Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases Shares of 93,212 Baker Hughes Company (NASDAQ:BKR)

Key Points

• Empirical Financial Services LLC has made a new investment of approximately $4.1 million in Baker Hughes Company, acquiring 93,212 shares during the first quarter.
• Multiple analysts have adjusted their target prices for Baker Hughes, with estimates ranging from $46.00 to $58.00, while the consensus rating is labeled as a "Moderate Buy."
• Baker Hughes recently reported earnings for the quarter, achieving $0.63 earnings per share, exceeding analyst expectations, and also announced a quarterly dividend of $0.23 per share.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 93,212 shares of the company's stock, valued at approximately $4,097,000.

A number of other institutional investors have also recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its position in shares of Baker Hughes by 2.8% in the first quarter. Envestnet Asset Management Inc. now owns 621,468 shares of the company's stock worth $27,314,000 after buying an additional 17,035 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Baker Hughes by 51.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 24,455 shares of the company's stock worth $1,075,000 after buying an additional 8,351 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Baker Hughes by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 24,543,925 shares of the company's stock worth $1,004,212,000 after buying an additional 465,832 shares during the last quarter. Stack Financial Management Inc acquired a new stake in shares of Baker Hughes in the first quarter worth about $12,890,000. Finally, Principal Financial Group Inc. lifted its position in shares of Baker Hughes by 7.2% in the first quarter. Principal Financial Group Inc. now owns 1,239,175 shares of the company's stock worth $54,462,000 after buying an additional 82,706 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total value of $23,390,150.56. Following the completion of the sale, the chief executive officer directly owned 667,593 shares in the company, valued at $29,654,481.06. This trade represents a 44.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is currently owned by company insiders.

Baker Hughes Price Performance

Shares of Baker Hughes stock traded down $1.54 during trading on Friday, hitting $43.51. 7,323,705 shares of the company's stock traded hands, compared to its average volume of 8,645,018. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. The firm's fifty day moving average price is $39.71 and its 200 day moving average price is $40.98. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40. The company has a market cap of $42.90 billion, a PE ratio of 14.22, a PEG ratio of 5.35 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.55 by $0.08. The business had revenue of $6.91 billion during 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 firm's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. Analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BKR shares. Stifel Nicolaus reduced their price target on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. TD Cowen raised their price target on 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 reaffirmed an "outperform" rating and issued a $53.00 price target (up from $46.00) on shares of Baker Hughes in a research report on Wednesday. Seaport Res Ptn lowered Baker Hughes from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 29th. Finally, TD Securities cut their price target on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Three research 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 a consensus price target of $51.47.

Baker Hughes Company 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.