Wells Fargo & Company Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its target price hoisted by equities researchers at Wells Fargo & Company from $42.00 to $49.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 22.38% from the stock’s current price.

A number of other research firms also recently commented on BKR. UBS Group cut their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Royal Bank of Canada raised their target price on Baker Hughes from $43.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, December 12th. Citigroup increased their price objective on Baker Hughes from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Barclays upped their price objective on Baker Hughes from $41.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, Morgan Stanley increased their price objective on Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.47.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $40.04 on Tuesday. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $45.17. The company has a quick ratio of 0.88, a current ratio of 1.30 and a debt-to-equity ratio of 0.37. The firm has a market cap of $39.62 billion, a P/E ratio of 17.96, a P/E/G ratio of 0.72 and a beta of 1.40. The business’s 50 day moving average price is $40.76 and its 200 day moving average price is $36.87.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $7.21 billion. During the same period in the previous year, the firm earned $0.42 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. On average, sell-side analysts expect that Baker Hughes will post 2.29 earnings per share for the current year.

Hedge Funds Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently bought and sold shares of the stock. National Pension Service increased its holdings in shares of Baker Hughes by 6.4% during the 3rd quarter. National Pension Service now owns 1,362,973 shares of the company’s stock worth $49,271,000 after buying an additional 81,625 shares during the last quarter. Hixon Zuercher LLC acquired a new position in shares of Baker Hughes in the 3rd quarter valued at about $1,980,000. Banque Cantonale Vaudoise grew its holdings in shares of Baker Hughes by 76.1% during the 3rd quarter. Banque Cantonale Vaudoise now owns 122,661 shares of the company’s stock worth $4,434,000 after purchasing an additional 53,006 shares during the period. AQR Capital Management LLC increased its position in Baker Hughes by 7.6% during the 2nd quarter. AQR Capital Management LLC now owns 6,424,915 shares of the company’s stock worth $223,523,000 after purchasing an additional 455,307 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Baker Hughes by 90.4% during the third quarter. Thrivent Financial for Lutherans now owns 447,673 shares of the company’s stock valued at $16,183,000 after buying an additional 212,520 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

About Baker Hughes

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.