Baker Hughes Company (NASDAQ:BKR) Stock Has Average Target Price of $72.24

Baker Hughes Company (NASDAQ:BKR) has been assigned an average rating of “Moderate Buy” from the twenty-one analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $72.10.

Several brokerages have commented on BKR. Piper Sandler increased their target price on Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. The Goldman Sachs Group reissued a “buy” rating and issued a $71.00 target price on shares of Baker Hughes in a report on Tuesday, September 29th. Zacks Research upgraded Baker Hughes from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 16th. Susquehanna boosted their price target on Baker Hughes from $72.00 to $75.00 and gave the stock a “positive” rating in a research note on Thursday, September 10th. Finally, UBS Group lowered their price target on Baker Hughes from $72.00 to $69.00 and set a “neutral” rating on the stock in a report on Wednesday, September 30th.

Baker Hughes Stock Down 0.3%

Shares of Baker Hughes stock opened at $55.65 on Friday. The company has a 50-day simple moving average of $59.48 and a two-hundred day simple moving average of $60.72. The stock has a market capitalization of $55.24 billion, a PE ratio of 17.95, a price-to-earnings-growth ratio of 2.65 and a beta of 1.04. Baker Hughes has a 52-week low of $44.26 and a 52-week high of $70.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Monday, July 27th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. The firm had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 earnings per share. On average, analysts anticipate that Baker Hughes will post 2.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Baker Hughes

A number of hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC grew its stake in shares of Baker Hughes by 152.3% during the 2nd quarter. NewEdge Advisors LLC now owns 149,817 shares of the company’s stock valued at $8,315,000 after purchasing an additional 90,427 shares during the period. OP Asset Management Ltd purchased a new stake in shares of Baker Hughes during the 1st quarter valued at about $6,049,000. National Pension Service increased its position in shares of Baker Hughes by 29.0% during the 2nd quarter. National Pension Service now owns 1,867,731 shares of the company’s stock valued at $103,659,000 after purchasing an additional 419,426 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Baker Hughes by 2.0% during the 4th quarter. Hsbc Holdings PLC now owns 1,892,101 shares of the company’s stock valued at $86,230,000 after purchasing an additional 37,473 shares during the last quarter. Finally, ABN AMRO Bank N.V. lifted its stake in shares of Baker Hughes by 6.5% in the 1st quarter. ABN AMRO Bank N.V. now owns 679,842 shares of the company’s stock worth $41,625,000 after purchasing an additional 41,657 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

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.