Truist Financial Corp Has $12.68 Million Position in Baker Hughes (NASDAQ:BKR)

Truist Financial Corp reduced its stake in Baker Hughes (NASDAQ:BKR) by 19.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 360,392 shares of the company’s stock after selling 85,637 shares during the period. Truist Financial Corp’s holdings in Baker Hughes were worth $12,675,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake 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 valued at $581,729,000 after acquiring an additional 4,207,973 shares during the period. Cardano Risk Management B.V. acquired a new stake in Baker Hughes in the 1st quarter valued at $117,083,000. Goldman Sachs Group Inc. lifted its position in Baker Hughes by 47.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock worth $192,634,000 after buying an additional 1,822,487 shares in the last quarter. Legal & General Group Plc raised its holdings in Baker Hughes by 8.6% during the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after acquiring an additional 692,859 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted 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 valued at $348,074,000 after buying an additional 680,621 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Stock Up 1.0 %

BKR stock opened at $37.93 on Friday. The firm has a 50-day moving average price of $35.31 and a 200-day moving average price of $34.02. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $39.05. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $37.85 billion, a P/E ratio of 21.19, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data 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 the consensus estimate of $6.81 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders 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 2.21%. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $38.55, for a total value of $4,405,725.30. Following the transaction, the chief executive officer now directly owns 616,339 shares of the company’s stock, valued at $23,759,868.45. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on BKR shares. JPMorgan Chase & Co. boosted their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Benchmark reissued a “buy” rating and issued a $40.00 price target on shares of Baker Hughes in a report on Friday, July 26th. Citigroup reduced their price objective on Baker Hughes from $44.00 to $42.00 and set a “buy” rating for the company in a report on Friday, September 27th. Stifel Nicolaus increased their target price on Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, The Goldman Sachs Group boosted their price target on Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average target price of $43.56.

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.