Baker Hughes (NASDAQ:BKR) Position Reduced by New York State Teachers Retirement System

Posted by on Apr 12th, 2023

New York State Teachers Retirement System reduced its position in shares of Baker Hughes (NASDAQ:BKR – Get Rating) by 0.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 908,059 shares of the company’s stock after selling 413 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Baker Hughes worth $26,815,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of BKR. Ameliora Wealth Management Ltd. bought a new stake in Baker Hughes in the third quarter worth about $47,000. Sandy Spring Bank acquired a new stake in Baker Hughes during the third quarter valued at approximately $48,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Baker Hughes during the fourth quarter worth approximately $48,000. Covestor Ltd grew 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 buying an additional 690 shares during the last quarter. Finally, Private Trust Co. NA bought a new position in shares of Baker Hughes in the second quarter valued at $52,000. 97.40% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Price Performance

BKR opened at $29.15 on Wednesday. The stock has a fifty day moving average price of $29.99 and a 200 day moving average price of $28.62. The company has a current ratio of 1.32, a quick ratio of 0.90 and a debt-to-equity ratio of 0.41. Baker Hughes has a 1 year low of $20.42 and a 1 year high of $38.65. The stock has a market cap of $29.48 billion, a price-to-earnings ratio of -48.58 and a beta of 1.47.

Baker Hughes (NASDAQ:BKR – Get Rating) last announced its quarterly 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). The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $6.07 billion. Baker Hughes had a negative net margin of 2.85% and a positive return on equity of 5.98%. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 EPS. Analysts forecast that Baker Hughes will post 1.57 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Monday, February 6th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend was Friday, February 3rd. Baker Hughes’s payout ratio is presently -126.67%.

Wall Street Analyst Weigh In

BKR has been the topic of a number of recent research reports. Citigroup lifted their target price on Baker Hughes from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, January 25th. Piper Sandler raised shares of Baker Hughes from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $34.00 to $43.00 in a research note on Wednesday, February 15th. Susquehanna decreased their target price on shares of Baker Hughes from $40.00 to $35.00 in a report on Monday, April 3rd. JPMorgan Chase & Co. upgraded shares of Baker Hughes from a “neutral” rating to an “overweight” rating and set a $32.00 price target on the stock in a report on Wednesday, March 15th. Finally, Evercore ISI raised their price objective on shares of Baker Hughes from $33.00 to $37.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 24th. One analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.56.

Insider Buying and Selling

In other Baker Hughes news, EVP Maria C. Borras sold 9,811 shares of the business’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 sale, the executive vice president now owns 59,463 shares of the company’s stock, valued at $1,839,190.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is currently owned by corporate insiders.

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.

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Institutional Ownership by Quarter for Baker Hughes (NASDAQ:BKR)

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