Baker Hughes (NASDAQ:BKR) Coverage Initiated at Piper Sandler

Equities research analysts at Piper Sandler assumed coverage on shares of Baker Hughes (NASDAQ:BKR) in a research report issued on Thursday, Marketbeat.com reports. The firm set an “overweight” rating and a $53.00 price target on the stock. Piper Sandler’s price target points to a potential upside of 31.45% from the stock’s current price.

A number of other equities analysts have also recently issued reports on BKR. Wells Fargo & Company raised their target price on Baker Hughes from $42.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday. Bank of America lifted their price objective on shares of Baker Hughes from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays upped their target price on shares of Baker Hughes from $46.00 to $52.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup lifted their price target on shares of Baker Hughes from $42.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, UBS Group dropped their price objective on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Baker Hughes Price Performance

Shares of BKR stock opened at $40.32 on Thursday. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $39.90 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 0.72 and a beta of 1.40. The firm’s 50 day moving average is $40.85 and its 200-day moving average is $36.95. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $45.17.

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

Institutional Trading of Baker Hughes

A number of hedge funds have recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC raised its position in shares of 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 purchasing an additional 2,811,940 shares during the period. Yaupon Capital Management LP acquired a new stake in Baker Hughes during the 3rd quarter worth approximately $47,296,000. Eagle Asset Management Inc. boosted its stake in Baker Hughes by 18.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 5,486,207 shares of the company’s stock valued at $198,326,000 after purchasing an additional 860,219 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Baker Hughes by 436.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,004,647 shares of the company’s stock valued at $36,318,000 after buying an additional 817,227 shares in the last quarter. Finally, Groupama Asset Managment increased its position in Baker Hughes by 1,045.1% during the 3rd quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after buying an additional 811,711 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

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.