Baker Hughes (NASDAQ:BKR) Rating Reiterated by Royal Bank of Canada

Baker Hughes (NASDAQ:BKR)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a report released on Thursday, Benzinga reports. They currently have a $43.00 price target on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 14.61% from the company’s previous close.

Other analysts also recently issued research reports about the company. TD Cowen boosted their target price on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Citigroup lowered their price objective on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating for the company in a report on Friday, September 27th. Evercore ISI increased their target price on shares of Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Morgan Stanley boosted their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Finally, Piper Sandler reduced their price objective on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.12.

Baker Hughes Stock Performance

Baker Hughes stock opened at $37.52 on Thursday. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The stock has a market cap of $37.44 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 0.61 and a beta of 1.38. The firm’s fifty day moving average price is $35.64 and its 200-day moving average price is $34.36.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The business had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.21 billion. During the same quarter last year, the business posted $0.42 earnings per share. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, equities research analysts expect that Baker Hughes will post 2.25 earnings per share for the current fiscal year.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Baker Hughes

Several hedge funds have recently made changes to their positions in BKR. Pinnacle Associates Ltd. raised its holdings in Baker Hughes by 3.4% in the third quarter. Pinnacle Associates Ltd. now owns 174,889 shares of the company’s stock worth $5,978,000 after purchasing an additional 5,696 shares in the last quarter. First Trust Direct Indexing L.P. grew its position in shares of Baker Hughes by 1.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock worth $1,079,000 after buying an additional 398 shares during the period. Adams Natural Resources Fund Inc. increased its stake in shares of Baker Hughes by 34.5% in the 3rd quarter. Adams Natural Resources Fund Inc. now owns 398,800 shares of the company’s stock worth $14,417,000 after acquiring an additional 102,400 shares in the last quarter. Adams Diversified Equity Fund Inc. purchased a new position in Baker Hughes during the 3rd quarter valued at about $8,311,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Baker Hughes by 110.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 12,601 shares of the company’s stock worth $456,000 after acquiring an additional 6,601 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

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.