Baker Hughes (NASDAQ:BKR) Sets New 52-Week High – Here’s Why

Shares of Baker Hughes (NASDAQ:BKR) hit a new 52-week high on Thursday . The stock traded as high as $44.93 and last traded at $44.93, with a volume of 3140 shares traded. The stock had previously closed at $44.31.

Wall Street Analysts Forecast Growth

BKR has been the topic of a number of recent research reports. UBS Group dropped their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Barclays lifted their target price on Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Morgan Stanley raised their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. TD Cowen boosted their price objective on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Wells Fargo & Company upgraded shares of Baker Hughes from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $40.00 to $42.00 in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $44.59.

Baker Hughes Stock Down 1.4 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88. The company has a market capitalization of $43.79 billion, a PE ratio of 19.84, a P/E/G ratio of 0.72 and a beta of 1.38. The business’s 50 day simple moving average is $38.54 and its 200 day simple moving average is $35.60.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The firm had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. During the same quarter last year, the company posted $0.42 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. As a group, analysts anticipate that Baker Hughes will post 2.29 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a $0.21 dividend. The ex-dividend date was Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.90%. Baker Hughes’s payout ratio is 37.67%.

Institutional Trading of Baker Hughes

Institutional investors have recently modified their holdings of the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Baker Hughes during the third quarter worth about $30,000. True Wealth Design LLC grew its stake in shares of Baker Hughes by 2,181.6% in the 3rd quarter. True Wealth Design LLC now owns 867 shares of the company’s stock valued at $31,000 after purchasing an additional 829 shares during the last quarter. Continuum Advisory LLC increased its holdings in shares of Baker Hughes by 442.2% in the third quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock valued at $35,000 after purchasing an additional 796 shares during the period. New Covenant Trust Company N.A. purchased a new stake in shares of Baker Hughes during the first quarter worth approximately $34,000. Finally, Alta Advisers Ltd purchased a new position in Baker Hughes in the 2nd quarter valued at $42,000. Hedge funds and other 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.