BMO Capital Markets Raises Baker Hughes (NASDAQ:BKR) Price Target to $45.00

Baker Hughes (NASDAQ:BKR) had its target price lifted by BMO Capital Markets from $43.00 to $45.00 in a report released on Thursday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the stock.

BKR has been the topic of several other reports. JPMorgan Chase & Co. upped their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Stifel Nicolaus lifted their target price on shares of Baker Hughes from $40.00 to $45.00 and gave the company a buy 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 on the stock in a research note on Monday, July 15th. The Goldman Sachs Group lifted their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the company a buy rating in a research note on Monday, July 29th. Finally, Benchmark reissued a buy rating and set a $40.00 target price on shares of Baker Hughes in a research report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Baker Hughes presently has a consensus rating of Moderate Buy and a consensus price target of $43.65.

Baker Hughes Price Performance

NASDAQ BKR opened at $37.70 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The firm has a market capitalization of $37.62 billion, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 0.61 and a beta of 1.38. The company has a 50 day simple moving average of $35.30 and a 200-day simple moving average of $34.18. 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 earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same quarter last year, the business posted $0.39 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities research analysts predict that Baker Hughes will post 2.25 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were issued a $0.21 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a yield of 2.23%. Baker Hughes’s dividend payout ratio (DPR) is 46.93%.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at $17,571,855. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Baker Hughes by 32.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock worth $581,729,000 after buying an additional 4,207,973 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Baker Hughes by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock worth $348,074,000 after acquiring an additional 680,621 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Baker Hughes by 8.6% during the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock valued at $306,801,000 after acquiring an additional 692,859 shares during the period. American Century Companies Inc. boosted its stake in shares of Baker Hughes by 3.1% in the 2nd quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock valued at $291,005,000 after purchasing an additional 248,122 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Baker Hughes by 10.2% during the 1st quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock worth $221,405,000 after purchasing an additional 612,715 shares in the last quarter. 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.