Baker Hughes (NASDAQ:BKR) Given New $48.00 Price Target at Bank of America

Baker Hughes (NASDAQ:BKR - Free Report) had its price target raised by Bank of America from $42.00 to $48.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on BKR. Royal Bank of Canada lifted their target price on shares of Baker Hughes from $43.00 to $49.00 and gave the company an "outperform" rating in a research report on Thursday, December 12th. 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 increased their target price on Baker Hughes from $43.00 to $45.00 and gave the company an "outperform" rating in a report on Thursday, October 10th. Susquehanna lifted their price target on Baker Hughes from $46.00 to $48.00 and gave the stock a "positive" rating in a research note on Thursday, October 24th. Finally, Barclays increased their price objective on Baker Hughes from $41.00 to $46.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $46.47.

Baker Hughes Stock Performance

BKR traded up $0.24 on Wednesday, reaching $41.65. The stock had a trading volume of 1,312,102 shares, compared to its average volume of 7,101,531. The business's 50-day moving average price is $40.71 and its two-hundred day moving average price is $36.85. The company has a market cap of $41.21 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 0.72 and a beta of 1.40. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $45.17. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its 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. The firm 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 company's quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.42 EPS. Sell-side analysts forecast that Baker Hughes will post 2.29 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend was Monday, November 4th. Baker Hughes's dividend payout ratio (DPR) is 37.67%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Birmingham Capital Management Co. Inc. AL boosted its position in Baker Hughes by 18.5% in the 3rd quarter. Birmingham Capital Management Co. Inc. AL now owns 16,000 shares of the company's stock valued at $578,000 after buying an additional 2,500 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Baker Hughes in the third quarter valued at $139,000. Sanctuary Advisors LLC grew its stake in Baker Hughes by 92.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 87,961 shares of the company's stock worth $3,180,000 after purchasing an additional 42,148 shares in the last quarter. Hohimer Wealth Management LLC increased its holdings in Baker Hughes by 3.4% during the 3rd quarter. Hohimer Wealth Management LLC now owns 32,326 shares of the company's stock worth $1,169,000 after purchasing an additional 1,053 shares during the period. Finally, Toronto Dominion Bank raised its position in Baker Hughes by 69.7% in the 3rd quarter. Toronto Dominion Bank now owns 527,501 shares of the company's stock valued at $19,069,000 after purchasing an additional 216,613 shares in the last quarter. 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.