Ieq Capital LLC Increases Stock Position in Baker Hughes (NASDAQ:BKR)

Posted by Defense World Staff on Jul 24th, 2023

Ieq Capital LLC lifted its holdings in shares of Baker Hughes (NASDAQ:BKR – Free Report) by 101.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,490 shares of the company’s stock after acquiring an additional 10,803 shares during the period. Ieq Capital LLC’s holdings in Baker Hughes were worth $620,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Baker Hughes during the first quarter worth $321,000. D.A. Davidson & CO. acquired a new stake in shares of Baker Hughes during the first quarter worth $230,000. Synovus Financial Corp lifted its holdings in shares of Baker Hughes by 31.7% during the first quarter. Synovus Financial Corp now owns 13,399 shares of the company’s stock worth $488,000 after purchasing an additional 3,226 shares during the period. Cibc World Market Inc. lifted its holdings in shares of Baker Hughes by 197.9% during the first quarter. Cibc World Market Inc. now owns 36,783 shares of the company’s stock worth $1,339,000 after purchasing an additional 24,434 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Baker Hughes by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 4,748,743 shares of the company’s stock worth $172,934,000 after purchasing an additional 204,220 shares during the period. 92.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their target price on Baker Hughes from $32.00 to $37.00 and gave the company an “equal weight” rating in a report on Thursday. Morgan Stanley reissued an “overweight” rating and issued a $37.00 target price on shares of Baker Hughes in a report on Friday. Barclays raised their target price on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Thursday, April 20th. Capital One Financial assumed coverage on Baker Hughes in a report on Wednesday, June 7th. They issued an “overweight” rating and a $38.00 target price for the company. Finally, Evercore ISI raised their target price on Baker Hughes from $37.00 to $38.00 and gave the company an “outperform” rating in a report on Thursday, April 20th. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and a consensus price target of $37.33.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, SVP Kurt Camilleri sold 12,293 shares of Baker Hughes stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $28.53, for a total value of $350,719.29. Following the completion of the sale, the senior vice president now owns 1,000 shares in the company, valued at approximately $28,530. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Baker Hughes news, SVP Kurt Camilleri sold 12,293 shares of Baker Hughes stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $28.53, for a total value of $350,719.29. Following the completion of the sale, the senior vice president now owns 1,000 shares in the company, valued at approximately $28,530. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James E. Apostolides sold 3,195 shares of Baker Hughes stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $29.93, for a total value of $95,626.35. Following the completion of the sale, the senior vice president now owns 8,147 shares of the company’s stock, valued at approximately $243,839.71. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.

Baker Hughes Trading Up 2.2 %

Baker Hughes stock opened at $35.43 on Monday. The stock has a market cap of $35.87 billion, a PE ratio of 31.35 and a beta of 1.50. The stock has a 50-day moving average price of $30.70 and a 200 day moving average price of $30.15. Baker Hughes has a 52 week low of $20.42 and a 52 week high of $35.87. The company has a current ratio of 1.28, a quick ratio of 0.91 and a debt-to-equity ratio of 0.38.

Baker Hughes (NASDAQ:BKR – Get Free Report) last posted its quarterly earnings data on Wednesday, July 19th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.06. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $6.27 billion. Baker Hughes had a return on equity of 9.01% and a net margin of 4.94%. The firm’s quarterly revenue was up 25.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 EPS. Equities research analysts predict that Baker Hughes will post 1.52 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Tuesday, May 30th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.15%. The ex-dividend date was Friday, May 26th. Baker Hughes’s dividend payout ratio (DPR) is 67.26%.

About Baker Hughes

(Free Report)

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through two segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.