Cidel Asset Management Inc. Sells 222,312 Shares of Baker Hughes Company $BKR

Key Points

• Cidel Asset Management cut its Baker Hughes stake by 96.7% in the third quarter, selling 222,312 shares and retaining 7,651 shares worth approximately $420,000.
• Analysts remain broadly positive, with Baker Hughes receiving a consensus “Moderate Buy” rating and an average price target of $70.27, despite several recent target reductions.
• Baker Hughes exceeded quarterly expectations, reporting $0.70 in EPS and $8.03 billion in revenue, while declaring a quarterly dividend of $0.23 per share, equivalent to a 1.7% annual yield.

Cidel Asset Management Inc. reduced its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 96.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,651 shares of the company's stock after selling 222,312 shares during the quarter. Cidel Asset Management Inc.'s holdings in Baker Hughes were worth $420,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of BKR. Amundi lifted its position in 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 purchasing an additional 2,409,978 shares during the last quarter. Advent International L.P. purchased a new stake in shares of Baker Hughes during the first quarter valued at approximately $72,309,000. Assenagon Asset Management S.A. grew its holdings in shares of Baker Hughes by 1,289.3% in the third quarter. Assenagon Asset Management S.A. now owns 1,210,521 shares of the company's stock worth $72,630,000 after purchasing an additional 1,123,391 shares during the last quarter. Perpetual Ltd grew its holdings in shares of Baker Hughes by 24.0% in the third quarter. Perpetual Ltd now owns 3,958,604 shares of the company's stock worth $217,327,000 after purchasing an additional 765,582 shares during the last quarter. Finally, Baird Financial Group Inc. increased its stake in shares of Baker Hughes by 341.0% in the second quarter. Baird Financial Group Inc. now owns 731,926 shares of the company's stock worth $40,622,000 after buying an additional 565,947 shares during the period. Hedge funds and other institutional investors own 92.06% of the company's stock.

Wall Street Analyst Weigh In

BKR has been the subject of several recent analyst reports. Susquehanna upped their price objective on shares of Baker Hughes from $72.00 to $75.00 and gave the company a "positive" rating in a research note on Thursday, September 10th. Wolfe Research began coverage on shares of Baker Hughes in a report on Wednesday, July 8th. They set an "outperform" rating and a $70.00 target price for the company. Citigroup cut their target price on Baker Hughes from $75.00 to $72.00 and set a "buy" rating on the stock in a research note on Monday, October 19th. Barclays reduced their price target on Baker Hughes from $72.00 to $62.00 and set an "equal weight" rating on the stock in a report on Thursday, October 29th. Finally, UBS Group dropped their price objective on Baker Hughes from $72.00 to $69.00 and set a "neutral" rating for the company in a report on Wednesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Baker Hughes currently has a consensus rating of "Moderate Buy" and an average target price of $70.27.

Baker Hughes Price Performance

BKR stock opened at $53.05 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.24 and a quick ratio of 1.76. Baker Hughes Company has a 1 year low of $44.26 and a 1 year high of $70.41. The firm has a 50-day moving average of $57.94 and a 200 day moving average of $60.07. The company has a market cap of $52.66 billion, a P/E ratio of 20.24, a PEG ratio of 2.62 and a beta of 1.04.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $0.70 earnings per share for the quarter, beating 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 business had revenue of $8.03 billion for the quarter, compared to analysts' expectations of $7.74 billion. During the same period in the previous year, the firm posted $0.68 EPS. The business's revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts forecast that Baker Hughes Company will post 2.58 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Tuesday, November 10th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, November 10th. This represents a $0.92 dividend on an annualized basis and a yield of 1.7%. Baker Hughes's dividend payout ratio is 31.72%.

About Baker Hughes

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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