes Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Tuesday, November 10th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.9%. Baker Hughes’s dividend payout ratio (DPR) is 31.72%.
Insider Activity
In other Baker Hughes news, Director John Rice acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The shares were acquired at an average price of $53.10 per share, with a total value of $531,000.00. Following the completion of the transaction, the director directly owned 77,315 shares in the company, valued at $4,105,426.50. This trade represents a 14.86% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by company insiders.
Hedge Funds Weigh In On Baker Hughes
Several hedge funds have recently modified their holdings of BKR. Amundi boosted its position in Baker Hughes by 28.2% during the first quarter. Amundi now owns 10,946,464 shares of the company’s stock valued at $668,282,000 after purchasing an additional 2,409,978 shares during the last quarter. First Trust Advisors LP increased its position in shares of Baker Hughes by 4.0% during the 1st quarter. First Trust Advisors LP now owns 9,663,737 shares of the company’s stock worth $589,971,000 after purchasing an additional 374,974 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Baker Hughes by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 6,738,599 shares of the company’s stock worth $411,391,000 after purchasing an additional 119,388 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Baker Hughes by 5.1% during the 1st quarter. Bank of America Corp DE now owns 3,837,618 shares of the company’s stock worth $234,287,000 after purchasing an additional 184,897 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in shares of Baker Hughes by 2.1% in the 1st quarter. Bessemer Group Inc. now owns 3,565,158 shares of the company’s stock valued at $217,652,000 after buying an additional 73,836 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides products and services to the oil and gas industry and other industrial markets. Its offerings include equipment and services used across the energy value chain, from exploration and production to transportation and processing.
The company also develops turbomachinery, industrial equipment, digital technologies and solutions for energy and industrial applications. Its portfolio includes technologies designed to support more efficient operations and lower-emissions energy systems.
Baker Hughes serves customers around the world.
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