Baker Hughes (NASDAQ:BKR) Price Target Raised to $48.00 at Bank of America

Baker Hughes (NASDAQ:BKR) had its price target increased by equities research analysts at Bank of America from $42.00 to $48.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 15.91% from the company’s current price.

BKR has been the subject of several other research reports. Benchmark reiterated a “buy” rating and set a $42.00 target price on shares of Baker Hughes in a research report on Thursday, October 24th. Stifel Nicolaus increased their target price on Baker Hughes from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Argus upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Susquehanna raised their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “positive” rating in a report on Thursday, October 24th. Finally, Citigroup increased their target price on Baker Hughes from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus price target of $46.12.

Baker Hughes Stock Performance

BKR opened at $41.41 on Wednesday. The stock has a market cap of $40.98 billion, a PE ratio of 18.57, a P/E/G ratio of 0.72 and a beta of 1.40. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $45.17. The stock’s 50 day simple moving average is $40.71 and its 200-day simple moving average is $36.85. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

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, beating 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 during the quarter, compared to analysts’ expectations of $7.21 billion. During the same period last year, the business earned $0.42 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. Sell-side analysts forecast that Baker Hughes will post 2.29 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in shares of Baker Hughes during the third quarter worth approximately $30,000. True Wealth Design LLC raised its holdings in shares of Baker Hughes by 2,181.6% during the 3rd quarter. True Wealth Design LLC now owns 867 shares of the company’s stock worth $31,000 after buying an additional 829 shares in the last quarter. Groupama Asset Managment boosted its stake in Baker Hughes by 1,045.1% in the third quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock valued at $32,000 after buying an additional 811,711 shares in the last quarter. Continuum Advisory LLC raised its stake in Baker Hughes by 442.2% during the third quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock worth $35,000 after acquiring an additional 796 shares in the last quarter. Finally, Alta Advisers Ltd acquired a new stake in shares of Baker Hughes in the 2nd quarter valued at approximately $42,000. 92.06% of the stock is owned by institutional investors and hedge funds.

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.