Vanguard Group Inc. Raises Stock Position in Baker Hughes Company (NASDAQ:BKR)

Key Points

• Vanguard Group Inc. increased its stake in Baker Hughes Company by 0.8% during Q1, owning 12.33% of the company, which is valued at approximately $5.37 billion.
• Several institutional investors have also made significant moves regarding Baker Hughes, with ownership by institutions and hedge funds now at 92.06%.
• Baker Hughes reported earnings of $0.63 per share for the last quarter, surpassing analysts' expectations, while also announcing a quarterly dividend of $0.23 per share.

Vanguard Group Inc. grew its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 122,118,216 shares of the company's stock after purchasing an additional 924,501 shares during the quarter. Vanguard Group Inc. owned 12.33% of Baker Hughes worth $5,367,096,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wayfinding Financial LLC purchased a new stake in shares of Baker Hughes in the 1st quarter valued at approximately $28,000. N.E.W. Advisory Services LLC acquired a new position in shares of Baker Hughes during the first quarter worth $30,000. Golden State Wealth Management LLC increased its holdings in Baker Hughes by 678.7% in the first quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after buying an additional 604 shares during the last quarter. Grove Bank & Trust raised its stake in Baker Hughes by 76.2% in the first quarter. Grove Bank & Trust now owns 740 shares of the company's stock valued at $33,000 after buying an additional 320 shares in the last quarter. Finally, Spire Wealth Management lifted its holdings in Baker Hughes by 132.9% during the 1st quarter. Spire Wealth Management now owns 815 shares of the company's stock worth $36,000 after buying an additional 465 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company's stock.

Analyst Upgrades and Downgrades

BKR has been the topic of several research analyst reports. Susquehanna raised their target price on Baker Hughes from $46.00 to $52.00 and gave the stock a "positive" rating in a research report on Thursday, July 24th. Morgan Stanley raised their price objective on shares of Baker Hughes from $45.00 to $55.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Industrial Alliance Securities set a $53.00 price objective on shares of Baker Hughes in a research report on Wednesday, July 30th. Piper Sandler dropped their price objective on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 24th. Finally, TD Securities cut their target price on Baker Hughes from $50.00 to $49.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Three equities 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, Baker Hughes currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.47.

Baker Hughes Price Performance

Shares of BKR opened at $43.43 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The stock's 50 day moving average is $40.12 and its two-hundred day moving average is $40.96. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40. The firm has a market capitalization of $42.82 billion, a PE ratio of 14.19, a P/E/G ratio of 5.39 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share 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 the consensus estimate of $6.64 billion. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. Research analysts anticipate that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

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

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the transaction, the chief executive officer directly owned 667,593 shares in the company, valued at approximately $29,654,481.06. This represents a 44.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.27% of the stock is owned by company insiders.

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.

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