Jefferies Financial Group Forecasts Strong Price Appreciation for Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes (NASDAQ:BKR) had its price objective raised by equities researchers at Jefferies Financial Group from $48.00 to $50.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 17.54% from the company’s previous close.

Several other equities research analysts have also recently weighed in on BKR. Argus upgraded Baker Hughes from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Citigroup upped their price target on shares of Baker Hughes from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Piper Sandler began coverage on shares of Baker Hughes in a report on Thursday, December 19th. They issued an “overweight” rating and a $53.00 price target on the stock. Atb Cap Markets cut Baker Hughes from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Susquehanna increased their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “positive” rating in a research report on Thursday, October 24th. Three equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.12.

Baker Hughes Stock Performance

Baker Hughes stock traded up $0.98 during trading on Friday, hitting $42.54. The stock had a trading volume of 2,076,863 shares, compared to its average volume of 3,694,942. The stock’s 50 day moving average is $41.61 and its two-hundred day moving average is $37.52. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $45.17. The stock has a market cap of $42.09 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 0.72 and a beta of 1.40. The company has a quick ratio of 0.88, a current ratio of 1.30 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 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 firm had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. As a group, analysts predict that Baker Hughes will post 2.29 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BKR. Fiera Capital Corp bought a new position in shares of Baker Hughes during the second quarter valued at approximately $443,000. TD Asset Management Inc boosted its holdings in Baker Hughes by 6.0% in the second quarter. TD Asset Management Inc now owns 423,848 shares of the company’s stock worth $14,907,000 after acquiring an additional 24,145 shares in the last quarter. Candriam S.C.A. grew its stake in shares of Baker Hughes by 13.4% in the second quarter. Candriam S.C.A. now owns 87,219 shares of the company’s stock worth $3,067,000 after acquiring an additional 10,294 shares during the last quarter. Sustainable Insight Capital Management LLC purchased a new stake in shares of Baker Hughes in the second quarter worth $271,000. Finally, Savant Capital LLC increased its holdings in shares of Baker Hughes by 9.9% during the second quarter. Savant Capital LLC now owns 95,908 shares of the company’s stock valued at $3,373,000 after acquiring an additional 8,633 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Company Profile

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.