Baker Hughes (NASDAQ:BKR) Stock Gets Downgrade from Zacks Research

Baker Hughes (NASDAQ:BKR) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday, Zacks reports.

Several other equities research analysts have also commented on BKR. Citigroup dropped their price target on Baker Hughes from $75.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Piper Sandler cut their price objective on Baker Hughes from $73.00 to $70.00 and set an “overweight” rating on the stock in a report on Thursday, October 29th. Royal Bank Of Canada reduced their price objective on Baker Hughes from $71.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, October 29th. Morgan Stanley decreased their target price on Baker Hughes from $70.00 to $68.00 and set an “overweight” rating for the company in a report on Thursday, October 29th. Finally, UBS Group dropped their target price on shares of Baker Hughes from $72.00 to $69.00 and set a “neutral” rating for the company in a research report on Wednesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average target price of $70.27.

Baker Hughes Trading Up 3.6%

Shares of NASDAQ BKR traded up $1.67 during trading on Thursday, hitting $47.87. 12,646,896 shares of the company traded hands, compared to its average volume of 7,374,273. 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 price of $56.92 and a 200-day moving average price of $60.03. The firm has a market capitalization of $47.52 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.55 and a beta of 1.07. The company has a quick ratio of 0.90, a current ratio of 1.24 and a debt-to-equity ratio of 0.85.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.09. The business had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.74 billion. Baker Hughes had a return on equity of 13.55% and a net margin of 10.08%. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.68 EPS. On average, equities analysts predict that Baker Hughes will post 2.56 EPS for the current year.

Insider Transactions at Baker Hughes

In other news, Director John Rice purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was acquired at an average cost of $53.10 per share, with a total value of $531,000.00. Following the acquisition, the director owned 77,315 shares in the company, valued at approximately $4,105,426.50. This trade represents a 14.86% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Baker Hughes

A number of institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in Baker Hughes by 152.3% during the 2nd quarter. NewEdge Advisors LLC now owns 149,817 shares of the company’s stock worth $8,315,000 after purchasing an additional 90,427 shares during the last quarter. National Pension Service raised its position in shares of Baker Hughes by 29.0% in the 2nd quarter. National Pension Service now owns 1,867,731 shares of the company’s stock valued at $103,659,000 after purchasing an additional 419,426 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Baker Hughes by 19.5% during the 2nd quarter. Allworth Financial LP now owns 231,538 shares of the company’s stock valued at $12,850,000 after buying an additional 37,814 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Baker Hughes by 367.1% during the 1st quarter. Fifth Third Bancorp now owns 199,621 shares of the company’s stock valued at $12,187,000 after buying an additional 156,881 shares during the last quarter. Finally, Talon Private Wealth LLC acquired a new stake in shares of Baker Hughes during the first quarter worth approximately $2,991,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides products and services to the oil and gas industry and other industrial markets. Its offerings include equipment and services used across the energy value chain, from exploration and production to transportation and processing.

The company also develops turbomachinery, industrial equipment, digital technologies and solutions for energy and industrial applications. Its portfolio includes technologies designed to support more efficient operations and lower-emissions energy systems.

Baker Hughes serves customers around the world.