Wedmont Private Capital Grows Position in Baker Hughes (NASDAQ:BKR)

Wedmont Private Capital increased its holdings in Baker Hughes (NASDAQ:BKR) by 7.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,136 shares of the company’s stock after purchasing an additional 1,266 shares during the period. Wedmont Private Capital’s holdings in Baker Hughes were worth $688,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Twin Tree Management LP increased its position in Baker Hughes by 183.0% in the first quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after purchasing an additional 219,060 shares during the last quarter. Diversified Trust Co increased its position in Baker Hughes by 98.7% during the first quarter. Diversified Trust Co now owns 50,029 shares of the company’s stock valued at $1,676,000 after acquiring an additional 24,850 shares during the last quarter. Perpetual Ltd increased its position in Baker Hughes by 440.1% during the first quarter. Perpetual Ltd now owns 64,499 shares of the company’s stock valued at $2,161,000 after acquiring an additional 52,556 shares during the last quarter. Wedge Capital Management L L P NC increased its position in Baker Hughes by 20.5% during the second quarter. Wedge Capital Management L L P NC now owns 726,291 shares of the company’s stock valued at $25,544,000 after acquiring an additional 123,689 shares during the last quarter. Finally, Cardano Risk Management B.V. bought a new position in Baker Hughes during the first quarter valued at $117,083,000. Institutional investors own 92.06% of the company’s stock.

Insider Activity

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Baker Hughes Stock Performance

BKR opened at $37.70 on Friday. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The company has a market cap of $37.45 billion, a P/E ratio of 19.14, a price-to-earnings-growth ratio of 0.61 and a beta of 1.38. The firm’s 50-day moving average price is $35.30 and its 200-day moving average price is $34.17.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities analysts anticipate that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were issued a dividend of $0.21 per share. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a dividend yield of 2.23%. Baker Hughes’s dividend payout ratio (DPR) is currently 42.64%.

Analysts Set New Price Targets

A number of research firms have weighed in on BKR. Royal Bank of Canada boosted their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Morgan Stanley boosted their target price on shares of Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Piper Sandler lowered their target price on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Bank of America lowered their price objective on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and a consensus target price of $43.65.

Baker Hughes Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. 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.