Baker Hughes (NASDAQ:BKR) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Baker Hughes from “buy” to “hold,” though the broader analyst consensus remains “Moderate Buy,” with 17 buy ratings and four holds and an average price target of $69.95.
• Baker Hughes reported quarterly adjusted earnings of $0.64 per share, beating estimates of $0.51, while revenue reached $6.74 billion and rose 2.4% year over year.
• Company insiders sold approximately $22.4 million of stock over the past 90 days, while institutional investors continue to hold a substantial 92.06% stake in the company.

Baker Hughes (NASDAQ:BKR - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Wednesday.

BKR has been the topic of several other research reports. Capital One Financial boosted their price objective on shares of Baker Hughes from $66.00 to $71.00 and gave the stock an "overweight" rating in a report on Thursday, May 21st. Evercore reiterated an "outperform" rating and issued a $76.00 target price on shares of Baker Hughes in a research note on Monday, April 27th. BMO Capital Markets lifted their target price on Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. JPMorgan Chase & Co. boosted their price target on Baker Hughes from $60.00 to $74.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Finally, Piper Sandler upped their price target on Baker Hughes from $71.00 to $73.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Baker Hughes has a consensus rating of "Moderate Buy" and a consensus price target of $69.95.

Baker Hughes Price Performance

NASDAQ BKR opened at $61.73 on Wednesday. Baker Hughes has a twelve month low of $41.96 and a twelve month high of $70.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. The stock has a market capitalization of $61.28 billion, a PE ratio of 19.91, a P/E/G ratio of 1.93 and a beta of 0.97. The stock has a 50-day simple moving average of $59.15 and a 200 day simple moving average of $60.50.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Sunday, July 26th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.51 by $0.13. The company had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The company's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. Research analysts anticipate that Baker Hughes will post 2.46 EPS for the current year.

Insider Buying and Selling at Baker Hughes

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

Hedge Funds Weigh In On Baker Hughes

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC raised its position in shares of Baker Hughes by 0.6% in the 1st quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company's stock worth $1,556,000 after acquiring an additional 163 shares in the last quarter. Resolute Wealth Strategies LLC boosted its position in shares of Baker Hughes by 2.7% during the first quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company's stock valued at $403,000 after purchasing an additional 172 shares in the last quarter. Deseret Mutual Benefit Administrators boosted its position in shares of Baker Hughes by 10.5% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company's stock valued at $86,000 after purchasing an additional 179 shares in the last quarter. Krilogy Financial LLC grew its stake in Baker Hughes by 3.2% in the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company's stock worth $261,000 after purchasing an additional 180 shares during the period. Finally, 3Chopt Investment Partners LLC grew its stake in Baker Hughes by 0.5% in the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company's stock worth $1,944,000 after purchasing an additional 203 shares during the period. Institutional investors own 92.06% of the company's stock.

About Baker Hughes

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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