Goldman Sachs Sees Upside in Baker Hughes Following Chart Acquisition
Goldman Sachs has resumed coverage of Baker Hughes Co. () with a buy rating and set a price target of $71.00, citing growth opportunities from operational and geographic synergies following the addition of Chart Industries.
The investment bank highlighted Baker Hughes’ diversified oilfield services and equipment business, which provides durable earnings with upside from activity additions.
Goldman Sachs estimates a 10% EBITDA compound annual growth rate through 2031 and believes the stock has significant upside potential, with a valuation range of $68 to $81 per share.
The firm noted that Baker Hughes’ recent acquisition of Chart Industries has sparked mixed reactions from analysts, with RBC Capital raising its price target to $76 while maintaining an Outperform rating and UBS adjusting its price target for Baker Hughes to $70 due to lower-than-expected margin performance in its GTLS segment.
The total number of oil and gas rigs operating in the United States remained unchanged at 588, marking a 9.7% increase compared to the same period last year, with an increase in oil rigs reaching 455, the highest level since May 2025.