Baker Hughes (NASDAQ:BKR) Shares Up 3.9% After Better-Than-Expected Earnings

Baker Hughes (NASDAQ:BKR)’s stock price traded up 3.9% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $37.50 and last traded at $37.37. 3,487,579 shares traded hands during trading, a decline of 52% from the average session volume of 7,193,402 shares. The stock had previously closed at $35.98.

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 return on equity of 12.45% and a net margin of 7.37%. The firm had revenue of $6.91 billion during the quarter, compared to analyst estimates of $7.21 billion. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The business’s quarterly revenue was up 4.0% compared to the same quarter last year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date is Monday, November 4th. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Analyst Ratings Changes

Several analysts recently issued reports on BKR shares. JPMorgan Chase & Co. raised their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Citigroup cut their price objective on Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, September 27th. Morgan Stanley upped their target price on Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Piper Sandler cut their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Finally, Barclays reduced their price objective on shares of Baker Hughes from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $43.59.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction on 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 approximately $17,571,855. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.25% of the company’s stock.

Institutional Trading of Baker Hughes

Several institutional investors have recently bought and sold shares of BKR. Twin Tree Management LP increased its holdings in shares of Baker Hughes by 183.0% in the 1st quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after purchasing an additional 219,060 shares in the last quarter. Diversified Trust Co raised its position in Baker Hughes by 98.7% in the 1st quarter. Diversified Trust Co now owns 50,029 shares of the company’s stock worth $1,676,000 after buying an additional 24,850 shares during the last quarter. Wedge Capital Management L L P NC lifted its stake in Baker Hughes by 20.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 726,291 shares of the company’s stock valued at $25,544,000 after acquiring an additional 123,689 shares during the period. Occidental Asset Management LLC purchased a new stake in shares of Baker Hughes during the 1st quarter valued at about $1,861,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Baker Hughes by 134.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 238,857 shares of the company’s stock worth $8,002,000 after acquiring an additional 137,099 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Price Performance

The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The firm’s fifty day moving average price is $35.61 and its two-hundred day moving average price is $34.35. The stock has a market capitalization of $36.93 billion, a PE ratio of 20.67, a PEG ratio of 0.61 and a beta of 1.38.

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.