Baker Hughes (NASDAQ:BKR) Price Target Cut to $40.00

Baker Hughes (NASDAQ:BKR) had its price target decreased by UBS Group from $42.00 to $40.00 in a research note released on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the stock.

BKR has been the topic of a number of other reports. The Goldman Sachs Group boosted their price target on Baker Hughes from $39.00 to $43.00 and gave the company a buy rating in a report on Monday, July 29th. Piper Sandler decreased 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. Benchmark reiterated a buy rating and issued a $40.00 price objective on shares of Baker Hughes in a report on Friday, July 26th. Wells Fargo & Company increased their target price on shares of Baker Hughes from $35.00 to $40.00 and gave the stock an equal weight rating in a report on Monday, July 29th. Finally, Evercore ISI lifted their price target on shares of Baker Hughes from $42.00 to $46.00 and gave the company an outperform rating in a research note on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Baker Hughes presently has an average rating of Moderate Buy and an average target price of $43.19.

Baker Hughes Price Performance

Shares of BKR opened at $34.67 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The firm has a market capitalization of $34.60 billion, a PE ratio of 19.37, a P/E/G ratio of 0.54 and a beta of 1.38. The stock has a 50 day simple moving average of $35.12 and a 200 day simple moving average of $33.59. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05.

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

Baker Hughes Dividend Announcement

The firm also recently disclosed 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 2.42%. Baker Hughes’s payout ratio is 46.93%.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the 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 sale, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BKR. Spire Wealth Management lifted its position in Baker Hughes by 256.7% during the first quarter. Spire Wealth Management now owns 767 shares of the company’s stock worth $26,000 after acquiring an additional 552 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Baker Hughes during the first quarter worth approximately $27,000. New Covenant Trust Company N.A. acquired a new stake in Baker Hughes during the 1st quarter worth approximately $34,000. Alta Advisers Ltd bought a new stake in Baker Hughes in the 2nd quarter valued at $42,000. Finally, Headlands Technologies LLC acquired a new position in Baker Hughes in the 2nd quarter valued at $48,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Company Profile

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.