Baker Hughes Receives Upgrade from Argus Research: Analysts See Promising Growth

Fintel reports that on October 25, 2024, Argus Research elevated their rating for Baker Hughes (NasdaqGS:BKR) from Hold to Buy.

Analyst Price Outlook Indicates 18.20% Growth Potential

As of October 22, 2024, the average one-year price target for Baker Hughes is $44.35 per share. Predictions for this target range from a low of $36.36 to a high of $55.65. This average price target suggests an increase of 18.20% from the latest closing price of $37.52 per share.

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Financial Projections for Baker Hughes

The projected annual revenue for Baker Hughes is $26,860 million, representing a slight decrease of 1.61%. Analysts estimate the annual non-GAAP earnings per share (EPS) will be 2.17.

Fund Sentiment Analysis

Currently, 1,682 funds or institutions have reported their positions in Baker Hughes, marking a decrease of 11 owners—or 0.65%—in the last quarter. The average portfolio weight allocated to BKR by all these funds has risen by 9.87% to 0.34%. In total, institutional ownership has grown by 1.49% in the last three months, now totaling 1,129,735K shares. The put/call ratio for BKR stands at 1.28, suggesting a bearish outlook among traders.

Recent Moves by Shareholders

JPMorgan Chase currently holds 55,015K shares, accounting for 5.54% of the company. This is an increase from 49,542K shares reported previously, reflecting a growth of 9.95%. However, the firm reduced its portfolio allocation in BKR by 82.27% in the last quarter.

Dodge & Cox holds 46,059K shares, representing 4.64% ownership. Previously, they held 46,165K shares, showing a minor decrease of 0.23%. Yet, they increased their allocation in BKR by 8.37% over the last quarter.

Capital World Investors owns 37,592K shares, which is 3.78% of Baker Hughes. This is down from 46,768K shares, marking a decrease of 24.41%. Their portfolio allocation in BKR dropped by 16.86% last quarter.

The DODGX – Dodge & Cox Stock Fund maintains 33,551K shares, with no change reported in the last quarter. Meanwhile, the VTSMX – Vanguard Total Stock Market Index Fund Investor Shares owns 31,582K shares, or 3.18% of Baker Hughes, showing a slight increase of 0.46% from their previous total of 31,437K shares, which translates to a portfolio allocation rise of 2.56% over the last quarter.

Understanding Baker Hughes

Background: (This description is provided by the company.) Baker Hughes is an energy technology company that delivers solutions to energy and industrial customers across the globe. With a century of experience and operations in over 120 countries, its innovative technologies and services aim to advance energy—making it safer, cleaner, and more efficient for communities and the environment.

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This article originally appeared on Fintel.

The views expressed here are those of the author and do not necessarily represent the views of Nasdaq, Inc.