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

Key Points

• Citigroup lowered Baker Hughes’ price target from $75 to $72 while maintaining a “buy” rating, implying roughly 29% upside from the prior close.
• Analyst sentiment remains favorable, with MarketBeat reporting a consensus “Moderate Buy” rating and an average price target of $72.10.
• Baker Hughes shares rose 0.2% to $55.81 in Monday trading. The company recently beat quarterly expectations, reporting $0.64 in EPS versus the $0.51 consensus and revenue of $6.74 billion.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price target decreased by analysts at Citigroup from $75.00 to $72.00 in a report released on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target points to a potential upside of 29.01% from the company's previous close.

A number of other research firms also recently commented on BKR. The Goldman Sachs Group reiterated a "buy" rating and set a $71.00 price objective on shares of Baker Hughes in a research note on Tuesday, September 29th. Morgan Stanley started coverage on shares of Baker Hughes in a research report on Friday, August 7th. They issued an "overweight" rating and a $70.00 target price for the company. UBS Group reduced their price target on shares of Baker Hughes from $72.00 to $69.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 30th. TD Cowen reduced their price target on shares of Baker Hughes from $78.00 to $76.00 and set a "buy" rating on the stock in a research report on Tuesday, September 29th. Finally, Susquehanna increased their target price on Baker Hughes from $72.00 to $75.00 and gave the stock a "positive" rating in a report on Thursday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $72.10.

Baker Hughes Stock Up 0.2%

BKR stock traded up $0.11 during midday trading on Monday, hitting $55.81. 4,996,516 shares of the company's stock were exchanged, compared to its average volume of 8,663,347. The firm has a 50 day moving average price of $59.83 and a 200-day moving average price of $60.79. Baker Hughes has a 12-month low of $44.26 and a 12-month high of $70.41. The stock has a market capitalization of $55.40 billion, a price-to-earnings ratio of 18.00, a price-to-earnings-growth 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 - Get Free Report) last released its earnings results on Monday, July 27th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.51 by $0.13. The company had revenue of $6.74 billion during the quarter, compared to analysts' expectations of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%. The business's revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. On average, analysts anticipate that Baker Hughes will post 2.58 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BKR. SteelPeak Wealth LLC acquired a new position in shares of Baker Hughes in the 3rd quarter worth approximately $288,000. IFP Advisors Inc raised its holdings in shares of Baker Hughes by 6.3% in the 3rd quarter. IFP Advisors Inc now owns 17,858 shares of the company's stock worth $980,000 after purchasing an additional 1,056 shares in the last quarter. Frank Rimerman Advisors LLC raised its holdings in shares of Baker Hughes by 59.7% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 9,598 shares of the company's stock worth $527,000 after purchasing an additional 3,587 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Baker Hughes during the third quarter valued at approximately $245,000. Finally, Align Financial LLC acquired a new stake in Baker Hughes during the third quarter valued at approximately $77,000. 92.06% of the stock is owned by institutional investors and hedge funds.

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.

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