Baker Hughes A GE (NYSE:BHGE) Shares Gap Down Following Analyst Downgrade

Shares of Baker Hughes A GE Co (NYSE:BHGE) gapped down before the market opened on Thursday after Wells Fargo & Co lowered their price target on the stock from $31.00 to $30.00. The stock had previously closed at $21.33, but opened at $22.29. Wells Fargo & Co currently has an outperform rating on the stock. Baker Hughes A GE shares last traded at $22.36, with a volume of 2,399,460 shares traded.

Several other brokerages have also recently commented on BHGE. Bank of America reduced their price target on shares of Baker Hughes A GE from $32.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, August 28th. Credit Suisse Group increased their price target on shares of Baker Hughes A GE from $27.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Jefferies Financial Group set a $32.00 price target on shares of Baker Hughes A GE and gave the stock a “buy” rating in a research report on Thursday, June 6th. AltaCorp Capital reaffirmed an “outperform” rating on shares of Baker Hughes A GE in a research report on Thursday, June 20th. Finally, TheStreet raised shares of Baker Hughes A GE from a “d+” rating to a “c-” rating in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $34.87.

In other Baker Hughes A GE news, insider Uwem Ukpong sold 16,686 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $23.62, for a total value of $394,123.32. Following the sale, the insider now owns 271 shares in the company, valued at $6,401.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lorenzo Simonelli purchased 15,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $20.61 per share, for a total transaction of $309,150.00. Following the purchase, the chief executive officer now directly owns 113,368 shares of the company’s stock, valued at approximately $2,336,514.48. The disclosure for this purchase can be found here. 0.21% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Baker Hughes A GE by 0.5% in the second quarter. Vanguard Group Inc. now owns 48,415,177 shares of the company’s stock valued at $1,192,466,000 after buying an additional 235,028 shares during the period. BlackRock Inc. boosted its stake in shares of Baker Hughes A GE by 18.8% during the second quarter. BlackRock Inc. now owns 45,244,203 shares of the company’s stock valued at $1,114,366,000 after purchasing an additional 7,154,384 shares during the period. Invesco Ltd. boosted its stake in shares of Baker Hughes A GE by 2.9% during the second quarter. Invesco Ltd. now owns 14,356,911 shares of the company’s stock valued at $353,610,000 after purchasing an additional 406,655 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Baker Hughes A GE by 24.4% during the first quarter. The Manufacturers Life Insurance Company now owns 11,739,780 shares of the company’s stock valued at $325,427,000 after purchasing an additional 2,301,773 shares during the period. Finally, Pzena Investment Management LLC boosted its stake in shares of Baker Hughes A GE by 14.1% during the second quarter. Pzena Investment Management LLC now owns 6,319,078 shares of the company’s stock valued at $155,639,000 after purchasing an additional 778,490 shares during the period. Institutional investors own 48.39% of the company’s stock.

The stock has a market cap of $25.10 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.60 and a quick ratio of 1.09. The business has a 50 day moving average price of $22.90 and a two-hundred day moving average price of $24.39.

Baker Hughes A GE (NYSE:BHGE) last announced its earnings results on Wednesday, July 31st. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The company had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.81 billion. Baker Hughes A GE had a return on equity of 1.07% and a net margin of 0.71%. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.10 earnings per share. On average, sell-side analysts forecast that Baker Hughes A GE Co will post 0.98 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Tuesday, August 13th were issued a dividend of $0.18 per share. The ex-dividend date was Monday, August 12th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.20%. Baker Hughes A GE’s dividend payout ratio is presently 109.09%.

About Baker Hughes A GE (NYSE:BHGE)

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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