Congress Asset Management Co. Increases Stock Position in Baker Hughes (NASDAQ:BKR)

Congress Asset Management Co. lifted its holdings in shares of Baker Hughes (NASDAQ:BKR - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,690,942 shares of the company's stock after acquiring an additional 78,672 shares during the period. Congress Asset Management Co. owned approximately 0.27% of Baker Hughes worth $118,267,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JFS Wealth Advisors LLC increased its position in shares of Baker Hughes by 135.9% during the fourth quarter. JFS Wealth Advisors LLC now owns 670 shares of the company's stock worth $27,000 after acquiring an additional 386 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Baker Hughes during the fourth quarter worth about $30,000. Larson Financial Group LLC boosted its holdings in Baker Hughes by 41.2% during the fourth quarter. Larson Financial Group LLC now owns 740 shares of the company's stock worth $30,000 after purchasing an additional 216 shares during the last quarter. Kestra Investment Management LLC purchased a new position in Baker Hughes during the fourth quarter worth about $45,000. Finally, OFI Invest Asset Management purchased a new position in Baker Hughes during the fourth quarter worth about $47,000. 92.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on BKR shares. Barclays cut their price target on shares of Baker Hughes from $54.00 to $48.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus set a $50.00 price target on shares of Baker Hughes and gave the stock a "buy" rating in a report on Thursday, April 24th. Morgan Stanley cut their price target on shares of Baker Hughes from $55.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, May 16th. Benchmark restated a "buy" rating and set a $57.00 price target on shares of Baker Hughes in a report on Tuesday, February 11th. Finally, Susquehanna cut their price target on shares of Baker Hughes from $48.00 to $46.00 and set a "positive" rating on the stock in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $49.11.

Baker Hughes Stock Performance

BKR traded up $0.43 during midday trading on Monday, reaching $38.33. The company had a trading volume of 6,837,498 shares, compared to its average volume of 7,082,369. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.32. The stock has a market cap of $37.98 billion, a PE ratio of 12.86, a P/E/G ratio of 2.00 and a beta of 0.91. Baker Hughes has a 12-month low of $30.93 and a 12-month high of $49.40. The business has a 50-day moving average price of $37.17 and a two-hundred day moving average price of $41.49.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.48 by $0.03. The company had revenue of $6.43 billion for the quarter, compared to analysts' expectations of $6.54 billion. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. On average, sell-side analysts expect that Baker Hughes will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Tuesday, May 6th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend was Tuesday, May 6th. Baker Hughes's payout ratio is currently 31.40%.

About Baker Hughes

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.