Wells Fargo & Company Upgrades Baker Hughes (NASDAQ:BKR) to “Overweight”

Wells Fargo & Company upgraded shares of Baker Hughes (NASDAQ:BKR) from an equal weight rating to an overweight rating in a report issued on Wednesday morning, Marketbeat reports. They currently have $42.00 target price on the stock, up from their prior target price of $40.00.

Other research analysts have also issued reports about the stock. Susquehanna upped their target price on shares of Baker Hughes from $40.00 to $46.00 and gave the stock a positive rating in a research report on Monday, July 29th. UBS Group lowered their price target on shares of Baker Hughes from $42.00 to $40.00 and set a neutral rating for the company in a research note on Wednesday, September 18th. Bank of America lowered their price target on shares of Baker Hughes from $40.00 to $38.00 and set a buy rating for the company in a research note on Monday, July 15th. TD Cowen boosted their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a buy rating in a research note on Monday, July 29th. Finally, Jefferies Financial Group boosted their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a buy rating in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $43.38.

Baker Hughes Stock Up 4.1 %

Shares of NASDAQ:BKR opened at $36.18 on Wednesday. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The firm has a fifty day moving average of $35.19 and a 200 day moving average of $33.86. The firm has a market capitalization of $36.11 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the business earned $0.39 earnings per share. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, research analysts anticipate that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

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

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the transaction, the chief executive officer now owns 616,339 shares in the company, valued at $23,759,868.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

Hedge funds and other institutional investors have recently modified their holdings of the stock. Redmont Wealth Advisors LLC purchased a new position in Baker Hughes during the first quarter valued at $27,000. New Covenant Trust Company N.A. bought a new position in Baker Hughes in the 1st quarter worth about $34,000. Alta Advisers Ltd purchased a new stake in Baker Hughes during the 2nd quarter valued at about $42,000. Headlands Technologies LLC bought a new stake in Baker Hughes during the 2nd quarter valued at about $48,000. Finally, UMB Bank n.a. raised its holdings in Baker Hughes by 281.2% in the first quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after buying an additional 1,167 shares during the last quarter. Hedge funds and other 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.