Baker Hughes (NASDAQ:BKR) Stock Gets Price Target Reduction from Citigroup

Baker Hughes (NASDAQ:BKR) had its target price decreased by Citigroup from $75.00 to $72.00 in a report published on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other equities analysts also recently issued reports on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Baker Hughes in a research note on Friday, October 9th. Wolfe Research assumed coverage on shares of Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price objective for the company. Piper Sandler upped their target price on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Jefferies Financial Group dropped their target price on Baker Hughes from $80.00 to $77.00 and set a “buy” rating on the stock in a research report on Tuesday, September 29th. Finally, Morgan Stanley began coverage on Baker Hughes in a report on Friday, August 7th. They issued an “overweight” rating and a $70.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and a consensus target price of $72.10.

Baker Hughes Stock Up 0.6%

NASDAQ:BKR opened at $56.00 on Monday. Baker Hughes has a 1-year low of $44.26 and a 1-year high of $70.41. The company has a 50-day moving average of $59.32 and a 200 day moving average of $60.69. The firm has a market cap of $55.59 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 2.65 and a beta of 1.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Monday, July 27th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.54 billion. During the same period in the prior year, the business earned $0.63 EPS. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. As a group, research analysts anticipate that Baker Hughes will post 2.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BKR. Amundi lifted 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 acquiring an additional 2,409,978 shares during the last quarter. Advent International L.P. acquired a new stake in Baker Hughes in the first quarter valued at approximately $72,309,000. Assenagon Asset Management S.A. grew its holdings in Baker Hughes by 1,289.3% in the third quarter. Assenagon Asset Management S.A. now owns 1,210,521 shares of the company’s stock worth $72,630,000 after purchasing an additional 1,123,391 shares during the last quarter. Perpetual Ltd grew its holdings in Baker Hughes by 24.0% in the third quarter. Perpetual Ltd now owns 3,958,604 shares of the company’s stock worth $217,327,000 after purchasing an additional 765,582 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in Baker Hughes in the first quarter worth $44,328,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Company Profile

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the oil and gas industry and other energy-related markets. Its offerings support the exploration, drilling, completion, production and maintenance of energy assets across the lifecycle of a project.

The company’s oilfield services and equipment business provides technologies such as drilling systems, well completions, artificial lift, subsea equipment, production chemicals and well intervention services.