Baker Hughes (NASDAQ:BKR) Upgraded to Strong-Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Baker Hughes (NASDAQ:BKR) to a strong-buy rating in a report issued on Tuesday morning,Zacks reports.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley started coverage on shares of Baker Hughes in a research report on Friday, August 7th. They issued an “overweight” rating and a $70.00 price objective on the stock. Piper Sandler upped their price objective on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. UBS Group raised their target price on Baker Hughes from $70.00 to $72.00 and gave the stock a “neutral” rating in a research report on Monday, September 14th. Stifel Nicolaus boosted their target price on Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings downgraded Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $71.64.

Baker Hughes Trading Down 2.1%

BKR opened at $55.92 on Tuesday. Baker Hughes has a 52 week low of $43.92 and a 52 week high of $70.41. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $60.81 and a 200-day simple moving average of $61.13. The firm has a market cap of $55.51 billion, a P/E ratio of 18.04, a P/E/G ratio of 2.54 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.13. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 EPS. On average, equities analysts expect that Baker Hughes will post 2.53 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were given a dividend of $0.23 per share. The ex-dividend date was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. Baker Hughes’s payout ratio is 29.68%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. grew its position in shares of Baker Hughes by 41.8% during the second quarter. QRG Capital Management Inc. now owns 107,019 shares of the company’s stock worth $5,940,000 after acquiring an additional 31,537 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Baker Hughes by 1,045.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 43,192 shares of the company’s stock valued at $2,397,000 after purchasing an additional 39,422 shares during the last quarter. Anchor Investment Management LLC grew its position in Baker Hughes by 36.3% during the 2nd quarter. Anchor Investment Management LLC now owns 954 shares of the company’s stock worth $53,000 after purchasing an additional 254 shares during the last quarter. Talon Private Wealth LLC increased its stake in Baker Hughes by 17.2% in the second quarter. Talon Private Wealth LLC now owns 57,411 shares of the company’s stock valued at $3,186,000 after purchasing an additional 8,419 shares during the period. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Baker Hughes by 54.2% in the second quarter. Sequoia Financial Advisors LLC now owns 42,996 shares of the company’s stock valued at $2,386,000 after buying an additional 15,107 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes Company (NASDAQ:BKR) is an energy technology company that provides equipment, services and digital solutions to oil and gas producers, industrial companies and other energy customers. Its offerings support activities across the energy value chain, including exploration and production, drilling, well construction, production optimization, and the transportation and processing of hydrocarbons.

The company supplies oilfield services and equipment such as drilling systems, well-completion technologies, artificial-lift systems, subsea production equipment and well-intervention services.