Are Baker Hughes Co (NASDAQ: BKR) Shares Ready For A Price Rise?

In the latest trading session, 4.24 million Baker Hughes Co (NASDAQ:BKR) shares changed hands as the company’s beta touched 1.40. With the company’s most recent per share price at $34.03 changing hands around $0.16 or 0.46% at last look, the market valuation stands at $34.24B. BKR’s current price is a discount, trading about -10.43% off its 52-week high of $37.58. The share price had its 52-week low at $26.12, which suggests the last value was 23.24% up since then. When we look at Baker Hughes Co’s average trading volume, we note the 10-day average is 8.84 million shares, with the 3-month average coming to 6.95 million.

Analysts gave the Baker Hughes Co (BKR) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 1.61. If we narrow down to specifics, the data shows that 0 out of 28 analysts rate the stock as a Sell, with a further 4 assigning it an Overweight rating. Of the remaining, 5 recommended BKR as a Hold, 18 felt it is a Buy and 1 rated the stock as Underweight. Baker Hughes Co’s EPS for the current quarter is expected to be $0.48.

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Baker Hughes Co (NASDAQ:BKR) trade information

Instantly BKR is in green as seen in intraday trades today. With action -1.95%, the performance over the past five days has been red. The jump to weekly highs of 35.19 on Monday, 11/20/23 added 0.46% to the stock’s daily price. The company’s shares are showing year-to-date upside of 15.22%, with the 5-day performance at -1.95% in the red. However, in the 30-day time frame, Baker Hughes Co (NASDAQ:BKR) is -1.86% down. Looking at the short shares, we see there were 14.51 million shares sold at short interest cover period of 2.33 days.

The consensus price target for the stock as assigned by Wall Street analysts is $41.63, meaning bulls need an upside of 18.26% from its recent market value. According to analyst projections, BKR’s forecast low is $36.00 with $47.00 as the target high. To hit the forecast high, the stock’s price needs a -38.11% plunge from its current level, while the stock would need to soar -5.79% for it to hit the projected low.

Baker Hughes Co (BKR) estimates and forecasts

Data shows that the Baker Hughes Co share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 19.81% over the past 6 months, a 76.40% in annual growth rate that is considerably higher than the industry average of 19.10%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Baker Hughes Co will rise 26.30%, while the growth in revenue is estimated to hit 50.00% for the next quarter. Year-over-year growth is forecast to reach 21.00% up from the last financial year.

Consensus estimates given by 17 financial analysts project the company’s revenue in the current quarter to hit an average of $6.93 billion. 15 analysts are of the opinion that Baker Hughes Co’s revenue for the quarter ending Mar 2024 will be $6.57 billion. The company’s revenue for the corresponding quarters a year ago was $5.91 billion and $5.72 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 17.30%. The estimates for the next quarter sales put growth at 15.00%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -20.47%. The 2023 estimates are for Baker Hughes Co earnings to increase by 75.71%, but the outlook for the next 5-year period is at 43.70% per year.

BKR Dividends

Baker Hughes Co is expected to release its next quarterly earnings report between January 22 and January 26. The 2.28% annual yield figure for the share gives it an annual dividend of 0.78. It is important to note, however, that the 2.28% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

Baker Hughes Co (NASDAQ:BKR)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.16% of Baker Hughes Co shares while 97.79% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 97.95%. There are 97.79% institutions holding the Baker Hughes Co stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 14.83% of the shares, roughly 122.88 million BKR shares worth $3.88 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 11.44% or 94.76 million shares worth $3.0 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Sep 29, 2023 were Investment Company Of America and Vanguard Total Stock Market Index Fund. With 36.36 million shares estimated at $1.28 billion under it, the former controlled 4.39% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 3.81% of the shares, roughly 31.57 million shares worth around $998.0 million.

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