First Trust Advisors LP lifted its stake in shares of Baker Hughes (NASDAQ:BKR – Get Rating) by 28.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 672,993 shares of the company’s stock after buying an additional 150,232 shares during the period. First Trust Advisors LP owned about 0.07% of Baker Hughes worth $14,106,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. SeaCrest Wealth Management LLC purchased a new position in shares of Baker Hughes during the second quarter valued at approximately $27,000. Alpha Paradigm Partners LLC purchased a new position in shares of Baker Hughes during the second quarter valued at approximately $29,000. Ameliora Wealth Management Ltd. purchased a new position in shares of Baker Hughes during the third quarter valued at approximately $47,000. Sandy Spring Bank purchased a new position in Baker Hughes in the third quarter worth $48,000. Finally, Covestor Ltd boosted its position in Baker Hughes by 104.7% in the first quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after purchasing an additional 690 shares during the last quarter. Hedge funds and other institutional investors own 97.40% of the company’s stock.
Insider Buying and Selling
In other news, EVP Maria C. Borras sold 9,811 shares of the company’s stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $30.93, for a total value of $303,454.23. Following the completion of the transaction, the executive vice president now directly owns 59,463 shares in the company, valued at approximately $1,839,190.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by company insiders.
Baker Hughes Stock Performance
Baker Hughes (NASDAQ:BKR – Get Rating) last posted its earnings results on Monday, January 23rd. The company reported $0.38 EPS 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 business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $6.07 billion. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Baker Hughes’s quarterly revenue was up 7.7% compared to the same quarter last year. Research analysts predict that Baker Hughes will post 1.57 EPS for the current year.
Baker Hughes Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Monday, February 6th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.61%. The ex-dividend date was Friday, February 3rd. Baker Hughes’s payout ratio is -126.67%.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on BKR shares. HSBC boosted their price objective on Baker Hughes from $33.30 to $39.00 in a research report on Monday, January 30th. Susquehanna boosted their price objective on Baker Hughes from $35.00 to $40.00 and gave the stock a “positive” rating in a research report on Tuesday, January 24th. Citigroup boosted their price objective on Baker Hughes from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, January 25th. Evercore ISI boosted their price objective on Baker Hughes from $33.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 24th. Finally, Morgan Stanley boosted 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. One equities research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and an average price target of $36.68.
Baker Hughes Company Profile
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.
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