Baker Hughes (NASDAQ:BKR) Stock Rating Upgraded by Zacks Research

Baker Hughes (NASDAQ:BKR) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. UBS Group lifted their price target on Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Piper Sandler lifted their price target on Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. TD Cowen lifted their price target on Baker Hughes from $64.00 to $75.00 and gave the company a “buy” rating in a report on Monday, April 27th. Evercore restated an “outperform” rating and issued a $76.00 price target on shares of Baker Hughes in a report on Monday, April 27th. Finally, Capital One Financial lifted their price objective on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.14.

Baker Hughes Stock Down 1.5%

BKR opened at $61.52 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The stock has a market capitalization of $61.03 billion, a price-to-earnings ratio of 19.65, a price-to-earnings-growth ratio of 2.22 and a beta of 0.93. The business has a 50-day moving average of $64.18 and a two-hundred day moving average of $58.12. Baker Hughes has a 12 month low of $37.38 and a 12 month high of $70.41.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 EPS. On average, research analysts expect that Baker Hughes will post 2.31 earnings per share for the current year.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $63.36, for a total value of $11,494,200.96. Following the completion of the sale, the chief executive officer directly owned 784,944 shares in the company, valued at approximately $49,734,051.84. This represents a 18.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, the chief accounting officer owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

Several hedge funds and other institutional investors have recently bought and sold shares of BKR. EFG International AG acquired a new position in Baker Hughes during the 4th quarter worth approximately $26,000. Cullen Frost Bankers Inc. increased its holdings in shares of Baker Hughes by 344.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after acquiring an additional 468 shares during the last quarter. Quarry LP bought a new stake in shares of Baker Hughes in the 4th quarter valued at approximately $31,000. MV Capital Management Inc. bought a new position in Baker Hughes during the 4th quarter worth $34,000. Finally, Acumen Wealth Advisors LLC bought a new position in Baker Hughes during the 4th quarter worth $35,000. 92.06% of the stock is owned by institutional investors and hedge funds.

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.