Baker Hughes (NASDAQ:BKR) Downgraded to “Hold” Rating by Wall Street Zen

Baker Hughes (NASDAQ:BKR) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

A number of other equities research analysts also recently weighed in on BKR. Royal Bank Of Canada reissued an “outperform” rating and set a $57.00 target price on shares of Baker Hughes in a report on Thursday, January 15th. Weiss Ratings restated a “buy (b)” rating on shares of Baker Hughes in a research note on Monday, December 29th. Evercore reiterated an “outperform” rating and issued a $68.00 price objective on shares of Baker Hughes in a research note on Wednesday, February 11th. Capital One Financial boosted their price objective on shares of Baker Hughes from $53.00 to $59.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Finally, Argus increased their target price on shares of Baker Hughes from $55.00 to $67.00 in a research report on Tuesday, January 27th. Twenty research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $59.61.

Baker Hughes Trading Up 1.4%

Shares of NASDAQ:BKR opened at $63.22 on Friday. Baker Hughes has a 12-month low of $33.60 and a 12-month high of $67.00. The business has a 50 day moving average of $59.44 and a 200-day moving average of $51.81. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 0.28. The stock has a market cap of $62.48 billion, a PE ratio of 24.32, a P/E/G ratio of 1.69 and a beta of 0.83.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.11. The business had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.09 billion. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm posted $0.70 EPS. As a group, equities research analysts forecast that Baker Hughes will post 2.59 earnings per share for the current year.

Insider Activity

In other news, CAO Rebecca L. Charlton sold 843 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $56.34, for a total transaction of $47,494.62. Following the completion of the sale, the chief accounting officer owned 14,019 shares of the company’s stock, valued at approximately $789,830.46. This represents a 5.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Lorenzo Simonelli sold 272,594 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the sale, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This represents a 23.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 590,251 shares of company stock valued at $35,311,023. Corporate insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Deseret Mutual Benefit Administrators increased its stake in shares of Baker Hughes by 10.5% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock valued at $86,000 after purchasing an additional 179 shares during the last quarter. Krilogy Financial LLC lifted its position in shares of Baker Hughes by 3.2% during the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock worth $261,000 after buying an additional 180 shares during the last quarter. 3Chopt Investment Partners LLC boosted its stake in Baker Hughes by 0.5% in the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock valued at $1,944,000 after buying an additional 203 shares in the last quarter. Formidable Asset Management LLC boosted its stake in Baker Hughes by 3.2% in the fourth quarter. Formidable Asset Management LLC now owns 7,341 shares of the company’s stock valued at $358,000 after buying an additional 225 shares in the last quarter. Finally, CoreCap Advisors LLC grew its position in Baker Hughes by 16.4% in the fourth quarter. CoreCap Advisors LLC now owns 1,619 shares of the company’s stock valued at $74,000 after acquiring an additional 228 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

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.