QRG Capital Management Inc. Purchases 31,537 Shares of Baker Hughes Company $BKR

Key Points

• QRG Capital Management increased its Baker Hughes position by 41.8% in the second quarter, purchasing 31,537 shares and bringing its holdings to 107,019 shares valued at approximately $5.94 million.
• Institutional investors and hedge funds own 92.06% of Baker Hughes shares. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $71.81.
• Baker Hughes exceeded quarterly earnings and revenue expectations, reporting $0.64 in EPS and $6.74 billion in revenue. The company also pays a quarterly dividend of $0.23, equal to a 1.6% annualized yield.

QRG Capital Management Inc. boosted its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 41.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 107,019 shares of the company's stock after purchasing an additional 31,537 shares during the quarter. QRG Capital Management Inc.'s holdings in Baker Hughes were worth $5,940,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cardano Risk Management B.V. increased its stake in shares of Baker Hughes by 1,005.1% in the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock valued at $2,247,550,000 after purchasing an additional 44,887,481 shares during the period. Geode Capital Management LLC boosted its position in shares of Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company's stock worth $1,189,194,000 after buying an additional 204,534 shares during the period. Norges Bank acquired a new position in shares of Baker Hughes during the fourth quarter worth approximately $1,022,491,000. Capital International Investors grew its holdings in Baker Hughes by 6.4% in the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company's stock worth $725,616,000 after buying an additional 956,808 shares in the last quarter. Finally, Amundi grew its holdings in Baker Hughes by 28.2% in 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. 92.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BKR. Royal Bank Of Canada lifted their target price on Baker Hughes from $71.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, August 25th. Stifel Nicolaus increased their price target on Baker Hughes from $74.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Weiss Ratings lowered Baker Hughes from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, July 13th. Susquehanna lifted 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. Finally, Piper Sandler upped their price objective on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Baker Hughes currently has an average rating of "Moderate Buy" and an average price target of $71.81.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $57.29 on Friday. Baker Hughes Company has a 12 month low of $43.92 and a 12 month high of $70.41. The stock has a market cap of $56.87 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 2.55 and a beta of 0.96. The stock's 50 day moving average price is $60.75 and its 200 day moving average price is $61.18. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The firm had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.54 billion. During the same period last year, the company posted $0.63 EPS. The firm's quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts anticipate that Baker Hughes Company will post 2.53 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were issued a $0.23 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. Baker Hughes's dividend payout ratio is 29.68%.

About Baker Hughes

Baker Hughes Company NASDAQ: BKR is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company's portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.

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