Key Points
- Director John Rice bought 10,000 Baker Hughes shares at an average price of $53.10, investing $531,000 and increasing his holdings by 14.86% to 77,315 shares.
- Baker Hughes reported quarterly earnings of $0.70 per share, beating the $0.61 analyst consensus; revenue rose 14.5% year over year to $8.03 billion.
- The company declared a quarterly dividend of $0.23 per share, equivalent to $0.92 annually and a 2.0% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $70.27.
Baker Hughes Company (NASDAQ:BKR - Get Free Report) Director John Rice acquired 10,000 shares of the business's stock in a transaction that occurred on Tuesday, November 3rd. The stock was purchased at an average price of $53.10 per share, for a total transaction of $531,000.00. Following the completion of the transaction, the director owned 77,315 shares in the company, valued at $4,105,426.50. The trade was a 14.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Baker Hughes Trading Down 7.4%
Baker Hughes stock opened at $46.20 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.24 and a debt-to-equity ratio of 0.85. The firm has a 50-day moving average price of $57.20 and a two-hundred day moving average price of $60.05. The firm has a market capitalization of $45.86 billion, a price-to-earnings ratio of 15.93, a PEG ratio of 2.38 and a beta of 1.07. Baker Hughes Company has a 52-week low of $44.26 and a 52-week high of $70.41.
Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its earnings results on Tuesday, October 27th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.61 by $0.09. Baker Hughes had a net margin of 10.08% and a return on equity of 13.55%. The firm had revenue of $8.03 billion during the quarter, compared to analysts' expectations of $7.74 billion. During the same quarter in the prior year, the firm earned $0.68 EPS. Baker Hughes's quarterly revenue was up 14.5% on a year-over-year basis. Sell-side analysts expect that Baker Hughes Company will post 2.56 earnings per share for the current year.
Baker Hughes Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Tuesday, November 10th will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.92 annualized dividend and a dividend yield of 2.0%. Baker Hughes's payout ratio is currently 31.72%.
Hedge Funds Weigh In On Baker Hughes
Several large investors have recently bought and sold shares of the stock. Amundi boosted its holdings in shares of Baker Hughes by 28.2% in the first quarter. Amundi now owns 10,946,464 shares of the company's stock valued at $668,282,000 after acquiring an additional 2,409,978 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Baker Hughes by 4.0% during the first quarter. First Trust Advisors LP now owns 9,663,737 shares of the company's stock valued at $589,971,000 after acquiring an additional 374,974 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Baker Hughes by 1.8% during the first quarter. Bank of New York Mellon Corp now owns 6,738,599 shares of the company's stock valued at $411,391,000 after acquiring an additional 119,388 shares during the period. Perpetual Ltd increased its stake in shares of Baker Hughes by 24.0% during the third quarter. Perpetual Ltd now owns 3,958,604 shares of the company's stock valued at $217,327,000 after acquiring an additional 765,582 shares during the period. Finally, Bank of America Corp DE raised its holdings in Baker Hughes by 5.1% during the first quarter. Bank of America Corp DE now owns 3,837,618 shares of the company's stock worth $234,287,000 after purchasing an additional 184,897 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company's stock.
Wall Street Analysts Forecast Growth
BKR has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on Baker Hughes in a report on Tuesday, September 29th. They issued a "buy" rating and a $71.00 price objective for the company. Susquehanna lifted their target price on Baker Hughes from $72.00 to $75.00 and gave the company a "positive" rating in a research note on Thursday, September 10th. Citigroup reduced their price target on Baker Hughes from $75.00 to $72.00 and set a "buy" rating for the company in a research report on Monday, October 19th. Piper Sandler reduced their price target on Baker Hughes from $73.00 to $70.00 and set an "overweight" rating for the company in a research report on Thursday, October 29th. Finally, Jefferies Financial Group decreased their price target on Baker Hughes from $80.00 to $77.00 and set a "buy" rating for the company in a research note on Tuesday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $70.27.
Check Out Our Latest Analysis on Baker Hughes
About Baker Hughes
(
Get Free Report)
Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the oil and gas industry and other energy-related markets. Its offerings support the exploration, drilling, completion, production and maintenance of energy assets across the lifecycle of a project.
The company's oilfield services and equipment business provides technologies such as drilling systems, well completions, artificial lift, subsea equipment, production chemicals and well intervention services.
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