Baker Hughes (NASDAQ:BKR) Given New $70.00 Price Target at Susquehanna

Baker Hughes (NASDAQ:BKR) had its price target hoisted by Susquehanna from $65.00 to $70.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has a positive rating on the stock.

A number of other equities research analysts have also issued reports on the stock. Citigroup increased their target price on shares of Baker Hughes from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Jefferies Financial Group increased their target price on shares of Baker Hughes from $59.00 to $67.00 and gave the stock a “buy” rating in a report on Saturday, January 31st. Argus increased their target price on shares of Baker Hughes from $55.00 to $67.00 in a report on Tuesday, January 27th. Evercore restated an “outperform” rating and issued a $68.00 price objective on shares of Baker Hughes in a report on Wednesday, February 11th. Finally, BMO Capital Markets raised their price objective on shares of Baker Hughes from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, March 3rd. Twenty investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.39.

Baker Hughes Price Performance

Baker Hughes stock opened at $61.25 on Tuesday. The firm has a market cap of $60.53 billion, a PE ratio of 23.56, a price-to-earnings-growth ratio of 1.65 and a beta of 0.90. Baker Hughes has a 52-week low of $34.06 and a 52-week high of $67.00. 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 company’s 50 day moving average is $60.38 and its two-hundred day moving average is $52.57.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Monday, January 26th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.09 billion. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.70 EPS. On average, research analysts expect that Baker Hughes will post 2.59 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 17th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Tuesday, February 17th. Baker Hughes’s dividend payout ratio (DPR) is presently 35.38%.

Insider Activity

In other news, insider Maria Georgia Magno sold 5,063 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the sale, the insider directly owned 15,555 shares in the company, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William G. Beattie sold 18,023 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total transaction of $1,032,537.67. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 590,251 shares of company stock valued at $35,311,023 over the last quarter. Company insiders own 0.27% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Synergy Asset Management LLC purchased a new position in Baker Hughes during the 3rd quarter worth $1,920,000. Nordea Investment Management AB grew its position in Baker Hughes by 12.7% during the 4th quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company’s stock worth $125,813,000 after purchasing an additional 309,996 shares during the last quarter. Legal & General Group Plc grew its position in Baker Hughes by 5.4% during the 3rd quarter. Legal & General Group Plc now owns 7,147,684 shares of the company’s stock worth $348,234,000 after purchasing an additional 367,728 shares during the last quarter. Cibc World Market Inc. grew its position in Baker Hughes by 13.6% during the 3rd quarter. Cibc World Market Inc. now owns 829,816 shares of the company’s stock worth $40,429,000 after purchasing an additional 99,314 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Baker Hughes by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock worth $6,035,924,000 after purchasing an additional 598,159 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

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.