Baker Hughes (NASDAQ:BKR) Given New $70.00 Price Target at Susquehanna

Key Points

• Susquehanna cut its price target on Baker Hughes from $80 to $70, while keeping a “positive” rating on the stock. The new target still implies about 28.5% upside from the prior close.
• Analyst sentiment remains broadly constructive, with 18 Buy ratings and 4 Hold ratings, and MarketBeat reports a consensus price target of $70.10. Other firms recently raised or reiterated their bullish views, including BMO Capital Markets, TD Cowen, and Evercore.
• Baker Hughes recently posted better-than-expected earnings, reporting $0.58 EPS versus estimates of $0.49, though revenue came in slightly below expectations. The company also saw notable insider selling, including a large share sale by CEO Lorenzo Simonelli.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price objective decreased by analysts at Susquehanna from $80.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "positive" rating on the stock. Susquehanna's target price indicates a potential upside of 28.51% from the company's previous close.

A number of other analysts also recently weighed in on BKR. BMO Capital Markets boosted their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Wolfe Research started coverage on Baker Hughes in a research report on Wednesday. They set an "outperform" rating for the company. TD Cowen boosted their price target on Baker Hughes from $75.00 to $77.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Evercore reiterated an "outperform" rating and set a $76.00 target price on shares of Baker Hughes in a report on Monday, April 27th. Finally, Zacks Research upgraded Baker Hughes from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Eighteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Baker Hughes has an average rating of "Moderate Buy" and a consensus price target of $70.10.

Baker Hughes Price Performance

BKR stock opened at $54.47 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The company has a market capitalization of $54.04 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 1.91 and a beta of 0.96. The company's fifty day moving average price is $62.43 and its 200-day moving average price is $58.96. Baker Hughes has a one year low of $38.37 and a one year high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same quarter last year, the business posted $0.51 earnings per share. The business's quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Baker Hughes will post 2.29 EPS for the current fiscal year.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the sale, the chief executive officer directly owned 703,444 shares of the company's stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 367,910 shares of company stock worth $22,420,797 over the last ninety days. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently modified their holdings of the business. 180 Wealth Advisors LLC increased its position in shares of Baker Hughes by 85.6% in the second quarter. 180 Wealth Advisors LLC now owns 41,086 shares of the company's stock valued at $2,280,000 after buying an additional 18,949 shares in the last quarter. Foster Group Inc. purchased a new position in shares of Baker Hughes during the 2nd quarter valued at approximately $616,000. GAMMA Investing LLC grew its stake in Baker Hughes by 9.4% in the 2nd quarter. GAMMA Investing LLC now owns 22,140 shares of the company's stock valued at $1,229,000 after acquiring an additional 1,904 shares during the period. Harbor Investment Advisory LLC grew its stake in Baker Hughes by 2.7% in the 2nd quarter. Harbor Investment Advisory LLC now owns 11,829 shares of the company's stock valued at $657,000 after acquiring an additional 310 shares during the period. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in Baker Hughes in the 2nd quarter worth $429,000. Hedge funds and other institutional investors own 92.06% of the company's stock.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm's roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE's oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.

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