New York State Common Retirement Fund Lowers Stake in Baker Hughes (NASDAQ:BKR)

New York State Common Retirement Fund lowered its stake in shares of Baker Hughes (NASDAQ:BKR) by 2.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 677,050 shares of the company’s stock after selling 19,877 shares during the quarter. New York State Common Retirement Fund owned 0.07% of Baker Hughes worth $27,773,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in BKR. Hotchkis & Wiley Capital Management LLC raised its position in shares of Baker Hughes by 34.7% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock valued at $394,775,000 after buying an additional 2,811,940 shares in the last quarter. Congress Asset Management Co. purchased a new position in Baker Hughes in the 4th quarter worth $107,155,000. Yaupon Capital Management LP bought a new stake in Baker Hughes in the third quarter worth $47,296,000. Eagle Asset Management Inc. lifted its stake in Baker Hughes by 18.6% in the third quarter. Eagle Asset Management Inc. now owns 5,486,207 shares of the company’s stock worth $198,326,000 after purchasing an additional 860,219 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Baker Hughes by 436.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,004,647 shares of the company’s stock worth $36,318,000 after purchasing an additional 817,227 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on BKR shares. Piper Sandler boosted their price target on shares of Baker Hughes from $53.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Royal Bank of Canada boosted their price target on shares of Baker Hughes from $49.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Stifel Nicolaus boosted their price target on shares of Baker Hughes from $48.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, February 3rd. Citigroup boosted their price target on shares of Baker Hughes from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Wells Fargo & Company boosted their price target on shares of Baker Hughes from $49.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.06.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $45.62 on Friday. Baker Hughes has a 1 year low of $28.88 and a 1 year high of $49.40. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 0.94. The company’s 50-day moving average is $44.28 and its 200 day moving average is $40.16. The stock has a market capitalization of $45.17 billion, a P/E ratio of 15.31, a P/E/G ratio of 2.06 and a beta of 1.39.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Thursday, January 30th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. On average, sell-side analysts expect that Baker Hughes will post 2.59 earnings per share for the current year.

Baker Hughes Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Tuesday, February 11th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, February 11th. This represents a $0.92 annualized dividend and a dividend yield of 2.02%. This is a boost from Baker Hughes’s previous quarterly dividend of $0.21. Baker Hughes’s payout ratio is currently 30.87%.

Insiders Place Their Bets

In other Baker Hughes news, EVP Maria C. Borras sold 8,000 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $44.77, for a total value of $358,160.00. Following the sale, the executive vice president now owns 173,302 shares in the company, valued at approximately $7,758,730.54. This represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

About Baker Hughes

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.