TD Cowen Cuts Baker Hughes (NASDAQ:BKR) Price Target to $76.00

Baker Hughes (NASDAQ:BKR) had its price target dropped by research analysts at TD Cowen from $78.00 to $76.00 in a research report issued to clients and investors on Tuesday. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 35.91% from the company’s current price.

BKR has been the subject of several other research reports. Wall Street Zen lowered Baker Hughes from a “buy” rating to a “hold” rating in a report on Wednesday, August 5th. UBS Group cut their price objective on Baker Hughes from $72.00 to $69.00 and set a “neutral” rating for the company in a report on Wednesday. Jefferies Financial Group reduced their target price on shares of Baker Hughes from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Tuesday. Susquehanna raised their price target on Baker Hughes from $72.00 to $75.00 and gave the stock a “positive” rating in a research report on Thursday, September 10th. Finally, Royal Bank Of Canada boosted their price objective on shares of Baker Hughes from $71.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $71.41.

Baker Hughes Stock Performance

Shares of BKR stock opened at $55.92 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. The firm has a market cap of $55.51 billion, a price-to-earnings ratio of 18.04, a P/E/G ratio of 2.54 and a beta of 0.96. Baker Hughes has a 52 week low of $43.92 and a 52 week high of $70.41. The firm’s 50-day simple moving average is $60.81 and its two-hundred day simple moving average is $61.13.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. OP Asset Management Ltd bought a new stake in Baker Hughes during the first quarter worth about $6,049,000. NewEdge Advisors LLC grew its stake in shares of Baker Hughes by 152.3% in the 2nd quarter. NewEdge Advisors LLC now owns 149,817 shares of the company’s stock worth $8,315,000 after buying an additional 90,427 shares during the last quarter. Hsbc Holdings PLC raised its stake in Baker Hughes by 2.0% during the fourth quarter. Hsbc Holdings PLC now owns 1,892,101 shares of the company’s stock valued at $86,230,000 after buying an additional 37,473 shares during the last quarter. ABN AMRO Bank N.V. increased its holdings in shares of Baker Hughes by 6.5% during the first quarter. ABN AMRO Bank N.V. now owns 679,842 shares of the company’s stock valued at $41,625,000 after acquiring an additional 41,657 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in Baker Hughes by 60.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 83,059 shares of the company’s stock valued at $3,783,000 after purchasing an additional 31,161 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

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.