UBS Group Cuts Baker Hughes (NASDAQ:BKR) Price Target to $40.00

Baker Hughes (NASDAQ:BKR) had its price objective decreased by UBS Group from $42.00 to $40.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s target price suggests a potential upside of 15.47% from the company’s previous close.

A number of other research firms have also weighed in on BKR. Evercore ISI raised their price objective on Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Benchmark restated a “buy” rating and set a $40.00 price target on shares of Baker Hughes in a report on Friday, July 26th. TD Cowen lifted their price target on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday, July 29th. Finally, Susquehanna lifted their target price on shares of Baker Hughes from $40.00 to $46.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.19.

Baker Hughes Stock Down 0.3 %

Baker Hughes stock traded down $0.09 on Wednesday, hitting $34.64. 187,301 shares of the stock traded hands, compared to its average volume of 7,295,369. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $39.05. The firm has a market cap of $34.57 billion, a P/E ratio of 19.43, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. The business’s fifty day simple moving average is $35.11 and its 200 day simple moving average is $33.59.

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

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the sale, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at $17,571,855. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in shares of Baker Hughes in the second quarter worth about $1,505,000. Quarry LP raised its stake in Baker Hughes by 81.1% during the 2nd quarter. Quarry LP now owns 1,594 shares of the company’s stock worth $56,000 after acquiring an additional 714 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Baker Hughes by 39.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,227 shares of the company’s stock valued at $360,000 after purchasing an additional 2,898 shares in the last quarter. Creative Planning boosted its position in shares of Baker Hughes by 36.5% in the second quarter. Creative Planning now owns 61,976 shares of the company’s stock worth $2,180,000 after purchasing an additional 16,582 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Baker Hughes in the second quarter worth $707,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

About Baker Hughes

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.