State of Alaska Department of Revenue boosted its holdings in shares of Baker Hughes (NYSE:BKR – Get Rating) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 157,820 shares of the company’s stock after buying an additional 10,510 shares during the quarter. State of Alaska Department of Revenue’s holdings in Baker Hughes were worth $4,555,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of BKR. Riverview Trust Co acquired a new position in Baker Hughes during the first quarter worth approximately $27,000. DB Wealth Management Group LLC acquired a new position in Baker Hughes during the first quarter worth approximately $34,000. Covestor Ltd increased its position in Baker Hughes by 104.7% during the first quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after buying an additional 690 shares during the last quarter. Krane Funds Advisors LLC acquired a new position in Baker Hughes during the first quarter worth approximately $50,000. Finally, NuWave Investment Management LLC acquired a new position in shares of Baker Hughes in the second quarter valued at approximately $50,000. Institutional investors and hedge funds own 96.62% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the company. Seaport Res Ptn reaffirmed a “buy” rating on shares of Baker Hughes in a research report on Thursday, July 21st. Royal Bank of Canada decreased their target price on Baker Hughes from $36.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday. Morgan Stanley decreased their target price on Baker Hughes from $40.00 to $35.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 13th. Susquehanna decreased their target price on Baker Hughes from $39.00 to $35.00 in a research report on Thursday, July 21st. Finally, Barclays decreased their target price on Baker Hughes from $46.00 to $44.00 in a research report on Thursday, July 21st. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $36.05.
Baker Hughes Trading Down 4.9 %
Baker Hughes (NYSE:BKR – Get Rating) last released its earnings results on Wednesday, July 20th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.11). Baker Hughes had a positive return on equity of 3.82% and a negative net margin of 2.27%. The business had revenue of $5.05 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter in the previous year, the company earned $0.10 earnings per share. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, research analysts predict that Baker Hughes will post 0.94 earnings per share for the current fiscal year.
Baker Hughes Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 19th. Shareholders of record on Tuesday, August 9th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.13%. The ex-dividend date was Monday, August 8th. Baker Hughes’s payout ratio is presently -167.44%.
Insiders Place Their Bets
In other Baker Hughes news, Director Michael R. Dumais bought 10,000 shares of the business’s stock in a transaction on Thursday, July 21st. The stock was purchased at an average cost of $24.39 per share, for a total transaction of $243,900.00. Following the completion of the purchase, the director now directly owns 24,977 shares of the company’s stock, valued at $609,189.03. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.34% of the company’s stock.
Baker Hughes Company Profile
Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). The OFS segment offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies.
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