Baker Hughes (NASDAQ:BKR) Price Target Raised to $75.00

Key Points

• TD Cowen raised its price target on Baker Hughes to $75.00 and maintained a "buy" rating, implying roughly a 7.69% upside from the current price.
• Baker Hughes reported Q1 EPS of $0.58, beating the $0.49 estimate while revenue of $6.59 billion slightly missed consensus, and the stock traded near $69.64 (up ~1%).
• Insiders have been selling: CEO Lorenzo Simonelli sold 272,594 shares for about $16.0M (a 23.93% drop in his ownership), and insiders sold ~590,251 shares totaling ~$35.3M over the last 90 days.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price objective hoisted by equities research analysts at TD Cowen from $64.00 to $75.00 in a research note issued to investors on Monday, MarketBeat.com reports. The firm presently has a "buy" rating on the stock. TD Cowen's price target would indicate a potential upside of 7.69% from the company's current price.

BKR has been the subject of several other reports. Barclays reissued an "overweight" rating and set a $62.00 price objective on shares of Baker Hughes in a report on Monday. Weiss Ratings reissued a "buy (b)" rating on shares of Baker Hughes in a report on Friday. Wall Street Zen lowered shares of Baker Hughes from a "buy" rating to a "hold" rating in a report on Saturday, March 28th. Royal Bank Of Canada raised their price objective on shares of Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a report on Monday. Finally, UBS Group raised their price objective on shares of Baker Hughes from $69.00 to $73.00 and gave the stock a "neutral" rating in a report on Monday. Nineteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $67.27.

Baker Hughes Stock Up 1.0%

Baker Hughes stock traded up $0.70 during midday trading on Monday, hitting $69.64. 1,401,535 shares of the stock were exchanged, compared to its average volume of 9,632,242. Baker Hughes has a 1 year low of $34.56 and a 1 year high of $70.41. The firm has a market cap of $68.82 billion, a P/E ratio of 22.31, a P/E/G ratio of 2.34 and a beta of 0.90. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The company has a 50 day moving average price of $61.33 and a two-hundred day moving average price of $53.78.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the previous year, the firm posted $0.51 EPS. The firm's quarterly revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts predict that Baker Hughes will post 2.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Baker Hughes

In other news, Director William G. Beattie sold 18,023 shares of Baker Hughes stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total value of $1,032,537.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the completion of the transaction, the chief executive officer directly owned 866,444 shares of the company's stock, valued at $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 590,251 shares of company stock valued at $35,311,023. Corporate insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Synergy Asset Management LLC acquired a new position in Baker Hughes during the 3rd quarter valued at about $1,920,000. Pinion Investment Advisors LLC acquired a new position in Baker Hughes during the 4th quarter valued at about $778,000. Nordea Investment Management AB boosted its stake in Baker Hughes by 12.7% during the 4th quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company's stock valued at $125,813,000 after purchasing an additional 309,996 shares during the period. Legal & General Group Plc boosted its stake in Baker Hughes by 5.4% during the 3rd quarter. Legal & General Group Plc now owns 7,147,684 shares of the company's stock valued at $348,234,000 after purchasing an additional 367,728 shares during the period. Finally, Cibc World Market Inc. boosted its stake in Baker Hughes by 13.6% during the 3rd quarter. Cibc World Market Inc. now owns 829,816 shares of the company's stock valued at $40,429,000 after purchasing an additional 99,314 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

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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