Morgan Stanley Boosts Baker Hughes (NASDAQ:BKR) Price Target to $45.00

Baker Hughes (NASDAQ:BKR) had its target price hoisted by equities research analysts at Morgan Stanley from $42.00 to $45.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 20.90% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. TD Cowen increased their target price on shares of Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada lifted their price objective on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Piper Sandler dropped their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. UBS Group reduced their price objective on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Finally, Jefferies Financial Group raised their target price on Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and an average price target of $43.56.

Baker Hughes Stock Up 1.3 %

Shares of NASDAQ:BKR opened at $37.22 on Thursday. The company has a 50-day moving average price of $35.27 and a 200 day moving average price of $33.96. 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 12 month low of $28.32 and a 12 month high of $39.05. The company has a market cap of $37.15 billion, a price-to-earnings ratio of 20.79, a PEG ratio of 0.59 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.08. The business 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%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 EPS. As a group, equities research analysts predict that Baker Hughes will post 2.25 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Redmont Wealth Advisors LLC acquired a new stake in shares of Baker Hughes in the 1st quarter valued at about $27,000. New Covenant Trust Company N.A. acquired a new stake in Baker Hughes in the first quarter valued at approximately $34,000. Alta Advisers Ltd acquired a new position in shares of Baker Hughes during the second quarter worth approximately $42,000. Headlands Technologies LLC bought a new position in shares of Baker Hughes in the 2nd quarter worth $48,000. Finally, UMB Bank n.a. grew its position in Baker Hughes by 281.2% in the 1st quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock valued at $53,000 after purchasing an additional 1,167 shares during the period. 92.06% of the stock is owned by institutional investors.

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.