Intech Investment Management LLC Buys 61,067 Shares of Baker Hughes (NASDAQ:BKR)

Intech Investment Management LLC lifted its stake in Baker Hughes (NASDAQ:BKR) by 44.8% during the 2nd quarter, Holdings Channel reports. The firm owned 197,239 shares of the company’s stock after acquiring an additional 61,067 shares during the period. Intech Investment Management LLC’s holdings in Baker Hughes were worth $6,937,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in BKR. SCP Investment LP boosted its position in shares of Baker Hughes by 31.3% in the 4th quarter. SCP Investment LP now owns 16,800 shares of the company’s stock worth $546,000 after purchasing an additional 4,000 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Baker Hughes in the 4th quarter worth $592,000. PNC Financial Services Group Inc. boosted its position in shares of Baker Hughes by 0.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 107,946 shares of the company’s stock worth $3,690,000 after purchasing an additional 525 shares during the last quarter. Corient Private Wealth LLC boosted its position in shares of Baker Hughes by 255.9% in the 4th quarter. Corient Private Wealth LLC now owns 332,623 shares of the company’s stock worth $11,369,000 after purchasing an additional 239,160 shares during the last quarter. Finally, Assetmark Inc. boosted its position in shares of Baker Hughes by 6.4% in the 4th quarter. Assetmark Inc. now owns 16,249 shares of the company’s stock worth $555,000 after purchasing an additional 983 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction dated 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 transaction, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.25% of the stock is owned by company insiders.

Baker Hughes Price Performance

NASDAQ:BKR opened at $36.04 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The stock’s 50-day simple moving average is $35.19 and its 200 day simple moving average is $33.66. The company has a market cap of $35.97 billion, a P/E ratio of 20.13, a P/E/G ratio of 0.54 and a beta of 1.38. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05.

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

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio is currently 46.93%.

Analysts Set New Price Targets

Several analysts recently commented on BKR shares. Susquehanna raised 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. Royal Bank of Canada raised their price objective on Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Morgan Stanley dropped their price objective on Baker Hughes from $43.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Piper Sandler dropped their price objective on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Wells Fargo & Company raised their price objective on Baker Hughes from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Baker Hughes presently has an average rating of “Moderate Buy” and an average price target of $43.19.

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.