Baker Hughes (NASDAQ:BKR) Stake Boosted by Lazard Asset Management LLC

Posted by Defense World Staff on Mar 4th, 2023

Lazard Asset Management LLC increased its stake in Baker Hughes (NASDAQ:BKR – Get Rating) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,848 shares of the company’s stock after purchasing an additional 392 shares during the quarter. Lazard Asset Management LLC’s holdings in Baker Hughes were worth $332,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of BKR. JPMorgan Chase & Co. increased its stake in Baker Hughes by 96.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 37,882,259 shares of the company’s stock worth $1,093,660,000 after purchasing an additional 18,629,874 shares in the last quarter. FMR LLC grew its stake in Baker Hughes by 41.2% during the 2nd quarter. FMR LLC now owns 26,877,366 shares of the company’s stock valued at $775,950,000 after acquiring an additional 7,836,906 shares in the last quarter. Franklin Resources Inc. grew its stake in Baker Hughes by 214.6% during the 2nd quarter. Franklin Resources Inc. now owns 10,398,098 shares of the company’s stock valued at $300,193,000 after acquiring an additional 7,092,424 shares in the last quarter. Ceredex Value Advisors LLC grew its stake in Baker Hughes by 443.0% during the 3rd quarter. Ceredex Value Advisors LLC now owns 5,931,026 shares of the company’s stock valued at $124,314,000 after acquiring an additional 4,838,736 shares in the last quarter. Finally, State Street Corp grew its stake in Baker Hughes by 4.5% during the 2nd quarter. State Street Corp now owns 65,088,442 shares of the company’s stock valued at $1,879,103,000 after acquiring an additional 2,796,843 shares in the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Baker Hughes Stock Up 1.8 %

BKR opened at $32.28 on Friday. The business has a 50 day moving average price of $30.88 and a 200 day moving average price of $27.90. Baker Hughes has a twelve month low of $20.42 and a twelve month high of $39.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.90 and a current ratio of 1.32. The firm has a market cap of $32.64 billion, a P/E ratio of -53.80 and a beta of 1.46.

Baker Hughes (NASDAQ:BKR – Get Rating) last posted its earnings results on Monday, January 23rd. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.02). Baker Hughes had a positive return on equity of 5.98% and a negative net margin of 2.85%. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $6.07 billion. During the same quarter last year, the firm posted $0.25 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. Research analysts forecast that Baker Hughes will post 1.57 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 17th. Shareholders of record on Monday, February 6th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Friday, February 3rd. Baker Hughes’s dividend payout ratio (DPR) is -126.67%.

Analysts Set New Price Targets

Several equities analysts have weighed in on BKR shares. Benchmark started coverage on Baker Hughes in a research note on Thursday, January 19th. They set a “buy” rating and a $36.00 target price on the stock. HSBC lifted their target price on Baker Hughes from $33.30 to $39.00 in a research note on Monday, January 30th. Morgan Stanley lifted their target price on Baker Hughes from $32.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, January 4th. Citigroup lifted their price target on Baker Hughes from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, January 25th. Finally, Piper Sandler upgraded Baker Hughes from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $34.00 to $43.00 in a report on Wednesday, February 15th. One analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.68.

Insider Transactions at Baker Hughes

In other news, EVP Maria C. Borras sold 9,811 shares of the stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $30.93, for a total transaction of $303,454.23. Following the sale, the executive vice president now owns 59,463 shares in the company, valued at $1,839,190.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.

Baker Hughes Company Profile

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Baker Hughes Co is a holding company, which engages in the provision of oilfield products, services, and digital solutions. It operates through the Oilfield Services and Equipment (OFSE) and industrial and Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides services for onshore and offshore oilfield operations.