When oilfield services company Baker Hughes Co. (NYSE: BKR) reported fourth-quarter results on Wednesday, it became the sole member of a club comprised of big oilfield services companies that posted an annual profit. Sure, it was just $124 million, but competitors Schlumberger N.V. (NYSE: SLB) and Halliburton Co. (NYSE: HAL) posted fiscal year losses of $10.1 billion and $1.1 billion, respectively.

So even though Baker Hughes’s earnings missed estimates and revenues could have been better, the now-independent company did all right. It’s separation from General Electric Co. (NYSE: GE) last year provided the faltering industrial giant with some much-needed cash and Baker Hughes with control over its own fate.

The quarterly earnings report moved several analysts’ firms to make some changes in their views of Baker Hughes. Here’s a rundown of key changes to price targets and ratings.

Credit Suisse maintained an Outperform rating on the stock and a $28 12-month price target. Calling Baker Hughes a “top pick for us,” the analysts acknowledged downward earnings revisions and an overhang from remaining GE stock ownership (around $9 billion of a market cap of about $23.5 billion). Credit Suisse calls the company’s strength in liquefied natural gas (LNG) equipment a “moat” and touts the November announcement with artificial intelligence provider C3.ai as a deal that can “drive internal cash conversion efficiencies.” The firm did lower its 2020 earnings per share estimate from $1.30 to $1.02, largely driven by a higher book tax rate.

Merrill Lynch reiterated its Buy rating and $34 per share price objective. The analysts believe that a 1% margin expansion in the oilfield services business will add $1.00 to the share price. Similar margin expansion in oilfield equipment could add $0.50 a share. Expanding the industrial and downstream markets offers an additional $2.00 in earnings per share, and the deal with C3.ai provides a possible “4.50/shr of BKR value via cost savings and capitalizing on value creation.”

CFRA downgraded the stock from Buy to Hold and reduced its 12-month price target from $25 to $24 per share, reflecting a 6.0× multiple of price to projected 2020 operating cash flow, a discount to the company’s historical forward average. The analysts noted: “Our revised opinion is influenced by our view of slower progression on margin expansion than anticipated, up 20 basis points sequentially, but down 90 [bps] YoY due to slower U.S. land activity and Gulf of Mexico, as well as lower product sales. We expect separation costs [from GE] to continue to stunt margin growth in 2020.”

Three other firms lowered their price targets on Baker Hughes:

• Cowen from $34 to $33
• Scotiabank from $32 to $29
• Susquehanna from $27 to $26

Baker Hughes stock traded up about 1.2% just before noon on Thursday, at $22.96 in a 52-week range of $1.18 to $28.65. The stock’s 12-month consensus price target is $29.25, and its dividend yield is 3.17%.

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