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

Baker Hughes (NASDAQ:BKR) was the target of a large decline in short interest in October. As of October 15th, there was short interest totalling 18,040,000 shares, a decline of 6.0% from the September 30th total of 19,190,000 shares. Based on an average daily trading volume, of 6,510,000 shares, the short-interest ratio is presently 2.8 days.

Analyst Ratings Changes

BKR has been the topic of a number of analyst reports. Morgan Stanley upped their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. BMO Capital Markets upped their price objective on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, October 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $43.00 target price on shares of Baker Hughes in a report on Thursday, October 24th. Stifel Nicolaus upped their price target on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Susquehanna lifted their target price on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “positive” rating in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.12.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the transaction, the chief executive officer now directly owns 502,053 shares in the company, valued at approximately $17,571,855. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Large investors have recently bought and sold shares of the stock. Atria Investments Inc lifted its holdings in shares of Baker Hughes by 11.3% in the 3rd quarter. Atria Investments Inc now owns 14,822 shares of the company’s stock valued at $536,000 after purchasing an additional 1,505 shares during the last quarter. Bridges Investment Management Inc. increased its position in Baker Hughes by 3.1% during the third quarter. Bridges Investment Management Inc. now owns 9,203 shares of the company’s stock worth $333,000 after buying an additional 273 shares during the period. Assetmark Inc. boosted its holdings in shares of Baker Hughes by 6.5% in the third quarter. Assetmark Inc. now owns 20,163 shares of the company’s stock valued at $729,000 after acquiring an additional 1,230 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Baker Hughes during the third quarter worth approximately $103,000. Finally, AIA Group Ltd increased its holdings in shares of Baker Hughes by 4.2% in the 3rd quarter. AIA Group Ltd now owns 43,350 shares of the company’s stock valued at $1,567,000 after acquiring an additional 1,738 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Stock Down 0.6 %

Baker Hughes stock opened at $37.85 on Friday. The firm has a market capitalization of $37.60 billion, a P/E ratio of 16.97, a P/E/G ratio of 0.64 and a beta of 1.38. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $39.05. The stock’s fifty day simple moving average is $35.98 and its 200-day simple moving average is $34.53.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The business had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same period last year, the business earned $0.42 EPS. The company’s revenue was up 4.0% on a year-over-year basis. As a group, equities analysts expect that Baker Hughes will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be given a $0.21 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a yield of 2.22%. Baker Hughes’s dividend payout ratio (DPR) is presently 37.67%.

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.