Baker Hughes (NASDAQ:BKR) Stock Rating Upgraded by The Goldman Sachs Group

Key Points

• Goldman Sachs upgraded Baker Hughes to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with a $71.64 average price target.
• Baker Hughes shares opened at $55.92, down 2.1%, well below their 52-week high of $70.41. The company has a $55.51 billion market capitalization.
• The company exceeded quarterly expectations, reporting $0.64 in EPS versus a $0.51 estimate and $6.74 billion in revenue, up 2.4% year over year. Institutional investors own approximately 92.06% of the stock.

Baker Hughes (NASDAQ:BKR - Get Free Report) was upgraded by research analysts at The Goldman Sachs Group to a "strong-buy" rating in a report issued on Tuesday, Zacks reports.

A number of other equities analysts have also recently issued reports on BKR. Morgan Stanley began coverage on Baker Hughes in a report on Friday, August 7th. They issued an "overweight" rating and a $70.00 target price for the company. Citigroup boosted their price target on Baker Hughes from $74.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, July 8th. Barclays dropped their price objective on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating for the company in a research note on Thursday, July 16th. Piper Sandler upped their target price on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, July 28th. Finally, Royal Bank Of Canada increased their target price on shares of Baker Hughes from $71.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $71.64.

Baker Hughes Trading Down 2.1%

Shares of Baker Hughes stock opened at $55.92 on Tuesday. Baker Hughes has a 52-week low of $43.92 and a 52-week high of $70.41. The firm has a market capitalization of $55.51 billion, a PE ratio of 18.04, a price-to-earnings-growth ratio of 2.54 and a beta of 0.96. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76. The company's fifty day moving average price is $60.81 and its two-hundred day moving average price is $61.13.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.54 billion. During the same period in the previous year, the business earned $0.63 EPS. The firm's revenue was up 2.4% on a year-over-year basis. On average, analysts expect that Baker Hughes will post 2.53 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BKR. Cardano Risk Management B.V. boosted its position in Baker Hughes by 1,005.1% in the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock valued at $2,247,550,000 after buying an additional 44,887,481 shares during the last quarter. Capital International Investors lifted its stake in shares of Baker Hughes by 6.4% during the fourth quarter. Capital International Investors now owns 15,933,590 shares of the company's stock valued at $725,616,000 after acquiring an additional 956,808 shares during the period. Amundi boosted its holdings in Baker Hughes by 28.2% in the first quarter. Amundi now owns 10,946,464 shares of the company's stock valued at $668,282,000 after acquiring an additional 2,409,978 shares during the last quarter. First Trust Advisors LP increased its position in Baker Hughes by 4.0% in the first quarter. First Trust Advisors LP now owns 9,663,737 shares of the company's stock worth $589,971,000 after purchasing an additional 374,974 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Baker Hughes by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 6,738,599 shares of the company's stock worth $411,391,000 after purchasing an additional 119,388 shares during the period. Institutional investors and hedge funds own 92.06% of the company's stock.

About Baker Hughes

Baker Hughes Company NASDAQ: BKR is an energy technology company that provides equipment, services and digital solutions to oil and gas producers, industrial companies and other energy customers. Its offerings support activities across the energy value chain, including exploration and production, drilling, well construction, production optimization, and the transportation and processing of hydrocarbons.

The company supplies oilfield services and equipment such as drilling systems, well-completion technologies, artificial-lift systems, subsea production equipment and well-intervention services.

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