Baker Hughes (NASDAQ:BKR) Price Target Raised to $54.00

Baker Hughes (NASDAQ:BKR) had its price objective raised by Royal Bank Of Canada from $50.00 to $54.00 in a research report report published on Thursday,MarketScreener reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages have also recently commented on BKR. JPMorgan Chase & Co. upped their target price on shares of Baker Hughes from $52.00 to $53.00 and gave the company an “overweight” rating in a report on Tuesday, September 30th. Industrial Alliance Securities set a $53.00 price target on shares of Baker Hughes in a research report on Wednesday, July 30th. The Goldman Sachs Group dropped their price target on shares of Baker Hughes from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, July 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Baker Hughes in a research report on Wednesday. Finally, Barclays upped their price target on shares of Baker Hughes from $48.00 to $53.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. Twenty-two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.57.

Baker Hughes Stock Down 6.0%

Shares of BKR stock opened at $45.04 on Thursday. Baker Hughes has a 12 month low of $33.60 and a 12 month high of $50.92. The stock has a market cap of $44.40 billion, a P/E ratio of 14.72, a P/E/G ratio of 2.05 and a beta of 0.99. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The company has a 50 day simple moving average of $45.93 and a two-hundred day simple moving average of $41.33.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Friday, November 18th. The company reported $0.16 EPS for the quarter. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The business had revenue of $5.09 billion during the quarter. On average, research analysts expect that Baker Hughes will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.0%. Baker Hughes’s dividend payout ratio is currently 30.07%.

Insider Buying and Selling

In related news, EVP Sreeganesh Ramaswamy sold 25,000 shares of the company’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the executive vice president owned 40,520 shares in the company, valued at approximately $2,026,000. This represents a 38.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Rebecca L. Charlton sold 1,000 shares of the company’s stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total transaction of $50,000.00. Following the transaction, the chief accounting officer owned 11,772 shares of the company’s stock, valued at approximately $588,600. This represents a 7.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 553,068 shares of company stock worth $24,712,651. 0.27% of the stock is owned by insiders.

Hedge Funds Weigh In On Baker Hughes

A number of hedge funds and other institutional investors have recently modified their holdings of BKR. Park Avenue Securities LLC boosted its position in shares of Baker Hughes by 22.6% during the first quarter. Park Avenue Securities LLC now owns 28,149 shares of the company’s stock worth $1,237,000 after acquiring an additional 5,192 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Baker Hughes by 73.1% during the first quarter. Farther Finance Advisors LLC now owns 6,945 shares of the company’s stock valued at $311,000 after purchasing an additional 2,933 shares during the last quarter. GAMMA Investing LLC lifted its position in Baker Hughes by 27.9% during the first quarter. GAMMA Investing LLC now owns 13,158 shares of the company’s stock valued at $578,000 after purchasing an additional 2,872 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in Baker Hughes by 158.2% during the first quarter. Assenagon Asset Management S.A. now owns 89,122 shares of the company’s stock valued at $3,917,000 after purchasing an additional 54,610 shares during the last quarter. Finally, Simon Quick Advisors LLC bought a new position in Baker Hughes during the first quarter valued at $360,000. Institutional investors own 92.06% of the company’s stock.

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.