Baker Hughes Company $BKR Stock: CenterBook Partners LP Increases Stake

Key Points

• CenterBook Partners increased its Baker Hughes stake by 107.5% in the third quarter, ending the period with 59,083 shares worth about $3.24 million. Institutions and hedge funds collectively own 92.06% of the stock.
• Baker Hughes reported quarterly earnings of $0.70 per share, beating estimates of $0.61, while revenue rose 14.5% year over year to $8.03 billion.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $70.27, though several firms recently lowered their targets or downgraded their ratings.

CenterBook Partners LP boosted its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 107.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,083 shares of the company's stock after buying an additional 30,612 shares during the quarter. CenterBook Partners LP's holdings in Baker Hughes were worth $3,244,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BKR. MCF Advisors LLC lifted its holdings in shares of Baker Hughes by 121.4% in the second quarter. MCF Advisors LLC now owns 476 shares of the company's stock worth $26,000 after acquiring an additional 261 shares during the last quarter. Latitude Advisors LLC bought a new stake in shares of Baker Hughes during the 3rd quarter valued at approximately $27,000. Olistico Wealth LLC increased its position in Baker Hughes by 209.4% during the 3rd quarter. Olistico Wealth LLC now owns 495 shares of the company's stock worth $27,000 after purchasing an additional 335 shares in the last quarter. Elevation Wealth Partners LLC increased its position in Baker Hughes by 260.1% during the 3rd quarter. Elevation Wealth Partners LLC now owns 497 shares of the company's stock worth $27,000 after purchasing an additional 359 shares in the last quarter. Finally, Godsey & Gibb Inc. bought a new position in Baker Hughes in the 3rd quarter valued at approximately $33,000. 92.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. UBS Group dropped their price target on Baker Hughes from $72.00 to $69.00 and set a "neutral" rating for the company in a research note on Wednesday, September 30th. Zacks Research lowered Baker Hughes from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Wall Street Zen cut Baker Hughes from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Barclays dropped their target price on Baker Hughes from $72.00 to $62.00 and set an "equal weight" rating for the company in a research report on Thursday, October 29th. Finally, Royal Bank Of Canada cut their price target on Baker Hughes from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Baker Hughes has an average rating of "Moderate Buy" and an average price target of $70.27.

Insider Activity at Baker Hughes

In related news, Director John Rice bought 10,000 shares of Baker Hughes stock in a transaction that occurred on Tuesday, November 3rd. The shares were acquired at an average cost of $53.10 per share, for a total transaction of $531,000.00. Following the completion of the acquisition, the director directly owned 77,315 shares of the company's stock, valued at approximately $4,105,426.50. The trade was a 14.86% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $47.87 on Friday. The stock has a market cap of $47.52 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 2.28 and a beta of 1.07. Baker Hughes Company has a twelve month low of $44.26 and a twelve month high of $70.41. The company's fifty day moving average is $56.92 and its 200 day moving average is $60.03. The company has a quick ratio of 0.90, a current ratio of 1.24 and a debt-to-equity ratio of 0.85.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced 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 return on equity of 13.55% and a net margin of 10.08%. The firm had revenue of $8.03 billion for the quarter, compared to the consensus estimate of $7.74 billion. During the same period in the previous year, the business earned $0.68 EPS. The business's quarterly revenue was up 14.5% compared to the same quarter last year. Sell-side analysts forecast that Baker Hughes Company will post 2.56 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Tuesday, November 10th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, November 10th. Baker Hughes's payout ratio is currently 31.72%.

Baker Hughes Company Profile

Baker Hughes NASDAQ: BKR is an energy technology company that provides products and services to the oil and gas industry and other industrial markets. Its offerings include equipment and services used across the energy value chain, from exploration and production to transportation and processing.

The company also develops turbomachinery, industrial equipment, digital technologies and solutions for energy and industrial applications. Its portfolio includes technologies designed to support more efficient operations and lower-emissions energy systems.

Baker Hughes serves customers around the world.

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