Citigroup Trims Baker Hughes (NASDAQ:BKR) Target Price to $42.00

Baker Hughes (NASDAQ:BKR) had its price objective lowered by Citigroup from $44.00 to $42.00 in a report issued on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Jefferies Financial Group increased their price objective on Baker Hughes from $46.00 to $48.00 and gave the stock a buy rating in a report on Monday, July 29th. Benchmark reaffirmed a buy rating and set a $40.00 target price on shares of Baker Hughes in a report on Friday, July 26th. Bank of America cut their price target on shares of Baker Hughes from $40.00 to $38.00 and set a buy rating for the company in a report on Monday, July 15th. TD Cowen upped their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a buy rating in a report on Monday, July 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Baker Hughes from $42.00 to $43.00 and gave the company an overweight rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Baker Hughes currently has a consensus rating of Moderate Buy and a consensus price target of $43.38.

Baker Hughes Trading Up 4.1 %

NASDAQ BKR opened at $36.18 on Friday. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $35.19 and a 200 day simple moving average of $33.87. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $39.05. The firm has a market capitalization of $36.11 billion, a P/E ratio of 20.21, a PEG ratio of 0.59 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, analysts predict that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Tuesday, August 6th. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the sale, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Twin Tree Management LP lifted its stake in shares of Baker Hughes by 183.0% during the 1st quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after purchasing an additional 219,060 shares during the last quarter. Cibc World Markets Corp boosted its holdings in shares of Baker Hughes by 59.4% in the 4th quarter. Cibc World Markets Corp now owns 274,046 shares of the company’s stock valued at $9,367,000 after buying an additional 102,174 shares in the last quarter. Caxton Associates LP purchased a new position in shares of Baker Hughes in the 4th quarter worth approximately $13,672,000. KBC Group NV raised its stake in shares of Baker Hughes by 207.1% during the 4th quarter. KBC Group NV now owns 237,356 shares of the company’s stock worth $8,113,000 after acquiring an additional 160,056 shares in the last quarter. Finally, Diversified Trust Co lifted its position in Baker Hughes by 98.7% during the first quarter. Diversified Trust Co now owns 50,029 shares of the company’s stock valued at $1,676,000 after acquiring an additional 24,850 shares during 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.