Baker Hughes Company (NASDAQ:BKR) Given Average Rating of “Moderate Buy” by Brokerages

Baker Hughes Company (NASDAQ:BKR) has received an average rating of “Moderate Buy” from the twenty-two brokerages that are currently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and eighteen have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $70.00.

BKR has been the topic of a number of research analyst reports. Royal Bank Of Canada boosted their price target on shares of Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. HSBC lifted their price objective on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Zacks Research raised shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Wolfe Research began coverage on Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price objective on the stock. Finally, Piper Sandler decreased their target price on Baker Hughes from $72.00 to $71.00 and set an “overweight” rating for the company in a research report on Tuesday.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $56.54 on Friday. The company has a market capitalization of $56.09 billion, a PE ratio of 18.06, a PEG ratio of 2.08 and a beta of 0.96. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The stock’s 50 day moving average price is $61.01 and its 200-day moving average price is $59.56. Baker Hughes has a twelve month low of $38.47 and a twelve month high of $70.41.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share. On average, equities analysts anticipate that Baker Hughes will post 2.27 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s payout ratio is currently 29.39%.

Insider Activity

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 367,910 shares of company stock worth $22,420,797. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

A number of large investors have recently made changes to their positions in the stock. Pinion Investment Advisors LLC purchased a new stake in Baker Hughes in the 4th quarter worth approximately $778,000. Nordea Investment Management AB grew its position in shares of Baker Hughes by 12.7% during the 4th quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company’s stock valued at $125,813,000 after purchasing an additional 309,996 shares in the last quarter. Legal & General Group Plc grew its position in shares of Baker Hughes by 5.4% during the 3rd quarter. Legal & General Group Plc now owns 7,147,684 shares of the company’s stock valued at $348,234,000 after purchasing an additional 367,728 shares in the last quarter. OP Asset Management Ltd bought a new position in shares of Baker Hughes in the first quarter worth $6,049,000. Finally, USA Financial Formulas purchased a new stake in shares of Baker Hughes in the fourth quarter worth $830,000. 92.06% of the stock is owned by institutional investors.

Baker Hughes Company Profile

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.