Citigroup Cuts Baker Hughes A GE (NYSE:BHGE) Price Target to $40.00

Baker Hughes A GE (NYSE:BHGE) had its price objective decreased by Citigroup from $43.00 to $40.00 in a report issued on Friday, November 2nd. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 56.80% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $38.00 price target on shares of Baker Hughes A GE in a research note on Monday, July 23rd. Credit Suisse Group reduced their price target on Baker Hughes A GE from $36.00 to $33.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 31st. Seaport Global Securities reaffirmed a “hold” rating and issued a $32.00 price target on shares of Baker Hughes A GE in a research note on Monday, July 23rd. Zacks Investment Research cut Baker Hughes A GE from a “hold” rating to a “sell” rating in a research note on Tuesday, July 10th. Finally, Guggenheim raised Baker Hughes A GE from a “neutral” rating to a “buy” rating and set a $37.00 price target on the stock in a research note on Wednesday, October 31st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $36.79.

Shares of BHGE traded down $1.24 during mid-day trading on Friday, hitting $25.51. 8,250,516 shares of the company’s stock traded hands, compared to its average volume of 4,289,263. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.35 and a current ratio of 1.91. Baker Hughes A GE has a 1 year low of $25.35 and a 1 year high of $37.76. The stock has a market capitalization of $11.15 billion, a PE ratio of 49.06, a price-to-earnings-growth ratio of 5.29 and a beta of 0.84.

Baker Hughes A GE (NYSE:BHGE) last posted its earnings results on Tuesday, October 30th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.02). Baker Hughes A GE had a net margin of 0.16% and a return on equity of 0.59%. The business had revenue of $5.67 billion for the quarter, compared to analysts’ expectations of $5.88 billion. During the same period last year, the firm posted $0.05 earnings per share. Baker Hughes A GE’s quarterly revenue was up 6.9% on a year-over-year basis. Research analysts forecast that Baker Hughes A GE will post 0.64 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the company. Morgan Stanley lifted its holdings in Baker Hughes A GE by 5.5% in the second quarter. Morgan Stanley now owns 1,303,794 shares of the company’s stock valued at $43,065,000 after acquiring an additional 67,934 shares during the period. Bank of Nova Scotia lifted its holdings in Baker Hughes A GE by 125.5% in the second quarter. Bank of Nova Scotia now owns 121,807 shares of the company’s stock valued at $4,024,000 after acquiring an additional 67,779 shares during the period. Bank of New York Mellon Corp lifted its holdings in Baker Hughes A GE by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 4,091,722 shares of the company’s stock valued at $135,150,000 after acquiring an additional 65,666 shares during the period. Strs Ohio lifted its holdings in Baker Hughes A GE by 18.4% in the second quarter. Strs Ohio now owns 1,231,702 shares of the company’s stock valued at $40,683,000 after acquiring an additional 191,275 shares during the period. Finally, Indus Capital Partners LLC bought a new position in Baker Hughes A GE in the second quarter valued at about $28,695,000. 93.88% of the stock is currently owned by hedge funds and other institutional investors.

About Baker Hughes A GE

Baker Hughes, a GE company provides integrated oilfield products, services, and digital solutions worldwide. Its Oilfield Services segment offers drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, completions tools and systems, wellbore intervention tools and services, artificial lift systems, pressure pumping systems, and oilfield and industrial chemicals for integrated oil and natural gas, and oilfield service companies.

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