Royal Bank of Canada Boosts Baker Hughes (NASDAQ:BKR) Price Target to $49.00

Baker Hughes (NASDAQ:BKR) had its price target raised by Royal Bank of Canada from $43.00 to $49.00 in a report issued on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research analysts have also issued reports on the stock. Citigroup upped their price target on shares of Baker Hughes from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Susquehanna increased their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “positive” rating in a report on Thursday, October 24th. Benchmark reissued a “buy” rating and set a $42.00 price target on shares of Baker Hughes in a report on Thursday, October 24th. Barclays increased their price target on shares of Baker Hughes from $41.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Finally, BMO Capital Markets increased their price target on shares of Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $45.12.

Baker Hughes Price Performance

Baker Hughes stock opened at $42.15 on Thursday. The stock has a market cap of $41.71 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 0.72 and a beta of 1.40. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $45.17. The firm has a 50-day moving average of $40.55 and a two-hundred day moving average of $36.70.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.06. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The firm had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. During the same quarter in the prior year, the company earned $0.42 EPS. The company’s revenue was up 4.0% compared to the same quarter last year. On average, research analysts forecast that Baker Hughes will post 2.29 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.21 dividend. The ex-dividend date was Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a yield of 1.99%. Baker Hughes’s dividend payout ratio is currently 37.67%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BKR. Ashton Thomas Securities LLC purchased a new stake in shares of Baker Hughes during the 3rd quarter worth approximately $30,000. True Wealth Design LLC lifted its position in shares of Baker Hughes by 2,181.6% during the 3rd quarter. True Wealth Design LLC now owns 867 shares of the company’s stock worth $31,000 after buying an additional 829 shares during the last quarter. Groupama Asset Managment lifted its position in shares of Baker Hughes by 1,045.1% during the 3rd quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after buying an additional 811,711 shares during the last quarter. Continuum Advisory LLC increased its holdings in shares of Baker Hughes by 442.2% in the 3rd quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock valued at $35,000 after acquiring an additional 796 shares during the period. Finally, Alta Advisers Ltd acquired a new position in shares of Baker Hughes in the 2nd quarter valued at $42,000. Hedge funds and other institutional investors 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.