Baker Hughes (NYSE:BKR) Price Target Lowered to $41.00 at Royal Bank of Canada

Baker Hughes (NYSE:BKR – Get Rating) had its price target lowered by stock analysts at Royal Bank of Canada from $43.00 to $41.00 in a note issued to investors on Thursday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 27.33% from the company’s current price.

Several other equities analysts have also commented on BKR. Cowen upped their target price on Baker Hughes from $33.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, January 21st. Barclays upped their target price on Baker Hughes from $30.00 to $31.00 in a report on Tuesday, January 25th. Piper Sandler increased their price objective on Baker Hughes from $36.00 to $37.50 and gave the stock an “overweight” rating in a report on Friday, January 21st. The Goldman Sachs Group lowered Baker Hughes from a “conviction-buy” rating to a “buy” rating and set a $41.00 price objective for the company. in a report on Tuesday, March 22nd. Finally, Stifel Nicolaus increased their price objective on Baker Hughes from $34.00 to $41.00 in a report on Friday, April 8th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $35.74.

Shares of NYSE BKR opened at $32.20 on Thursday. The stock’s 50 day moving average price is $34.30 and its two-hundred day moving average price is $28.50. Baker Hughes has a 52-week low of $19.23 and a 52-week high of $39.78. The stock has a market capitalization of $33.08 billion, a P/E ratio of -89.44 and a beta of 1.52. The company has a quick ratio of 1.21, a current ratio of 1.65 and a debt-to-equity ratio of 0.40.

Baker Hughes (NYSE:BKR – Get Rating) last announced its quarterly earnings data on Wednesday, April 20th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.05). Baker Hughes had a negative net margin of 1.06% and a positive return on equity of 3.14%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same quarter in the previous year, the company earned $0.12 EPS. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, analysts anticipate that Baker Hughes will post 1.27 EPS for the current year.

In other news, insider Regina Jones sold 9,000 shares of the stock in a transaction on Wednesday, February 2nd. The stock was sold at an average price of $26.97, for a total transaction of $242,730.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Maria C. Borras sold 19,632 shares of the stock in a transaction on Thursday, March 10th. The shares were sold at an average price of $33.94, for a total value of $666,310.08. The disclosure for this sale can be found here. Insiders have sold a total of 50,226,387 shares of company stock valued at $1,305,169,753 in the last quarter. Insiders own 0.34% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in BKR. Capital Research Global Investors lifted its holdings in shares of Baker Hughes by 48.9% in the fourth quarter. Capital Research Global Investors now owns 86,254,355 shares of the company’s stock valued at $2,075,278,000 after purchasing an additional 28,319,193 shares in the last quarter. Norges Bank purchased a new stake in shares of Baker Hughes in the fourth quarter valued at $501,229,000. Capital World Investors lifted its holdings in shares of Baker Hughes by 17.4% in the third quarter. Capital World Investors now owns 101,199,348 shares of the company’s stock valued at $2,502,707,000 after purchasing an additional 15,012,092 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Baker Hughes by 13.0% in the third quarter. BlackRock Inc. now owns 78,927,669 shares of the company’s stock valued at $1,951,881,000 after purchasing an additional 9,103,110 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Baker Hughes in the fourth quarter valued at $140,730,000. Institutional investors own 87.64% of the company’s stock.

About Baker Hughes (Get Rating)

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). The OFS segment offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies.

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