Barclays Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Key Points

• Barclays has raised its target price for Baker Hughes (BKR) from $53.00 to $55.00, indicating a potential upside of 17.23% from the current stock price, while maintaining an "overweight" rating.
• Several other brokerages have issued positive ratings and price targets for Baker Hughes, including Morgan Stanley and HSBC, contributing to a strong overall consensus rating of "Moderate Buy" among analysts.
• Baker Hughes reported earnings of $0.16 per share for the last quarter, with a revenue of $5.09 billion, while analysts predict an EPS of 2.59 for the current year.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its target price boosted by investment analysts at Barclays from $53.00 to $55.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's price target would suggest a potential upside of 17.23% from the stock's current price.

Several other brokerages also recently weighed in on BKR. Weiss Ratings reiterated a "buy (b)" rating on shares of Baker Hughes in a report on Friday. Morgan Stanley lifted their target price on Baker Hughes from $45.00 to $55.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Melius Research initiated coverage on shares of Baker Hughes in a report on Wednesday, August 20th. They issued a "buy" rating and a $60.00 price target on the stock. HSBC lifted their price objective on shares of Baker Hughes from $54.00 to $56.00 and gave the company a "buy" rating in a report on Monday. Finally, Seaport Res Ptn lowered shares of Baker Hughes from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 29th. Twenty-three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $53.33.

Baker Hughes Price Performance

NASDAQ BKR traded down $0.38 on Monday, reaching $46.92. The company had a trading volume of 2,280,502 shares, compared to its average volume of 7,600,681. The firm's 50 day moving average price is $46.53 and its 200 day moving average price is $41.75. Baker Hughes has a 12 month low of $33.60 and a 12 month high of $50.92. The stock has a market capitalization of $46.26 billion, a PE ratio of 16.18, a price-to-earnings-growth ratio of 2.04 and a beta of 0.99. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Friday, November 18th. The company reported $0.16 earnings per share (EPS) for the quarter. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%.The firm had revenue of $5.09 billion for the quarter. As a group, equities analysts predict that Baker Hughes will post 2.59 earnings per share for the current year.

Insider Activity

In other news, CAO Rebecca L. Charlton sold 1,000 shares of the company's stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total transaction of $50,000.00. Following the transaction, the chief accounting officer directly owned 11,772 shares of the company's stock, valued at approximately $588,600. This represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Sreeganesh Ramaswamy sold 25,000 shares of the firm's stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the sale, the executive vice president directly owned 40,520 shares of the company's stock, valued at $2,026,000. The trade was a 38.16% decrease in their position. The disclosure for this sale can be found here. 0.27% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Forum Financial Management LP increased its position in Baker Hughes by 1.4% in the second quarter. Forum Financial Management LP now owns 17,255 shares of the company's stock worth $662,000 after buying an additional 233 shares during the period. Steward Partners Investment Advisory LLC grew its position in shares of Baker Hughes by 4.2% during the second quarter. Steward Partners Investment Advisory LLC now owns 6,790 shares of the company's stock worth $260,000 after acquiring an additional 275 shares during the last quarter. Prosperity Consulting Group LLC lifted its position in Baker Hughes by 2.7% in the 1st quarter. Prosperity Consulting Group LLC now owns 10,533 shares of the company's stock valued at $463,000 after purchasing an additional 278 shares during the last quarter. CWM LLC boosted its stake in Baker Hughes by 0.6% during the 3rd quarter. CWM LLC now owns 44,731 shares of the company's stock valued at $2,179,000 after purchasing an additional 287 shares during the period. Finally, V Square Quantitative Management LLC grew its position in Baker Hughes by 1.4% in the 2nd quarter. V Square Quantitative Management LLC now owns 21,758 shares of the company's stock worth $834,000 after purchasing an additional 292 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

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.

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