Wells Fargo & Co Cuts Baker Hughes A GE (NYSE:BHGE) Price Target to $30.00

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Baker Hughes A GE (NYSE:BHGE) had its price target cut by Wells Fargo & Co from $31.00 to $30.00 in a research note published on Thursday, BenzingaRatingsTable reports. They currently have an outperform rating on the stock.

A number of other research firms have also issued reports on BHGE. Credit Suisse Group boosted their price objective on Baker Hughes A GE from $27.00 to $28.00 and gave the company an outperform rating in a research note on Thursday, August 1st. TheStreet upgraded Baker Hughes A GE from a d+ rating to a c- rating in a research note on Thursday, June 20th. AltaCorp Capital reiterated an outperform rating on shares of Baker Hughes A GE in a research note on Thursday, June 20th. Bank of America decreased their price objective on Baker Hughes A GE from $32.00 to $27.00 and set a buy rating on the stock in a research note on Wednesday, August 28th. Finally, Jefferies Financial Group set a $32.00 price objective on Baker Hughes A GE and gave the company a buy rating in a research note on Thursday, June 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $34.87.

NYSE:BHGE opened at $22.72 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.09 and a current ratio of 1.60. Baker Hughes A GE has a 52-week low of $20.09 and a 52-week high of $34.49. The firm has a market cap of $23.50 billion, a price-to-earnings ratio of 34.42, a PEG ratio of 2.90 and a beta of 0.96. The business’s fifty day moving average is $22.86 and its 200 day moving average is $24.37.

Baker Hughes A GE (NYSE:BHGE) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Baker Hughes A GE had a return on equity of 1.07% and a net margin of 0.71%. The company had revenue of $5.99 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same period in the previous year, the company posted $0.10 EPS. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities analysts predict that Baker Hughes A GE will post 0.97 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Monday, August 12th. Baker Hughes A GE’s dividend payout ratio is currently 109.09%.

In related news, CEO Lorenzo Simonelli acquired 15,000 shares of the stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $20.61 per share, for a total transaction of $309,150.00. Following the completion of the transaction, the chief executive officer now owns 113,368 shares of the company’s stock, valued at approximately $2,336,514.48. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Uwem Ukpong sold 16,686 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $23.62, for a total value of $394,123.32. Following the completion of the sale, the insider now owns 271 shares of the company’s stock, valued at approximately $6,401.02. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Perkins Coie Trust Co raised its holdings in shares of Baker Hughes A GE by 38.3% during the second quarter. Perkins Coie Trust Co now owns 1,637 shares of the company’s stock valued at $40,000 after acquiring an additional 453 shares in the last quarter. Commonwealth Bank of Australia raised its holdings in shares of Baker Hughes A GE by 63.1% during the second quarter. Commonwealth Bank of Australia now owns 1,241 shares of the company’s stock valued at $28,000 after acquiring an additional 480 shares in the last quarter. Eaton Vance Management raised its holdings in shares of Baker Hughes A GE by 5.1% during the second quarter. Eaton Vance Management now owns 10,458 shares of the company’s stock valued at $258,000 after acquiring an additional 509 shares in the last quarter. Wealthfront Advisers LLC raised its holdings in shares of Baker Hughes A GE by 1.7% during the first quarter. Wealthfront Advisers LLC now owns 33,916 shares of the company’s stock valued at $940,000 after acquiring an additional 568 shares in the last quarter. Finally, Securian Asset Management Inc raised its holdings in shares of Baker Hughes A GE by 1.1% during the second quarter. Securian Asset Management Inc now owns 53,043 shares of the company’s stock valued at $1,306,000 after acquiring an additional 573 shares in the last quarter. Hedge funds and other institutional investors own 48.33% of the company’s stock.

About Baker Hughes A GE

Baker Hughes, a GE company provides integrated oilfield products, services, and digital solutions worldwide. Its Oilfield Services segment offers drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, completions tools and systems, wellbore intervention tools and services, artificial lift systems, pressure pumping systems, and oilfield and industrial chemicals for integrated oil and natural gas, and oilfield service companies.

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