Baker Hughes (NASDAQ:BKR) Sees Large Increase in Short Interest

Baker Hughes (NASDAQ:BKR) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 18,630,000 shares, an increase of 7.8% from the August 15th total of 17,290,000 shares. Based on an average daily volume of 6,230,000 shares, the days-to-cover ratio is presently 3.0 days.

Wall Street Analysts Forecast Growth

BKR has been the topic of several research reports. JPMorgan Chase & Co. raised their price target on shares of Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 29th. TD Cowen upped their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Benchmark reiterated a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a report on Friday, July 26th. The Goldman Sachs Group increased their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Morgan Stanley dropped their price objective on shares of Baker Hughes from $43.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.19.

Baker Hughes Stock Performance

NASDAQ:BKR traded up $0.10 during trading hours on Wednesday, reaching $34.83. 2,910,779 shares of the stock were exchanged, compared to its average volume of 7,310,719. The stock has a market capitalization of $34.76 billion, a P/E ratio of 19.34, a P/E/G ratio of 0.54 and a beta of 1.38. The firm has a 50 day simple moving average of $35.11 and a 200-day simple moving average of $33.59. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05.

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

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were given a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.41%. Baker Hughes’s payout ratio is currently 46.93%.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the 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 transaction, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Baker Hughes

A number of institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in Baker Hughes by 32.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock worth $581,729,000 after acquiring an additional 4,207,973 shares during the last quarter. Norges Bank acquired a new stake in shares of Baker Hughes during the 4th quarter worth approximately $551,555,000. Dimensional Fund Advisors LP lifted its holdings in shares of Baker Hughes by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock worth $348,074,000 after purchasing an additional 680,621 shares during the last quarter. Legal & General Group Plc boosted its position in Baker Hughes by 8.6% during the 2nd quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock valued at $306,801,000 after purchasing an additional 692,859 shares during the period. Finally, American Century Companies Inc. grew its stake in Baker Hughes by 3.1% during the 2nd quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock worth $291,005,000 after buying an additional 248,122 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Company 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.