Baker Hughes (NASDAQ:BKR) Price Target Cut to $72.00 by Analysts at Citigroup

Baker Hughes (NASDAQ:BKR) had its price target dropped by equities researchers at Citigroup from $75.00 to $72.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 29.01% from the stock’s current price.

BKR has been the subject of a number of other research reports. TD Cowen decreased their price objective on shares of Baker Hughes from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Tuesday, September 29th. Zacks Research raised shares of Baker Hughes from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 16th. Stifel Nicolaus increased their target price on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings restated a “buy (b-)” rating on shares of Baker Hughes in a report on Friday, October 9th. Finally, Wolfe Research initiated coverage on Baker Hughes in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $72.10.

Baker Hughes Trading Up 0.2%

BKR stock traded up $0.11 during mid-day trading on Monday, reaching $55.81. 4,996,516 shares of the stock traded hands, compared to its average volume of 8,663,347. Baker Hughes has a 52-week low of $44.26 and a 52-week high of $70.41. The stock’s fifty day moving average is $59.83 and its 200-day moving average is $60.79. The company has a market cap of $55.40 billion, a P/E ratio of 18.00, a P/E/G ratio of 2.65 and a beta of 1.04. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.13. The business had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the firm posted $0.63 earnings per share. As a group, sell-side analysts expect that Baker Hughes will post 2.58 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MCF Advisors LLC lifted its position in Baker Hughes by 121.4% in the 2nd quarter. MCF Advisors LLC now owns 476 shares of the company’s stock worth $26,000 after buying an additional 261 shares in the last quarter. Olistico Wealth LLC grew its holdings in shares of Baker Hughes by 209.4% during the 3rd quarter. Olistico Wealth LLC now owns 495 shares of the company’s stock valued at $27,000 after acquiring an additional 335 shares in the last quarter. Elevation Wealth Partners LLC grew its holdings in shares of Baker Hughes by 260.1% during the 3rd quarter. Elevation Wealth Partners LLC now owns 497 shares of the company’s stock valued at $27,000 after acquiring an additional 359 shares in the last quarter. Godsey & Gibb Inc. purchased a new position in shares of Baker Hughes during the 3rd quarter valued at $33,000. Finally, MV Capital Management Inc. acquired a new position in shares of Baker Hughes in the fourth quarter worth $34,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

About Baker Hughes

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the oil and gas industry and other energy-related markets. Its offerings support the exploration, drilling, completion, production and maintenance of energy assets across the lifecycle of a project.

The company’s oilfield services and equipment business provides technologies such as drilling systems, well completions, artificial lift, subsea equipment, production chemicals and well intervention services.