Evercore ISI Issues Positive Forecast for Baker Hughes (NASDAQ:BKR) Stock Price

Key Points

• Evercore ISI has raised its target price for Baker Hughes (NASDAQ:BKR) from $53.00 to $55.00, suggesting a potential upside of approximately 19.94% from its current trading price.
• Baker Hughes reported $0.63 EPS for the last quarter, exceeding expectations and marking a 3.2% decline in revenue compared to the previous year.
• The stock has received an average rating of "Moderate Buy" from analysts, with the majority giving it a buy rating.

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price target lifted by Evercore ISI from $53.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Evercore ISI's price objective indicates a potential upside of 26.34% from the stock's previous close.

A number of other brokerages also recently issued reports on BKR. Susquehanna upped their price objective on Baker Hughes from $46.00 to $52.00 and gave the company a "positive" rating in a research note on Thursday, July 24th. Stifel Nicolaus reduced their price objective on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Royal Bank Of Canada reduced their price objective on Baker Hughes from $50.00 to $46.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. TD Cowen upped their price objective on Baker Hughes from $52.00 to $54.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Piper Sandler reduced their price objective on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, Baker Hughes has a consensus rating of "Moderate Buy" and a consensus price target of $51.47.

Baker Hughes Stock Down 3.4%

Baker Hughes stock traded down $1.52 during trading on Wednesday, hitting $43.53. 1,138,204 shares of the company were exchanged, compared to its average volume of 8,082,322. The business's 50 day moving average is $39.58 and its 200 day moving average is $41.02. Baker Hughes has a 52 week low of $32.25 and a 52 week high of $49.40. The company has a market capitalization of $43.13 billion, a P/E ratio of 14.16, a PEG ratio of 5.60 and a beta of 0.91. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.08. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $6.64 billion. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The business's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Analysts predict that Baker Hughes will post 2.59 earnings per share for the current year.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 526,568 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the sale, the chief executive officer owned 667,593 shares of the company's stock, valued at approximately $29,654,481.06. This represents a 44.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.27% of the company's stock.

Institutional Trading of Baker Hughes

A number of institutional investors have recently added to or reduced their stakes in BKR. Wayfinding Financial LLC purchased a new stake in Baker Hughes during the 1st quarter worth about $28,000. Golden State Wealth Management LLC boosted its position in shares of Baker Hughes by 678.7% during the 1st quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after acquiring an additional 604 shares during the last quarter. N.E.W. Advisory Services LLC bought a new stake in shares of Baker Hughes during the 1st quarter valued at about $30,000. Grove Bank & Trust boosted its position in shares of Baker Hughes by 76.2% during the 1st quarter. Grove Bank & Trust now owns 740 shares of the company's stock valued at $33,000 after acquiring an additional 320 shares during the last quarter. Finally, Harbour Investments Inc. boosted its position in shares of Baker Hughes by 61.7% during the 2nd quarter. Harbour Investments Inc. now owns 854 shares of the company's stock valued at $33,000 after acquiring an additional 326 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

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.