Baker Hughes (NASDAQ:BKR) Price Target Cut to $42.00 by Analysts at Citigroup

Baker Hughes (NASDAQ:BKR) had its price objective trimmed by Citigroup from $44.00 to $42.00 in a research report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

BKR has been the topic of several other research reports. JPMorgan Chase & Co. boosted their price target 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. Wells Fargo & Company upgraded Baker Hughes from an equal weight rating to an overweight rating and increased their target price for the stock from $40.00 to $42.00 in a research report on Wednesday, September 25th. The Goldman Sachs Group lifted their price target on Baker Hughes from $39.00 to $43.00 and gave the company a buy rating in a research report on Monday, July 29th. Morgan Stanley dropped their price objective on Baker Hughes from $43.00 to $42.00 and set an overweight rating on the stock in a report on Monday, September 16th. Finally, Benchmark reaffirmed a buy rating and set a $40.00 target price on shares of Baker Hughes in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Baker Hughes currently has a consensus rating of Moderate Buy and an average target price of $43.38.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $36.15 on Friday. The firm has a market capitalization of $36.08 billion, a P/E ratio of 20.20, a price-to-earnings-growth ratio of 0.59 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 $35.20 and its 200 day simple moving average is $33.90. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $39.05.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 earnings per share. As a group, analysts anticipate that Baker Hughes will post 2.25 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is currently 46.93%.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by company insiders.

Institutional Trading of Baker Hughes

Hedge funds have recently added to or reduced their stakes in the business. Redmont Wealth Advisors LLC purchased a new position in shares of Baker Hughes in the first quarter worth $27,000. New Covenant Trust Company N.A. bought a new stake in shares of Baker Hughes in the first quarter worth about $34,000. Alta Advisers Ltd purchased a new position in Baker Hughes during the 2nd quarter valued at about $42,000. Headlands Technologies LLC bought a new position in Baker Hughes during the 2nd quarter valued at approximately $48,000. Finally, UMB Bank n.a. lifted its holdings in Baker Hughes by 281.2% in the 1st quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after buying an additional 1,167 shares during the period. 92.06% of the stock is owned by 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.