Baker Hughes (NASDAQ:BKR) Given New $42.00 Price Target at Morgan Stanley

20 Sep 2024, 07:09 by Mitch Edgeman · The Markets Daily

Baker Hughes (NASDAQ:BKR – Free Report) had its target price decreased by Morgan Stanley from $43.00 to $42.00 in a report issued on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on BKR. Stifel Nicolaus upped their price target on Baker Hughes from $40.00 to $45.00 and gave the stock a buy rating in a report on Monday, July 29th. UBS Group raised their price target on shares of Baker Hughes from $40.00 to $42.00 and gave the company a neutral rating in a report on Tuesday, August 20th. Jefferies Financial Group boosted their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a buy rating in a report on Monday, July 29th. Wells Fargo & Company upped their price objective on shares of Baker Hughes from $35.00 to $40.00 and gave the company an equal weight rating in a research report on Monday, July 29th. Finally, JPMorgan Chase & Co. lifted their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $43.19.

View Our Latest Stock Report on BKR

Baker Hughes Price Performance

Baker Hughes stock opened at $36.36 on Monday. The firm has a fifty day moving average of $35.16 and a 200-day moving average of $33.61. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $36.29 billion, a P/E ratio of 20.31, a PEG ratio of 0.54 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.08. The firm had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. As a group, analysts predict that Baker Hughes will post 2.24 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.31%. 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 at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BKR. Price T Rowe Associates Inc. MD increased its stake in shares of Baker Hughes by 32.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after purchasing an additional 4,207,973 shares during the period. Norges Bank acquired a new stake in Baker Hughes in the 4th quarter valued at approximately $551,555,000. Dimensional Fund Advisors LP raised its stake in Baker Hughes by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after acquiring an additional 680,621 shares in the last quarter. Legal & General Group Plc boosted its position in Baker Hughes by 8.6% during the 2nd quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after acquiring an additional 692,859 shares during the period. Finally, American Century Companies Inc. grew its stake in shares of Baker Hughes by 3.1% in the second quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock worth $291,005,000 after purchasing an additional 248,122 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Company Profile

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