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

Baker Hughes (NASDAQ:BKR) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts also recently commented on the stock. BMO Capital Markets raised their price objective on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of Baker Hughes in a report on Friday, April 24th. Stifel Nicolaus lifted their target price on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday. Jefferies Financial Group reissued a “buy” rating and set a $80.00 price objective on shares of Baker Hughes in a research note on Sunday. Finally, Barclays upped their target price on shares of Baker Hughes from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday. Nineteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $68.09.

Baker Hughes Stock Up 0.9%

BKR stock traded up $0.63 during trading on Tuesday, reaching $69.44. The stock had a trading volume of 2,160,961 shares, compared to its average volume of 9,663,257. Baker Hughes has a one year low of $35.10 and a one year high of $70.41. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The company’s 50 day moving average is $61.78 and its two-hundred day moving average is $54.18. The company has a market capitalization of $68.63 billion, a price-to-earnings ratio of 22.17, a P/E/G ratio of 2.33 and a beta of 0.90.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 EPS. Equities research analysts forecast that Baker Hughes will post 2.39 EPS for the current year.

Insider Buying and Selling at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 843 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $56.34, for a total value of $47,494.62. Following the completion of the sale, the chief accounting officer owned 14,019 shares of the company’s stock, valued at approximately $789,830.46. This represents a 5.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Maria Georgia Magno sold 5,063 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total transaction of $298,919.52. Following the transaction, the insider owned 15,555 shares in the company, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 590,251 shares of company stock worth $35,311,023 over the last three months. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. grew its stake in Baker Hughes by 1.0% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 309,908 shares of the company’s stock worth $18,898,000 after buying an additional 3,096 shares during the last quarter. Lmcg Investments LLC grew its holdings in Baker Hughes by 11.9% in the 1st quarter. Lmcg Investments LLC now owns 120,851 shares of the company’s stock valued at $7,378,000 after buying an additional 12,842 shares during the last quarter. Montag A & Associates Inc. bought a new stake in shares of Baker Hughes in the 1st quarter worth approximately $55,000. Resonant Capital Advisors LLC bought a new position in shares of Baker Hughes during the 1st quarter worth approximately $217,000. Finally, Baxter Bros Inc. lifted its stake in Baker Hughes by 5.8% in the first quarter. Baxter Bros Inc. now owns 20,240 shares of the company’s stock valued at $1,236,000 after buying an additional 1,110 shares during the period. 92.06% of the stock is currently owned by institutional investors.

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.