Baker Hughes (NASDAQ:BKR) Director Purchases $531,000.00 in Stock

Key Points

• Director John Rice bought 10,000 Baker Hughes shares at $53.10 each, investing $531,000 and increasing his stake by 14.86% to 77,315 shares.
• Baker Hughes shares fell 7.5% to $46.15 in Thursday trading, despite the company reporting quarterly EPS of $0.70 and revenue of $8.03 billion, both above analyst expectations.
• The company announced a quarterly dividend of $0.23 per share, equivalent to an annualized yield of about 2%; analysts’ consensus rating was “Moderate Buy,” with a $70.27 price target.

Baker Hughes Company (NASDAQ:BKR - Get Free Report) Director John Rice bought 10,000 shares of Baker Hughes stock in a transaction that occurred on Tuesday, November 3rd. The shares were acquired at an average price of $53.10 per share, with a total value of $531,000.00. Following the acquisition, the director directly owned 77,315 shares of the company's stock, valued at $4,105,426.50. The trade was a 14.86% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Baker Hughes Stock Down 7.5%

Shares of NASDAQ BKR traded down $3.72 during mid-day trading on Thursday, hitting $46.15. The company had a trading volume of 17,268,319 shares, compared to its average volume of 8,757,992. Baker Hughes Company has a one year low of $44.26 and a one year high of $70.41. The company has a current ratio of 1.24, a quick ratio of 0.90 and a debt-to-equity ratio of 0.85. The firm has a 50-day simple moving average of $57.52 and a two-hundred day simple moving average of $60.07. The company has a market capitalization of $45.81 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 2.52 and a beta of 1.07.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.09. The firm had revenue of $8.03 billion for the quarter, compared to analyst estimates of $7.74 billion. Baker Hughes had a net margin of 10.08% and a return on equity of 13.55%. The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.68 earnings per share. On average, equities analysts expect that Baker Hughes Company will post 2.56 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Tuesday, November 10th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, November 10th. Baker Hughes's dividend payout ratio (DPR) is 31.72%.

Institutional Trading of Baker Hughes

Several large investors have recently modified their holdings of the stock. DSG Capital Advisors LLC increased its position in Baker Hughes by 69.1% during the 3rd quarter. DSG Capital Advisors LLC now owns 34,190 shares of the company's stock valued at $1,877,000 after purchasing an additional 13,972 shares during the period. Illinois Municipal Retirement Fund lifted its position in shares of Baker Hughes by 22.0% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 108,730 shares of the company's stock worth $5,969,000 after purchasing an additional 19,637 shares during the period. Lido Advisors LLC boosted its stake in shares of Baker Hughes by 21.7% in the 3rd quarter. Lido Advisors LLC now owns 31,243 shares of the company's stock valued at $1,715,000 after purchasing an additional 5,575 shares during the last quarter. Keybank National Association OH boosted its stake in shares of Baker Hughes by 36.8% in the 3rd quarter. Keybank National Association OH now owns 23,687 shares of the company's stock valued at $1,300,000 after purchasing an additional 6,373 shares during the last quarter. Finally, 71 West Capital Partners boosted its stake in shares of Baker Hughes by 13.8% in the 3rd quarter. 71 West Capital Partners now owns 6,104 shares of the company's stock valued at $335,000 after purchasing an additional 740 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BKR has been the topic of a number of research analyst reports. Weiss Ratings restated a "buy (b-)" rating on shares of Baker Hughes in a research note on Friday, October 9th. Wall Street Zen downgraded Baker Hughes from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Piper Sandler reduced their target price on shares of Baker Hughes from $73.00 to $70.00 and set an "overweight" rating for the company in a research report on Thursday, October 29th. Zacks Research upgraded shares of Baker Hughes from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 16th. Finally, Barclays lowered their price target on shares of Baker Hughes from $72.00 to $62.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $70.27.

About Baker Hughes

Baker Hughes Company NASDAQ: BKR is an energy technology company that provides products, services and digital solutions for the oil and gas industry and other energy-related markets. Its offerings support the exploration, drilling, completion, production and maintenance of energy assets across the lifecycle of a project.

The company's oilfield services and equipment business provides technologies such as drilling systems, well completions, artificial lift, subsea equipment, production chemicals and well intervention services.

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