Baker Hughes (NASDAQ:BKR) Upgraded to Hold at Freedom Broker

Freedom Broker upgraded shares of Baker Hughes (NASDAQ:BKR) from a sell rating to a hold rating in a research report released on Friday,Benzinga reports. They currently have $52.00 price target on the stock, up from their previous price target of $51.00.

Several other research firms have also recently weighed in on BKR. Royal Bank Of Canada lowered their price objective on shares of Baker Hughes from $71.00 to $70.00 and set an “outperform” rating on the stock in a research report on Thursday. Susquehanna lifted their price objective on shares of Baker Hughes from $72.00 to $75.00 and gave the stock a “positive” rating in a report on Thursday, September 10th. Jefferies Financial Group cut their target price on shares of Baker Hughes from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Tuesday, September 29th. Piper Sandler reduced their target price on Baker Hughes from $73.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Baker Hughes in a research note on Friday, October 9th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $70.27.

Baker Hughes Price Performance

BKR stock opened at $55.23 on Friday. The company’s 50 day moving average is $58.13 and its 200 day moving average is $60.05. The stock has a market cap of $54.83 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 2.62 and a beta of 1.04. The company has a current ratio of 1.24, a quick ratio of 0.90 and a debt-to-equity ratio of 0.85. Baker Hughes has a 1-year low of $44.26 and a 1-year high of $70.41.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Tuesday, October 27th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.09. Baker Hughes had a net margin of 10.08% and a return on equity of 13.55%. The business had revenue of $8.03 billion during the quarter, compared to analyst estimates of $7.74 billion. During the same period in the previous year, the business posted $0.68 earnings per share. Baker Hughes’s revenue for the quarter was up 14.5% on a year-over-year basis. Sell-side analysts predict that Baker Hughes will post 2.58 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Tuesday, November 10th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.92 annualized dividend and a yield of 1.7%. Baker Hughes’s dividend payout ratio is 31.72%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Amundi increased its stake in shares of 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 purchasing an additional 2,409,978 shares in the last quarter. Advent International L.P. purchased a new stake in shares of Baker Hughes in the 1st quarter worth approximately $72,309,000. Assenagon Asset Management S.A. grew its stake in shares of Baker Hughes by 1,289.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,210,521 shares of the company’s stock worth $72,630,000 after buying an additional 1,123,391 shares during the last quarter. Perpetual Ltd increased its position in Baker Hughes by 24.0% during the 3rd quarter. Perpetual Ltd now owns 3,958,604 shares of the company’s stock valued at $217,327,000 after buying an additional 765,582 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Baker Hughes during the 3rd quarter valued at approximately $38,380,000. 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.