Baker Hughes (NASDAQ:BKR) Raised to Strong-Buy at The Goldman Sachs Group

Baker Hughes (NASDAQ:BKR) was upgraded by research analysts at The Goldman Sachs Group to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

BKR has been the subject of several other reports. Wall Street Zen lowered Baker Hughes from a “buy” rating to a “hold” rating in a research report on Wednesday, August 5th. Barclays reduced their price objective on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. UBS Group boosted their price objective on shares of Baker Hughes from $70.00 to $72.00 and gave the company a “neutral” rating in a report on Monday, September 14th. Wolfe Research initiated coverage on shares of Baker Hughes in a report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 target price on the stock. Finally, Piper Sandler increased their target price on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $71.64.

Baker Hughes Price Performance

BKR opened at $55.92 on Tuesday. The company has a fifty day moving average price of $60.81 and a two-hundred day moving average price of $61.13. The firm has a market capitalization of $55.51 billion, a PE ratio of 18.04, a P/E/G ratio of 2.54 and a beta of 0.96. Baker Hughes has a 52 week low of $43.92 and a 52 week high of $70.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Monday, July 27th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.63 earnings per share. As a group, analysts anticipate that Baker Hughes will post 2.53 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Cardano Risk Management B.V. lifted its position in Baker Hughes by 1,005.1% in the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after acquiring an additional 44,887,481 shares in the last quarter. Amundi boosted its stake in Baker Hughes by 28.2% in the 1st quarter. Amundi now owns 10,946,464 shares of the company’s stock worth $668,282,000 after purchasing an additional 2,409,978 shares during the period. Advent International L.P. bought a new position in Baker Hughes during the 1st quarter worth about $72,309,000. Panagora Asset Management Inc. raised its stake in shares of Baker Hughes by 79.6% in the 4th quarter. Panagora Asset Management Inc. now owns 2,393,530 shares of the company’s stock valued at $109,001,000 after purchasing an additional 1,060,901 shares during the period. Finally, Capital International Investors raised its stake in shares of Baker Hughes by 6.4% in the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company’s stock valued at $725,616,000 after purchasing an additional 956,808 shares during the period. Institutional investors own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes Company (NASDAQ:BKR) is an energy technology company that provides equipment, services and digital solutions to oil and gas producers, industrial companies and other energy customers. Its offerings support activities across the energy value chain, including exploration and production, drilling, well construction, production optimization, and the transportation and processing of hydrocarbons.

The company supplies oilfield services and equipment such as drilling systems, well-completion technologies, artificial-lift systems, subsea production equipment and well-intervention services.