Baker Hughes Company $BKR Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC trimmed its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 7.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 468,511 shares of the company’s stock after selling 35,386 shares during the quarter. Rafferty Asset Management LLC’s holdings in Baker Hughes were worth $22,826,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Baker Hughes by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock worth $6,035,924,000 after buying an additional 598,159 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Baker Hughes by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 25,875,670 shares of the company’s stock valued at $987,961,000 after acquiring an additional 397,984 shares in the last quarter. Norges Bank bought a new position in Baker Hughes during the second quarter worth $862,722,000. Artisan Partners Limited Partnership lifted its stake in Baker Hughes by 3.8% during the third quarter. Artisan Partners Limited Partnership now owns 17,316,358 shares of the company’s stock worth $843,653,000 after purchasing an additional 638,640 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Baker Hughes by 18.9% in the second quarter. Invesco Ltd. now owns 12,834,534 shares of the company’s stock worth $492,076,000 after purchasing an additional 2,044,402 shares during the period. 92.06% of the stock is owned by institutional investors.

Baker Hughes Stock Up 0.6%

BKR opened at $65.26 on Friday. The stock’s 50 day moving average price is $54.51 and its 200 day moving average price is $49.66. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.36 and a quick ratio of 1.00. The stock has a market cap of $64.49 billion, a P/E ratio of 25.10, a P/E/G ratio of 1.77 and a beta of 0.89. Baker Hughes Company has a 12 month low of $33.60 and a 12 month high of $65.78.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Monday, January 26th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. The company had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.09 billion. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. As a group, research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.92 annualized dividend and a yield of 1.4%. Baker Hughes’s dividend payout ratio (DPR) is presently 35.38%.

Wall Street Analyst Weigh In

BKR has been the topic of a number of research reports. Piper Sandler increased their target price on shares of Baker Hughes from $52.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, January 28th. iA Financial set a $60.00 price objective on shares of Baker Hughes in a research note on Tuesday, January 27th. Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 target price on shares of Baker Hughes in a report on Thursday, January 15th. Johnson Rice initiated coverage on Baker Hughes in a report on Wednesday. They set a “buy” rating and a $68.00 target price for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Baker Hughes in a research report on Monday, December 29th. Twenty investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $59.39.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 843 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $56.34, for a total value of $47,494.62. Following the completion of the sale, the chief accounting officer directly owned 14,019 shares in the company, valued at $789,830.46. This represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Maria Georgia Magno sold 19,150 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $59.11, for a total value of $1,131,956.50. Following the transaction, the insider directly owned 14,588 shares of the company’s stock, valued at approximately $862,296.68. The trade was a 56.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 40,001 shares of company stock worth $2,322,692. 0.27% of the stock is owned by corporate insiders.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.