Johnson Rice Initiates Coverage on Baker Hughes (NASDAQ:BKR)

Johnson Rice initiated coverage on shares of Baker Hughes (NASDAQ:BKR) in a research note issued on Wednesday. The firm set a “buy” rating and a $68.00 price target on the stock. Johnson Rice’s price objective suggests a potential upside of 5.07% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Evercore restated an “outperform” rating and set a $68.00 price objective on shares of Baker Hughes in a research note on Wednesday, February 11th. Argus increased their target price on Baker Hughes from $55.00 to $67.00 in a report on Tuesday, January 27th. Wall Street Zen raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Baker Hughes in a research note on Monday, December 29th. Finally, UBS Group boosted their target price on shares of Baker Hughes from $54.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, January 28th. Twenty investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.39.

Baker Hughes Stock Up 1.6%

Baker Hughes stock opened at $64.72 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.36 and a quick ratio of 1.00. The company’s 50-day moving average is $53.30 and its 200-day moving average is $49.24. The firm has a market capitalization of $63.96 billion, a PE ratio of 24.89, a P/E/G ratio of 1.71 and a beta of 0.89. Baker Hughes has a fifty-two week low of $33.60 and a fifty-two week high of $65.20.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Monday, January 26th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The business had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.09 billion. During the same quarter last year, the company posted $0.70 earnings per share. Baker Hughes’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts anticipate that Baker Hughes will post 2.59 earnings per share for the current year.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, insider Maria Georgia Magno sold 19,150 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $59.11, for a total transaction of $1,131,956.50. Following the completion of the sale, the insider owned 14,588 shares in the company, valued at approximately $862,296.68. The trade was a 56.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William G. Beattie sold 18,023 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total transaction of $1,032,537.67. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 40,001 shares of company stock valued at $2,322,692. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Several large investors have recently added to or reduced their stakes in BKR. Sonoma Allocations LLC raised its stake in shares of Baker Hughes by 72.0% in the fourth quarter. Sonoma Allocations LLC now owns 8,063 shares of the company’s stock worth $367,000 after purchasing an additional 3,376 shares during the last quarter. MV Capital Management Inc. purchased a new position in Baker Hughes in the fourth quarter worth $34,000. Dean Capital Management grew its stake in Baker Hughes by 3.2% in the 4th quarter. Dean Capital Management now owns 45,880 shares of the company’s stock valued at $2,089,000 after purchasing an additional 1,423 shares during the period. Invesco Ltd. grew its stake in Baker Hughes by 8.4% in the 4th quarter. Invesco Ltd. now owns 12,698,549 shares of the company’s stock valued at $578,292,000 after purchasing an additional 982,179 shares during the period. Finally, Corient Private Wealth LLC increased its position in shares of Baker Hughes by 17.4% during the 4th quarter. Corient Private Wealth LLC now owns 103,793 shares of the company’s stock valued at $4,610,000 after purchasing an additional 15,394 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.