Baker Hughes (NASDAQ:BKR) Stock Gets Downgrade from Zacks Research

Baker Hughes (NASDAQ:BKR) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday, Zacks reports.

Several other research firms have also issued reports on BKR. Royal Bank Of Canada decreased their price objective on shares of Baker Hughes from $71.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, October 29th. Barclays cut their target price on Baker Hughes from $72.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Baker Hughes in a research note on Friday, October 9th. Morgan Stanley decreased their price objective on shares of Baker Hughes from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Thursday, October 29th. Finally, Wall Street Zen downgraded shares of Baker Hughes from a “buy” rating to a “hold” rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Baker Hughes has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $47.87 on Thursday. The company’s 50 day moving average is $56.92 and its 200 day moving average is $60.03. The company has a current ratio of 1.24, a quick ratio of 0.90 and a debt-to-equity ratio of 0.85. The company has a market cap of $47.52 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 2.55 and a beta of 1.07. Baker Hughes has a twelve month low of $44.26 and a twelve month high of $70.41.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Tuesday, October 27th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.09. Baker Hughes had a net margin of 10.08% and a return on equity of 13.55%. The business had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.74 billion. During the same quarter last year, the firm posted $0.68 EPS. The business’s revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts forecast that Baker Hughes will post 2.56 EPS for the current year.

Insiders Place Their Bets

In related news, Director John Rice purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, November 3rd. The stock was bought at an average cost of $53.10 per share, with a total value of $531,000.00. Following the completion of the acquisition, the director owned 77,315 shares of the company’s stock, valued at $4,105,426.50. The trade was a 14.86% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BKR. Amundi increased its position in Baker Hughes by 28.2% in the 1st quarter. Amundi now owns 10,946,464 shares of the company’s stock valued at $668,282,000 after acquiring an additional 2,409,978 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Baker Hughes by 4.0% in the first quarter. First Trust Advisors LP now owns 9,663,737 shares of the company’s stock valued at $589,971,000 after purchasing an additional 374,974 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Baker Hughes by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 6,738,599 shares of the company’s stock valued at $411,391,000 after buying an additional 119,388 shares in the last quarter. Perpetual Ltd raised its position in Baker Hughes by 24.0% during the third quarter. Perpetual Ltd now owns 3,958,604 shares of the company’s stock valued at $217,327,000 after purchasing an additional 765,582 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Baker Hughes by 5.1% during the first quarter. Bank of America Corp DE now owns 3,837,618 shares of the company’s stock valued at $234,287,000 after acquiring an additional 184,897 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides products and services to the oil and gas industry and other industrial markets. Its offerings include equipment and services used across the energy value chain, from exploration and production to transportation and processing.

The company also develops turbomachinery, industrial equipment, digital technologies and solutions for energy and industrial applications. Its portfolio includes technologies designed to support more efficient operations and lower-emissions energy systems.

Baker Hughes serves customers around the world.