Texas Permanent School Fund Corp Reduces Position in Baker Hughes (NASDAQ:BKR)

Texas Permanent School Fund Corp reduced its position in Baker Hughes (NASDAQ:BKR) by 20.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 165,421 shares of the company’s stock after selling 41,470 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Baker Hughes were worth $5,818,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Choreo LLC bought a new position in shares of Baker Hughes during the second quarter valued at approximately $1,239,000. Prudential PLC boosted its holdings in Baker Hughes by 13.5% during the 2nd quarter. Prudential PLC now owns 417,350 shares of the company’s stock valued at $14,678,000 after acquiring an additional 49,652 shares during the period. Varma Mutual Pension Insurance Co grew its position in Baker Hughes by 17.3% in the 2nd quarter. Varma Mutual Pension Insurance Co now owns 439,029 shares of the company’s stock valued at $15,441,000 after acquiring an additional 64,629 shares during the last quarter. Caprock Group LLC increased its stake in Baker Hughes by 56.4% in the second quarter. Caprock Group LLC now owns 30,480 shares of the company’s stock worth $1,072,000 after purchasing an additional 10,992 shares during the period. Finally, Acadian Asset Management LLC increased its stake in Baker Hughes by 77.0% in the second quarter. Acadian Asset Management LLC now owns 423,642 shares of the company’s stock worth $14,894,000 after purchasing an additional 184,291 shares during the period. Institutional investors own 92.06% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the sale, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Baker Hughes Trading Down 0.7 %

Shares of NASDAQ BKR opened at $32.93 on Thursday. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05. The business has a fifty day moving average price of $35.13 and a 200 day moving average price of $33.44. The stock has a market capitalization of $32.71 billion, a P/E ratio of 18.40, a price-to-earnings-growth ratio of 0.55 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86.

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

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.84 annualized dividend and a yield of 2.55%. Baker Hughes’s dividend payout ratio (DPR) is 46.93%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BKR. Piper Sandler cut their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Bank of America dropped their target price on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus raised their target price on shares of Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Benchmark reiterated a “buy” rating and issued a $40.00 price target on shares of Baker Hughes in a report on Friday, July 26th. Finally, Susquehanna increased their price objective on Baker Hughes from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.38.

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.