TD Cowen Has Lowered Expectations for Baker Hughes (NASDAQ:BKR) Stock Price

Key Points

• TD Cowen cut Baker Hughes’ price target from $78 to $76 while maintaining a “buy” rating, implying approximately 35.9% upside from the $55.92 share price.
• Analyst sentiment remains broadly positive, with the stock holding a “Moderate Buy” consensus rating and an average price target of $71.41, despite target reductions from several firms.
• Baker Hughes exceeded quarterly expectations, reporting $0.64 in adjusted earnings per share versus a $0.51 estimate and revenue of $6.74 billion, up 2.4% year over year.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price objective cut by TD Cowen from $78.00 to $76.00 in a note issued to investors on Tuesday. The firm presently has a "buy" rating on the stock. TD Cowen's price objective would indicate a potential upside of 35.91% from the company's current price.

A number of other brokerages have also commented on BKR. Barclays reduced their target price on shares of Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. Zacks Research raised Baker Hughes from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 16th. The Goldman Sachs Group reiterated a "buy" rating and set a $71.00 price target on shares of Baker Hughes in a report on Tuesday. Wall Street Zen lowered Baker Hughes from a "buy" rating to a "hold" rating in a research report on Wednesday, August 5th. Finally, UBS Group cut their price objective on Baker Hughes from $72.00 to $69.00 and set a "neutral" rating on the stock in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Baker Hughes currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.41.

Baker Hughes Price Performance

NASDAQ:BKR opened at $55.92 on Tuesday. The company has a market cap of $55.51 billion, a P/E ratio of 18.04, a P/E/G ratio of 2.54 and a beta of 0.96. The firm's fifty day moving average price is $60.81 and its two-hundred day moving average price is $61.13. Baker Hughes has a one year low of $43.92 and a one year high of $70.41. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly 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 firm had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $6.54 billion. During the same period in the prior year, the firm earned $0.63 EPS. The business's revenue was up 2.4% on a year-over-year basis. Equities analysts expect that Baker Hughes will post 2.53 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. MCF Advisors LLC grew its position in Baker Hughes by 121.4% in the 2nd quarter. MCF Advisors LLC now owns 476 shares of the company's stock worth $26,000 after purchasing an additional 261 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Baker Hughes by 49.0% during the 1st quarter. Meeder Asset Management Inc. now owns 651 shares of the company's stock worth $40,000 after buying an additional 214 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Baker Hughes in the 2nd quarter worth approximately $39,000. MV Capital Management Inc. purchased a new position in shares of Baker Hughes in the 4th quarter worth approximately $34,000. Finally, Ascentis Independent Advisors bought a new position in shares of Baker Hughes in the first quarter valued at approximately $49,000. 92.06% of the stock is currently owned by institutional investors and hedge funds.

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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