Baker Hughes (NASDAQ:BKR) Receives "Outperform" Rating from BMO Capital Markets

Key Points

• BMO Capital Markets has raised its price target for Baker Hughes (NASDAQ:BKR) from $46.00 to $53.00, suggesting a potential upside of 16.04% from the current price.
• The stock currently holds a consensus rating of "Moderate Buy", with 18 analysts rating it as a buy.
• Baker Hughes reported earnings of $0.63 per share, exceeding expectations and indicating a 11.04% net margin, although revenue decreased by 3.2% year-over-year.

Baker Hughes (NASDAQ:BKR - Get Free Report)'s stock had its "outperform" rating reaffirmed by BMO Capital Markets in a note issued to investors on Wednesday, Marketbeat.com reports. They presently have a $53.00 price target on the stock, up from their previous price target of $46.00. BMO Capital Markets' price target would indicate a potential upside of 21.14% from the company's previous close.

A number of other analysts have also recently commented on BKR. Piper Sandler cut their price target on shares of Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Barclays lifted their price objective on shares of Baker Hughes from $48.00 to $53.00 and gave the stock an "overweight" rating in a research note on Thursday, July 24th. Evercore ISI lifted their price objective on shares of Baker Hughes from $53.00 to $55.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. TD Cowen lifted their price objective on shares of Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Finally, Susquehanna lifted their price objective on shares of Baker Hughes from $46.00 to $52.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.47.

Baker Hughes Stock Up 0.6%

Shares of BKR stock traded up $0.24 during trading hours on Wednesday, hitting $43.75. 6,387,568 shares of the company were exchanged, compared to its average volume of 9,011,210. The business has a 50 day moving average of $39.71 and a two-hundred day moving average of $40.94. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Baker Hughes has a 52 week low of $32.25 and a 52 week high of $49.40. The company has a market capitalization of $43.13 billion, a PE ratio of 14.30, a PEG ratio of 5.35 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.55 by $0.08. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The business had revenue of $6.91 billion during the quarter, compared to analysts' expectations of $6.64 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. The firm's revenue was down 3.2% on a year-over-year basis. Analysts anticipate that Baker Hughes will post 2.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total value of $23,390,150.56. Following the transaction, the chief executive officer owned 667,593 shares of the company's stock, valued at $29,654,481.06. This represents a 44.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.27% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BKR. Wayfinding Financial LLC acquired a new position in shares of Baker Hughes during the first quarter worth about $28,000. Golden State Wealth Management LLC lifted its position in shares of Baker Hughes by 678.7% during the 1st quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after acquiring an additional 604 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new stake in Baker Hughes during the 1st quarter valued at $30,000. Grove Bank & Trust increased its stake in shares of Baker Hughes by 76.2% in the first quarter. Grove Bank & Trust now owns 740 shares of the company's stock worth $33,000 after acquiring an additional 320 shares during the last quarter. Finally, Harbour Investments Inc. increased its stake in shares of Baker Hughes by 61.7% in the second quarter. Harbour Investments Inc. now owns 854 shares of the company's stock worth $33,000 after acquiring an additional 326 shares during the last quarter. Hedge funds and other institutional investors 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.