Citigroup Increases Baker Hughes (NASDAQ:BKR) Price Target to $80.00

Key Points

• Citigroup raised its price target on Baker Hughes to $80.00 (from $69) and reiterated a "buy" rating, implying about a 14.87% upside from the stock's current price.
• The analyst consensus is a Moderate Buy with 19 analysts rating the stock a Buy and 2 a Hold, and an average target price of $67.27.
• Baker Hughes beat quarterly EPS estimates ($0.58 vs. $0.49) but slightly missed revenue expectations ($6.59B vs. $6.71B), and CEO Lorenzo Simonelli sold 272,594 shares, cutting his position by roughly 23.9%.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price objective hoisted by Citigroup from $69.00 to $80.00 in a research note issued on Monday,MarketScreener reports. The firm presently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 14.87% from the stock's current price.

Several other equities analysts have also recently weighed in on the stock. UBS Group raised their price target on shares of Baker Hughes from $69.00 to $73.00 and gave the company a "neutral" rating in a research report on Monday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Baker Hughes in a research report on Friday. Capital One Financial raised their price target on shares of Baker Hughes from $60.00 to $66.00 and gave the company an "overweight" rating in a research report on Friday, April 10th. iA Financial set a $60.00 price target on shares of Baker Hughes in a research report on Tuesday, January 27th. Finally, Zephirin Group raised their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the company a "hold" rating in a research report on Monday, January 26th. 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, Baker Hughes has a consensus rating of "Moderate Buy" and an average target price of $67.27.

Baker Hughes Stock Up 1.0%

Shares of BKR traded up $0.70 during trading hours on Monday, hitting $69.64. The stock had a trading volume of 1,401,535 shares, compared to its average volume of 9,632,242. 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 firm has a 50 day simple moving average of $61.33 and a 200-day simple moving average of $53.78. The firm has a market capitalization of $68.82 billion, a P/E ratio of 22.31, a price-to-earnings-growth ratio of 2.34 and a beta of 0.90. Baker Hughes has a 1-year low of $34.56 and a 1-year high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating 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 business had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter last year, the firm earned $0.51 EPS. The firm's revenue for the quarter was up 2.5% compared to the same quarter last year. Sell-side analysts predict that Baker Hughes will post 2.4 EPS for the current fiscal year.

Insider Activity

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes stock in a transaction that occurred on 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 transaction, the chief executive officer owned 866,444 shares of the company's stock, valued at $50,938,242.76. This trade represents a 23.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William G. Beattie sold 18,023 shares of Baker Hughes stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $57.29, for a total transaction of $1,032,537.67. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 590,251 shares of company stock worth $35,311,023 in the last quarter. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

Several hedge funds have recently modified their holdings of the company. DSG Capital Advisors LLC bought a new position in shares of Baker Hughes during the 1st quarter worth approximately $894,000. Sound Income Strategies LLC increased its stake in shares of Baker Hughes by 1.3% during the 1st quarter. Sound Income Strategies LLC now owns 98,738 shares of the company's stock worth $5,958,000 after purchasing an additional 1,279 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. increased its stake in shares of Baker Hughes by 5.5% during the 1st quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. now owns 16,925 shares of the company's stock worth $1,033,000 after purchasing an additional 881 shares during the last quarter. Boston Trust Walden Corp increased its stake in shares of Baker Hughes by 1.8% during the 1st quarter. Boston Trust Walden Corp now owns 51,800 shares of the company's stock worth $3,162,000 after purchasing an additional 915 shares during the last quarter. Finally, Keybank National Association OH increased its stake in shares of Baker Hughes by 57.1% during the 1st quarter. Keybank National Association OH now owns 15,825 shares of the company's stock worth $966,000 after purchasing an additional 5,754 shares during the last quarter. 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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