Baker Hughes (NASDAQ:BKR) Given New $74.00 Price Target at Citigroup

Baker Hughes (NASDAQ:BKR) had its price target reduced by Citigroup from $80.00 to $74.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 15.72% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Piper Sandler boosted their price objective on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Barclays reaffirmed an “equal weight” rating and issued a $74.00 price target (up from $62.00) on shares of Baker Hughes in a report on Thursday, May 7th. TD Cowen upped their price target on shares of Baker Hughes from $64.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Zacks Research lowered shares of Baker Hughes from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 28th. Finally, UBS Group raised their price objective on shares of Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.14.

Baker Hughes Price Performance

Baker Hughes stock traded down $0.59 during trading hours on Wednesday, hitting $63.95. 776,684 shares of the stock were exchanged, compared to its average volume of 9,238,852. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The stock has a market capitalization of $63.44 billion, a P/E ratio of 20.43, a P/E/G ratio of 2.24 and a beta of 0.93. Baker Hughes has a 12 month low of $36.99 and a 12 month high of $70.41. The business’s 50-day moving average is $63.74 and its two-hundred day moving average is $56.95.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The company had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. Baker Hughes’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 earnings per share. Equities research analysts expect that Baker Hughes will post 2.31 EPS for the current fiscal year.

Insider Transactions at Baker Hughes

In other Baker Hughes news, insider Maria Georgia Magno sold 5,063 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the transaction, the insider directly owned 15,555 shares in the company, valued at approximately $918,367.20. This represents a 24.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Lorenzo Simonelli sold 272,594 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the completion of the transaction, the chief executive officer directly owned 866,444 shares in the company, valued at $50,938,242.76. This trade represents a 23.93% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Baker Hughes

A number of hedge funds and other institutional investors have recently bought and sold shares of BKR. EFG International AG acquired a new stake in Baker Hughes during the 4th quarter worth $26,000. Cullen Frost Bankers Inc. lifted its stake in shares of Baker Hughes by 344.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after purchasing an additional 468 shares during the period. Quarry LP bought a new position in shares of Baker Hughes in the 4th quarter worth $31,000. MV Capital Management Inc. acquired a new stake in shares of Baker Hughes during the fourth quarter worth $34,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Baker Hughes during the fourth quarter worth $35,000. 92.06% of the stock is owned by institutional investors.

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.