Short Interest in Baker Hughes (NASDAQ:BKR) Drops By 6.0%

Baker Hughes (NASDAQ:BKR) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 18,040,000 shares, a decrease of 6.0% from the September 30th total of 19,190,000 shares. Based on an average trading volume of 6,510,000 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BKR shares. Citigroup lowered their price target on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, September 27th. JPMorgan Chase & Co. raised their price target on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Barclays lifted their target price on shares of Baker Hughes from $41.00 to $46.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Royal Bank of Canada reissued an “outperform” rating and issued a $43.00 price target on shares of Baker Hughes in a research note on Thursday, October 24th. Finally, Bank of America reduced their price objective on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.12.

Baker Hughes Stock Performance

Shares of BKR opened at $38.08 on Friday. The stock has a 50 day moving average price of $35.93 and a 200 day moving average price of $34.49. The company has a quick ratio of 0.88, a current ratio of 1.30 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $37.83 billion, a price-to-earnings ratio of 17.08, a price-to-earnings-growth ratio of 0.64 and a beta of 1.38. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.21 billion. Baker Hughes had a return on equity of 13.77% and a net margin of 8.20%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 earnings per share. Research analysts predict that Baker Hughes will post 2.28 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Monday, November 4th. Baker Hughes’s payout ratio is currently 37.67%.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Baker Hughes

Several large investors have recently modified their holdings of BKR. Price T Rowe Associates Inc. MD boosted its stake in shares of Baker Hughes by 32.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after acquiring an additional 4,207,973 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Baker Hughes by 63.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,001,870 shares of the company’s stock valued at $72,368,000 after buying an additional 780,417 shares during the period. Legal & General Group Plc raised its holdings in shares of Baker Hughes by 8.6% during the 2nd quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock valued at $306,801,000 after buying an additional 692,859 shares during the period. Dimensional Fund Advisors LP increased its holdings in Baker Hughes by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock worth $348,074,000 after purchasing an additional 680,621 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in Baker Hughes by 10.2% during the 1st quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock worth $221,405,000 after purchasing an additional 612,715 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Company 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.