Morgan Stanley Trims Baker Hughes (NASDAQ:BKR) Target Price to $42.00

Baker Hughes (NASDAQ:BKR) had its target price reduced by Morgan Stanley from $43.00 to $42.00 in a research note published on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada increased their target price on shares of Baker Hughes from $39.00 to $43.00 and gave the company an outperform rating in a research note on Monday, July 29th. JPMorgan Chase & Co. boosted their price target on Baker Hughes from $42.00 to $43.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Benchmark reaffirmed a buy rating and set a $40.00 price objective on shares of Baker Hughes in a research report on Friday, July 26th. Wells Fargo & Company boosted their target price on shares of Baker Hughes from $35.00 to $40.00 and gave the stock an equal weight rating in a report on Monday, July 29th. Finally, Piper Sandler lowered their price target on shares of Baker Hughes from $45.00 to $44.00 and set an overweight rating on the stock in a report on Monday, July 15th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Baker Hughes currently has an average rating of Moderate Buy and an average target price of $43.19.

Baker Hughes Stock Performance

BKR opened at $34.67 on Monday. The company has a 50 day simple moving average of $35.12 and a two-hundred day simple moving average of $33.59. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The firm has a market cap of $34.60 billion, a P/E ratio of 19.37, a PEG ratio of 0.54 and a beta of 1.38. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The company had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same period in the previous year, the firm earned $0.39 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. Equities analysts forecast that Baker Hughes will post 2.24 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.42%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is currently 46.93%.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the transaction, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its stake in shares of Baker Hughes by 32.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock worth $581,729,000 after acquiring an additional 4,207,973 shares during the period. Norges Bank acquired a new stake in Baker Hughes in the fourth quarter valued at $551,555,000. Dimensional Fund Advisors LP boosted its position in shares of Baker Hughes by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock worth $348,074,000 after buying an additional 680,621 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Baker Hughes by 8.6% in the 2nd quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after buying an additional 692,859 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in Baker Hughes by 3.1% in the 2nd quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock valued at $291,005,000 after acquiring an additional 248,122 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.