Baker Hughes (NASDAQ:BKR) Sets New 1-Year High – Here’s What Happened

Baker Hughes (NASDAQ:BKR) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $40.96 and last traded at $40.53, with a volume of 198614 shares. The stock had previously closed at $38.58.

Analyst Ratings Changes

A number of analysts have weighed in on BKR shares. Argus raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a report on Friday, October 25th. Wells Fargo & Company upgraded shares of Baker Hughes from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $40.00 to $42.00 in a report on Wednesday, September 25th. Susquehanna increased their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “positive” rating in a research note on Thursday, October 24th. TD Cowen increased their price objective on shares of Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Jefferies Financial Group increased their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.12.

Baker Hughes Stock Performance

The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.30. The company has a market capitalization of $41.24 billion, a P/E ratio of 17.30, a P/E/G ratio of 0.64 and a beta of 1.38. The business’s fifty day simple moving average is $36.10 and its 200-day simple moving average is $34.64.

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

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $0.84 annualized dividend and a dividend yield of 2.02%. Baker Hughes’s payout ratio is presently 37.67%.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the sale, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

Institutional investors have recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in Baker Hughes in the 3rd quarter valued at $30,000. New Covenant Trust Company N.A. purchased a new position in shares of Baker Hughes during the 1st quarter worth about $34,000. Alta Advisers Ltd acquired a new stake in Baker Hughes during the 2nd quarter worth approximately $42,000. Headlands Technologies LLC acquired a new stake in Baker Hughes during the 2nd quarter worth approximately $48,000. Finally, Quarry LP grew its position in Baker Hughes by 81.1% in the second quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after acquiring an additional 714 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

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.