8,930 Shares in Baker Hughes (NASDAQ:BKR) Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. acquired a new position in shares of Baker Hughes (NASDAQ:BKR) in the second quarter, HoldingsChannel reports. The fund acquired 8,930 shares of the company’s stock, valued at approximately $314,000.

A number of other institutional investors have also made changes to their positions in BKR. Redmont Wealth Advisors LLC acquired a new stake in shares of Baker Hughes during the first quarter worth $27,000. New Covenant Trust Company N.A. acquired a new position in Baker Hughes in the first quarter valued at about $34,000. Alta Advisers Ltd acquired a new position in Baker Hughes in the second quarter valued at about $42,000. Headlands Technologies LLC acquired a new position in Baker Hughes in the second quarter valued at about $48,000. Finally, UMB Bank n.a. grew its stake in Baker Hughes by 281.2% in the first quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock valued at $53,000 after acquiring an additional 1,167 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the transaction, the chief executive officer now owns 616,339 shares of the company’s stock, valued at $23,759,868.45. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.25% of the company’s stock.

Baker Hughes Stock Performance

BKR opened at $36.04 on Monday. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The firm has a market capitalization of $35.97 billion, a PE ratio of 20.13, a PEG ratio of 0.54 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The business’s 50-day simple moving average is $35.19 and its 200 day simple moving average is $33.71.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The business had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. Baker Hughes’s revenue was up 12.4% on a year-over-year basis. As a group, sell-side analysts expect that Baker Hughes will post 2.24 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Tuesday, August 6th. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Analysts Set New Price Targets

A number of research analysts have issued reports on BKR shares. Wells Fargo & Company boosted their target price on Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Royal Bank of Canada boosted their target price on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Piper Sandler cut their price target on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. TD Cowen boosted their price target on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Susquehanna boosted their price target on Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.19.

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.