Piper Sandler Begins Coverage on Baker Hughes (NASDAQ:BKR)

Stock analysts at Piper Sandler assumed coverage on shares of Baker Hughes (NASDAQ:BKR) in a research report issued to clients and investors 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 indicates a potential upside of 32.37% from the company’s current price.

Other analysts have also issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of Baker Hughes from $42.00 to $49.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup lifted their price objective on Baker Hughes from $42.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Morgan Stanley boosted their price objective on Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. BMO Capital Markets lifted their price target on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, October 10th. Finally, Argus raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Baker Hughes presently has an average rating of “Moderate Buy” and an average target price of $47.00.

Baker Hughes Price Performance

Baker Hughes stock opened at $40.04 on Thursday. The business has a 50 day simple moving average of $40.76 and a 200 day simple moving average of $36.87. Baker Hughes has a one year low of $28.32 and a one year high of $45.17. The company has a market capitalization of $39.62 billion, a PE ratio of 17.96, a price-to-earnings-growth ratio of 0.72 and a beta of 1.40. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BKR. Bridges Investment Management Inc. increased its stake in shares of Baker Hughes by 3.1% during the 3rd quarter. Bridges Investment Management Inc. now owns 9,203 shares of the company’s stock worth $333,000 after purchasing an additional 273 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Baker Hughes by 18.4% in the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock valued at $66,000 after buying an additional 291 shares during the last quarter. Graypoint LLC boosted its stake in shares of Baker Hughes by 3.0% during the 3rd quarter. Graypoint LLC now owns 10,288 shares of the company’s stock worth $372,000 after acquiring an additional 301 shares during the period. First Trust Direct Indexing L.P. increased its holdings in shares of Baker Hughes by 1.4% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock worth $1,079,000 after acquiring an additional 398 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Baker Hughes by 4.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 9,027 shares of the company’s stock valued at $326,000 after acquiring an additional 401 shares during the period. 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.