CX Institutional Grows Position in Baker Hughes Company $BKR

Key Points

• CX Institutional increased its Baker Hughes position by 1,266.4% in the third quarter, acquiring 128,766 additional shares for a total of 138,934 shares valued at $7.76 million.
• Institutional investors own 92.06% of Baker Hughes, with several major funds—including Cardano Risk Management, Amundi and Capital International Investors—also expanding their holdings.
• Baker Hughes recently exceeded quarterly earnings and revenue expectations, while analysts maintain a “Moderate Buy” consensus with an average price target of $71.41; the company also pays a $0.23 quarterly dividend.

CX Institutional grew its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 1,266.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 138,934 shares of the company's stock after acquiring an additional 128,766 shares during the quarter. CX Institutional's holdings in Baker Hughes were worth $7,756,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BKR. Cardano Risk Management B.V. boosted its holdings in Baker Hughes by 1,005.1% during the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock worth $2,247,550,000 after purchasing an additional 44,887,481 shares during the last quarter. Amundi lifted its position in Baker Hughes by 28.2% during the 1st quarter. Amundi now owns 10,946,464 shares of the company's stock worth $668,282,000 after buying an additional 2,409,978 shares in the last quarter. Advent International L.P. bought a new stake in Baker Hughes during the 1st quarter worth about $72,309,000. Panagora Asset Management Inc. boosted its stake in shares of Baker Hughes by 79.6% during the 4th quarter. Panagora Asset Management Inc. now owns 2,393,530 shares of the company's stock worth $109,001,000 after buying an additional 1,060,901 shares during the last quarter. Finally, Capital International Investors grew its holdings in shares of Baker Hughes by 6.4% in the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company's stock valued at $725,616,000 after acquiring an additional 956,808 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

Baker Hughes Stock Performance

NASDAQ:BKR traded up $0.38 during mid-day trading on Friday, hitting $56.00. The stock had a trading volume of 3,982,430 shares, compared to its average volume of 8,844,044. Baker Hughes Company has a twelve month low of $43.92 and a twelve month high of $70.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. The stock has a market cap of $55.59 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 2.39 and a beta of 1.04. The company's 50 day simple moving average is $60.77 and its 200 day simple moving average is $61.13.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.13. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business's revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 earnings per share. On average, equities research analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, August 7th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. Baker Hughes's payout ratio is presently 29.68%.

Wall Street Analysts Forecast Growth

BKR has been the topic of a number of recent research reports. Weiss Ratings downgraded Baker Hughes from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, July 13th. TD Cowen decreased their price target on Baker Hughes from $78.00 to $76.00 and set a "buy" rating for the company in a research note on Tuesday. The Goldman Sachs Group reaffirmed a "buy" rating and set a $71.00 price target on shares of Baker Hughes in a research report on Tuesday. Royal Bank Of Canada upped their price objective on Baker Hughes from $71.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 25th. Finally, Wall Street Zen downgraded Baker Hughes from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $71.41.

About Baker Hughes

Baker Hughes Company NASDAQ: BKR is an energy technology company that provides equipment, services and digital solutions to oil and gas producers, industrial companies and other energy customers. Its offerings support activities across the energy value chain, including exploration and production, drilling, well construction, production optimization, and the transportation and processing of hydrocarbons.

The company supplies oilfield services and equipment such as drilling systems, well-completion technologies, artificial-lift systems, subsea production equipment and well-intervention services.

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