JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Key Points

• JPMorgan Chase raised its price target on Baker Hughes to $74 (from $60) and kept an "overweight" rating, implying roughly a 6.26% upside from the prior close.
• Analyst sentiment is broadly positive with 19 Buy ratings versus 2 Holds and an average target of $67.27, and Baker Hughes recently beat quarterly EPS estimates ($0.58 vs. $0.49) while shares trade near the one‑year high (~$69.64).

Baker Hughes (NASDAQ:BKR - Get Free Report) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $60.00 to $74.00 in a report issued on Monday,MarketScreener reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 6.26% from the company's previous close.

Other analysts have also issued reports about the company. Piper Sandler increased their price objective on Baker Hughes from $61.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday, April 15th. iA Financial set a $60.00 target price on Baker Hughes in a research note on Tuesday, January 27th. UBS Group raised their price target on Baker Hughes from $69.00 to $73.00 and gave the stock a "neutral" rating in a research note on Monday. Royal Bank Of Canada boosted their price target on Baker Hughes from $68.00 to $71.00 and gave the company an "outperform" rating in a research note on Monday. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Baker Hughes in a research report on Friday. Nineteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $67.27.

Baker Hughes Trading Up 1.0%

Shares of BKR stock traded up $0.70 during trading hours on Monday, reaching $69.64. 1,401,535 shares of the stock traded hands, 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 business has a fifty day moving average price of $61.33 and a 200 day moving average price of $53.78. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $68.82 billion, a PE ratio of 22.31, a PEG ratio of 2.34 and a beta of 0.90.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the prior year, the business earned $0.51 EPS. The company's revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Baker Hughes will post 2.4 EPS for the current year.

Insider Buying and Selling

In other Baker Hughes news, Director William G. Beattie sold 18,023 shares of the company's 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Maria Georgia Magno sold 19,150 shares of the company's stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $59.11, for a total value of $1,131,956.50. Following the sale, the insider directly owned 14,588 shares of the company's stock, valued at $862,296.68. The trade was a 56.76% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 590,251 shares of company stock worth $35,311,023. Insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Baker Hughes

Large investors have recently added to or reduced their stakes in the stock. Synergy Asset Management LLC bought a new stake in Baker Hughes during the third quarter worth approximately $1,920,000. Pinion Investment Advisors LLC bought a new stake in Baker Hughes during the fourth quarter worth approximately $778,000. Nordea Investment Management AB boosted its position in Baker Hughes by 12.7% during the fourth quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company's stock worth $125,813,000 after purchasing an additional 309,996 shares during the period. Legal & General Group Plc boosted its position in Baker Hughes by 5.4% during the third quarter. Legal & General Group Plc now owns 7,147,684 shares of the company's stock worth $348,234,000 after purchasing an additional 367,728 shares during the period. Finally, Cibc World Market Inc. boosted its position in Baker Hughes by 13.6% during the third quarter. Cibc World Market Inc. now owns 829,816 shares of the company's stock worth $40,429,000 after purchasing an additional 99,314 shares during the period. 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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