Baker Hughes (NASDAQ:BKR) Price Target Raised to $48.00

Baker Hughes (NASDAQ:BKR) had its target price raised by Bank of America from $42.00 to $48.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also commented on BKR. Wells Fargo & Company boosted their price objective on Baker Hughes from $42.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday. Stifel Nicolaus increased their price target on shares of Baker Hughes from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Royal Bank of Canada raised their price objective on shares of Baker Hughes from $43.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Atb Cap Markets lowered shares of Baker Hughes from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Benchmark restated a “buy” rating and set a $42.00 price target on shares of Baker Hughes in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Baker Hughes Stock Performance

NASDAQ BKR opened at $40.32 on Wednesday. The company’s 50 day simple moving average is $40.85 and its two-hundred day simple moving average is $36.95. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $45.17. The stock has a market capitalization of $39.90 billion, a PE ratio of 18.08, a P/E/G ratio of 0.72 and a beta of 1.40.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. The company had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.21 billion. During the same quarter last year, the business posted $0.42 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. Analysts predict that Baker Hughes will post 2.29 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Monday, November 4th. Baker Hughes’s payout ratio is 37.67%.

Hedge Funds Weigh In On Baker Hughes

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC grew its position in shares of Baker Hughes by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 24,078,093 shares of the company’s stock worth $867,514,000 after buying an additional 123,172 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in Baker Hughes by 34.7% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock valued at $394,775,000 after acquiring an additional 2,811,940 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Baker Hughes by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after purchasing an additional 680,621 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Baker Hughes by 1.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,633,006 shares of the company’s stock worth $348,233,000 after purchasing an additional 145,537 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Baker Hughes by 8.6% in the 2nd quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after purchasing an additional 692,859 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

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.