The Goldman Sachs Group Boosts Baker Hughes (NASDAQ:BKR) Price Target to $43.00

Baker Hughes (NASDAQ:BKR) had its target price raised by equities research analysts at The Goldman Sachs Group from $39.00 to $43.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 12.98% from the stock’s previous close.

BKR has been the subject of several other research reports. Bank of America cut their target price on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Stifel Nicolaus lifted their price target on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Benchmark reissued a “buy” rating and set a $40.00 price target on shares of Baker Hughes in a research report on Friday. UBS Group upped their target price on Baker Hughes from $35.00 to $36.00 in a research report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. upped their price target on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.80.

Baker Hughes Stock Up 1.1 %

NASDAQ:BKR traded up $0.41 during mid-day trading on Monday, hitting $38.06. The stock had a trading volume of 3,603,277 shares, compared to its average volume of 7,533,716. The stock has a 50-day simple moving average of $33.64 and a two-hundred day simple moving average of $32.25. The company has a market capitalization of $37.98 billion, a PE ratio of 21.26, a PEG ratio of 0.64 and a beta of 1.41. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $38.06. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same period last year, the firm posted $0.39 EPS. Baker Hughes’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities research analysts anticipate that Baker Hughes will post 2.11 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Maria C. Borras sold 55,980 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $32.00, for a total transaction of $1,791,360.00. Following the completion of the transaction, the executive vice president now directly owns 92,035 shares in the company, valued at approximately $2,945,120. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Baker Hughes

Large investors have recently made changes to their positions in the company. Panagora Asset Management Inc. raised its position in shares of Baker Hughes by 8.2% in the 2nd quarter. Panagora Asset Management Inc. now owns 3,381,240 shares of the company’s stock valued at $118,918,000 after acquiring an additional 256,328 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Baker Hughes by 4.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 444,401 shares of the company’s stock valued at $15,630,000 after acquiring an additional 17,110 shares during the period. Riggs Asset Managment Co. Inc. acquired a new stake in shares of Baker Hughes in the 2nd quarter valued at approximately $3,128,000. HB Wealth Management LLC raised its position in shares of Baker Hughes by 45.9% in the 2nd quarter. HB Wealth Management LLC now owns 25,239 shares of the company’s stock valued at $888,000 after acquiring an additional 7,943 shares during the period. Finally, Miller Howard Investments Inc. NY raised its position in shares of Baker Hughes by 2.2% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 56,151 shares of the company’s stock valued at $1,975,000 after acquiring an additional 1,204 shares during the period. 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.