Headlands Technologies LLC Acquires Shares of 1,353 Baker Hughes (NASDAQ:BKR)

Headlands Technologies LLC bought a new position in shares of Baker Hughes (NASDAQ:BKR) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,353 shares of the company’s stock, valued at approximately $48,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Daiwa Securities Group Inc. raised its position in Baker Hughes by 8.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 165,949 shares of the company’s stock worth $5,836,000 after buying an additional 13,123 shares during the last quarter. Choreo LLC acquired a new stake in Baker Hughes in the second quarter valued at about $1,239,000. Prudential PLC boosted its holdings in Baker Hughes by 13.5% in the 2nd quarter. Prudential PLC now owns 417,350 shares of the company’s stock valued at $14,678,000 after purchasing an additional 49,652 shares in the last quarter. Varma Mutual Pension Insurance Co boosted its holdings 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 purchasing an additional 64,629 shares in the last quarter. Finally, Caprock Group LLC increased its position in Baker Hughes by 56.4% during the 2nd 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. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Bank of America reduced their price target on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 15th. Stifel Nicolaus increased their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 29th. Benchmark reiterated a “buy” rating and issued a $40.00 price objective on shares of Baker Hughes in a research note on Friday, July 26th. Wells Fargo & Company upped their target price on shares of Baker Hughes from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Piper Sandler reduced their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.31.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the sale, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is currently owned by insiders.

Baker Hughes Price Performance

Baker Hughes stock opened at $33.98 on Tuesday. The firm’s 50-day moving average is $35.08 and its two-hundred day moving average is $33.55. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The stock has a market capitalization of $33.76 billion, a P/E ratio of 18.98, a P/E/G ratio of 0.54 and a beta of 1.38. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $39.05.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same quarter last year, the business earned $0.39 earnings per share. Baker Hughes’s revenue was up 12.4% compared to the same quarter last year. Equities analysts predict that Baker Hughes will post 2.24 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is presently 46.93%.

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.