Baker Hughes (NASDAQ:BKR) Given New $42.00 Price Target at Morgan Stanley

Baker Hughes (NASDAQ:BKR) had its target price lowered by Morgan Stanley from $43.00 to $42.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

BKR has been the subject of several other research reports. Piper Sandler decreased their price objective on Baker Hughes from $45.00 to $44.00 and set an overweight rating for the company in a report on Monday, July 15th. Susquehanna lifted their price target on Baker Hughes from $40.00 to $46.00 and gave the stock a positive rating in a report on Monday, July 29th. Stifel Nicolaus lifted their price target on Baker Hughes from $40.00 to $45.00 and gave the stock a buy rating in a report on Monday, July 29th. Benchmark reiterated a buy rating and set a $40.00 price target on shares of Baker Hughes in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. lifted their price target on Baker Hughes from $42.00 to $43.00 and gave the stock an overweight rating in a report on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Baker Hughes currently has a consensus rating of Moderate Buy and an average price target of $43.31.

Baker Hughes Price Performance

BKR stock opened at $33.98 on Monday. The stock has a 50-day moving average price of $35.08 and a two-hundred day moving average price of $33.55. The stock has a market cap of $33.76 billion, a PE ratio of 18.98, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $39.05.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.08. The company had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. Baker Hughes’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 EPS. Equities analysts forecast that Baker Hughes will post 2.24 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were given a $0.21 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.47%. Baker Hughes’s payout ratio is 46.93%.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the transaction, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Baker Hughes

A number of hedge funds and other institutional investors have recently modified their holdings of BKR. Price T Rowe Associates Inc. MD grew its stake in shares of Baker Hughes by 32.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock worth $581,729,000 after purchasing an additional 4,207,973 shares during the last quarter. Norges Bank acquired a new position in Baker Hughes in the fourth quarter valued at $551,555,000. Dimensional Fund Advisors LP lifted its holdings in Baker Hughes by 7.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after buying an additional 680,621 shares during the period. Legal & General Group Plc lifted its holdings in Baker Hughes by 8.6% in the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock valued at $306,801,000 after buying an additional 692,859 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Baker Hughes by 3.1% in the second quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock valued at $291,005,000 after buying an additional 248,122 shares during the period. Institutional investors own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.