Eastern Bank Buys 11,451 Shares of Baker Hughes Company (NASDAQ:BKR)

Key Points

• Eastern Bank significantly increased its stake in Baker Hughes by 658.5%, owning 13,190 shares worth approximately $580,000 as of recent filings.
• The company reported earnings of $0.63 per share for the last quarter, surpassing expectations, with a revenue of $6.91 billion, although this represents a 3.2% decline compared to the previous year.
• Baker Hughes announced a quarterly dividend of $0.23 per share, with a yield of 2.0%, indicating a stable payout ratio of 30.07% for its investors.

Eastern Bank raised its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 658.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,190 shares of the company's stock after buying an additional 11,451 shares during the period. Eastern Bank's holdings in Baker Hughes were worth $580,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in BKR. Harvest Fund Management Co. Ltd raised its stake in shares of Baker Hughes by 8.0% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 62,871 shares of the company's stock worth $2,763,000 after purchasing an additional 4,635 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in Baker Hughes in the 1st quarter worth $2,202,000. Federated Hermes Inc. raised its holdings in Baker Hughes by 12.4% in the 1st quarter. Federated Hermes Inc. now owns 4,418 shares of the company's stock worth $194,000 after acquiring an additional 487 shares during the period. N.E.W. Advisory Services LLC bought a new position in Baker Hughes in the 1st quarter worth $30,000. Finally, TCTC Holdings LLC grew its position in Baker Hughes by 7.7% in the 1st quarter. TCTC Holdings LLC now owns 4,219 shares of the company's stock worth $185,000 after purchasing an additional 301 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total value of $23,390,150.56. Following the completion of the transaction, the chief executive officer owned 667,593 shares in the company, valued at $29,654,481.06. This represents a 44.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on BKR. Piper Sandler decreased their price target on shares of Baker Hughes from $53.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. TD Securities decreased their target price on shares of Baker Hughes from $50.00 to $49.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. TD Cowen lifted their target price on shares of Baker Hughes from $52.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. BMO Capital Markets reiterated an "outperform" rating and set a $53.00 target price (up from $46.00) on shares of Baker Hughes in a research report on Wednesday. Finally, Jefferies Financial Group set a $58.00 target price on shares of Baker Hughes in a research report on Wednesday. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $51.47.

Baker Hughes Trading Down 3.4%

BKR stock traded down $1.54 during midday trading on Friday, reaching $43.51. The company's stock had a trading volume of 7,323,705 shares, compared to its average volume of 8,645,018. Baker Hughes Company has a 52 week low of $32.25 and a 52 week high of $49.40. The stock has a market cap of $42.90 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 5.35 and a beta of 0.94. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The business's 50-day simple moving average is $39.71 and its 200-day simple moving average is $40.98.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.08. The firm had revenue of $6.91 billion for the quarter, compared to analysts' expectations of $6.64 billion. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The business's revenue for the quarter was down 3.2% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. As a group, sell-side analysts expect that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.1%. Baker Hughes's payout ratio is currently 30.07%.

Baker Hughes 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.