Bank of America Raises Baker Hughes (NASDAQ:BKR) Price Target to $48.00

Baker Hughes (NASDAQ:BKR) had its price target raised by equities researchers at Bank of America from $42.00 to $48.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 20.60% from the stock’s previous close.

A number of other brokerages also recently issued reports on BKR. Royal Bank of Canada lifted their price target on shares of Baker Hughes from $43.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday, December 12th. Stifel Nicolaus lifted their price objective on shares of Baker Hughes from $45.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Morgan Stanley increased their target price on Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Wells Fargo & Company lifted their price target on Baker Hughes from $42.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, BMO Capital Markets upped their price objective on Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Baker Hughes Stock Down 0.6 %

Shares of NASDAQ BKR opened at $39.80 on Wednesday. The stock has a market cap of $39.38 billion, a P/E ratio of 17.85, a PEG ratio of 0.72 and a beta of 1.40. The business’s fifty day simple moving average is $40.80 and its 200-day simple moving average is $36.90. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $45.17. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. The company had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same quarter last year, the company earned $0.42 EPS. Baker Hughes’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, equities analysts predict that Baker Hughes will post 2.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Baker Hughes

Several hedge funds have recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Baker Hughes by 34.7% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock worth $394,775,000 after acquiring an additional 2,811,940 shares during the period. Yaupon Capital Management LP purchased a new position in shares of Baker Hughes during the 3rd quarter worth approximately $47,296,000. Eagle Asset Management Inc. lifted its holdings in shares of Baker Hughes by 18.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 5,486,207 shares of the company’s stock valued at $198,326,000 after buying an additional 860,219 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Baker Hughes by 436.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,004,647 shares of the company’s stock valued at $36,318,000 after buying an additional 817,227 shares in the last quarter. Finally, Groupama Asset Managment raised its position in Baker Hughes by 1,045.1% in the third quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after acquiring an additional 811,711 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.