NewEdge Wealth LLC Makes New Investment in Baker Hughes (NASDAQ:BKR)

NewEdge Wealth LLC purchased a new position in Baker Hughes (NASDAQ:BKR) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 63,005 shares of the company’s stock, valued at approximately $2,584,000.

A number of other institutional investors have also bought and sold shares of BKR. Assenagon Asset Management S.A. increased its stake in Baker Hughes by 15.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 40,838 shares of the company’s stock worth $1,476,000 after buying an additional 5,570 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Baker Hughes by 41.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 40,050 shares of the company’s stock worth $1,448,000 after buying an additional 11,834 shares in the last quarter. J.W. Cole Advisors Inc. purchased a new stake in Baker Hughes in the 3rd quarter worth $218,000. First Trust Direct Indexing L.P. grew its position in shares of Baker Hughes by 1.4% during the third quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock valued at $1,079,000 after purchasing an additional 398 shares in the last quarter. Finally, Stephens Investment Management Group LLC grew its position in shares of Baker Hughes by 8.6% during the third quarter. Stephens Investment Management Group LLC now owns 400,603 shares of the company’s stock valued at $14,482,000 after purchasing an additional 31,852 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Up 2.3 %

Shares of NASDAQ BKR opened at $44.59 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 0.94. The company has a market cap of $44.15 billion, a P/E ratio of 14.96, a PEG ratio of 2.00 and a beta of 1.39. Baker Hughes has a 1 year low of $29.30 and a 1 year high of $49.40. The firm has a 50-day simple moving average of $44.62 and a two-hundred day simple moving average of $40.49.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, January 30th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. Research analysts anticipate that Baker Hughes will post 2.59 earnings per share for the current year.

Baker Hughes Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Tuesday, February 11th were paid a $0.23 dividend. The ex-dividend date was Tuesday, February 11th. This represents a $0.92 annualized dividend and a yield of 2.06%. This is an increase from Baker Hughes’s previous quarterly dividend of $0.21. Baker Hughes’s dividend payout ratio (DPR) is presently 30.87%.

Insiders Place Their Bets

In other news, EVP Maria C. Borras sold 8,000 shares of Baker Hughes stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $44.77, for a total transaction of $358,160.00. Following the completion of the sale, the executive vice president now owns 173,302 shares of the company’s stock, valued at approximately $7,758,730.54. The trade was a 4.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BKR. Bank of America raised their price objective on Baker Hughes from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Jefferies Financial Group raised their price objective on Baker Hughes from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Piper Sandler raised their price objective on Baker Hughes from $53.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. TD Cowen cut their price objective on Baker Hughes from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. raised their price objective on Baker Hughes from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $51.06.

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.