UBS Group Reaffirms Neutral Rating for Baker Hughes (NASDAQ:BKR)

Key Points

• UBS Group has increased its target price for Baker Hughes (NASDAQ:BKR) from $43.00 to $46.00, indicating a potential upside of 0.72%, while maintaining a "neutral" rating on the stock.
• Analyst ratings for Baker Hughes are largely positive, with 18 analysts issuing "buy" ratings, contributing to an average target price of $50.50.
• Baker Hughes reported better-than-expected quarterly earnings with an EPS of $0.63, surpassing estimates of $0.55, despite a year-over-year revenue decline of 3.2%.

Baker Hughes (NASDAQ:BKR - Get Free Report)'s stock had its "neutral" rating restated by investment analysts at UBS Group in a research note issued to investors on Wednesday, Marketbeat reports. They currently have a $46.00 price objective on the stock, up from their prior price objective of $43.00. UBS Group's target price would suggest a potential upside of 5.72% from the company's current price.

Other equities analysts also recently issued research reports about the stock. Susquehanna boosted their price target on shares of Baker Hughes from $46.00 to $52.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Citigroup dropped their price target on shares of Baker Hughes from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Piper Sandler dropped their price target on shares of Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Morgan Stanley boosted their price target on shares of Baker Hughes from $45.00 to $55.00 and gave the stock an "overweight" rating in a research note on Tuesday. Finally, The Goldman Sachs Group dropped their price target on shares of Baker Hughes from $42.00 to $41.00 and set a "buy" rating for the company in a research note on Wednesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to MarketBeat.com, Baker Hughes currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.47.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $43.51 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. The stock has a market capitalization of $42.90 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 5.54 and a beta of 0.94. The business has a 50-day moving average of $39.71 and a 200 day moving average of $41.01. Baker Hughes has a 12 month low of $32.25 and a 12 month high of $49.40.

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

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 526,568 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total value of $23,390,150.56. Following the completion of the sale, the chief executive officer directly owned 667,593 shares of the company's stock, valued at $29,654,481.06. The trade was a 44.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Baker Hughes

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wayfinding Financial LLC purchased a new stake in Baker Hughes in the first quarter valued at $28,000. Golden State Wealth Management LLC lifted its position in Baker Hughes by 678.7% in the first 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 purchased a new stake in Baker Hughes in the first quarter valued at $30,000. Grove Bank & Trust lifted its position in Baker Hughes by 76.2% in the first 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. lifted its position in Baker Hughes by 61.7% in the second 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. 92.06% of the stock is owned by hedge funds and other institutional investors.

About Baker Hughes

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.