Wells Fargo & Company Increases Baker Hughes (NASDAQ:BKR) Price Target to $49.00

Baker Hughes (NASDAQ:BKR) had its price objective increased by research analysts at Wells Fargo & Company from $42.00 to $49.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 18.70% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on BKR. Stifel Nicolaus raised their target price on Baker Hughes from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Benchmark restated a “buy” rating and set a $42.00 price objective on shares of Baker Hughes in a research note on Thursday, October 24th. Atb Cap Markets cut shares of Baker Hughes from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Susquehanna lifted their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “positive” rating in a research note on Thursday, October 24th. Finally, Citigroup lifted their price objective on shares of Baker Hughes from $42.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.53.

Baker Hughes Stock Performance

BKR traded down $0.52 during trading hours on Tuesday, hitting $41.28. 616,809 shares of the stock were exchanged, compared to its average volume of 7,097,056. The stock has a 50-day simple moving average of $40.63 and a 200-day simple moving average of $36.80. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $45.17. The stock has a market cap of $40.85 billion, a price-to-earnings ratio of 18.37, 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 posted its earnings results 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. The company had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.42 earnings per share. Analysts anticipate that Baker Hughes will post 2.29 earnings per share for the current year.

Institutional Investors Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently added to or reduced their stakes in BKR. Hotchkis & Wiley Capital Management LLC lifted its holdings in Baker Hughes by 34.7% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock worth $394,775,000 after purchasing an additional 2,811,940 shares during the last quarter. Yaupon Capital Management LP bought a new position in Baker Hughes in the 3rd quarter worth approximately $47,296,000. Eagle Asset Management Inc. increased its position in Baker Hughes by 18.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 5,486,207 shares of the company’s stock worth $198,326,000 after buying an additional 860,219 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Baker Hughes by 436.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,004,647 shares of the company’s stock worth $36,318,000 after buying an additional 817,227 shares during the period. Finally, Groupama Asset Managment increased its position in Baker Hughes by 1,045.1% in the 3rd quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after buying an additional 811,711 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

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.