Whittier Trust Co. Decreases Stock Position in Baker Hughes (NASDAQ:BKR)

Whittier Trust Co. cut its stake in Baker Hughes (NASDAQ:BKR) by 7.3% in the third quarter, HoldingsChannel reports. The firm owned 9,208 shares of the company’s stock after selling 723 shares during the quarter. Whittier Trust Co.’s holdings in Baker Hughes were worth $333,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised 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 buying an additional 4,207,973 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Baker Hughes by 7.4% in the second 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 in the last quarter. Legal & General Group Plc raised its stake in Baker Hughes by 8.6% in the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock valued at $306,801,000 after buying an additional 692,859 shares in the last quarter. American Century Companies Inc. raised its stake in Baker Hughes by 3.1% in the second quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock valued at $291,005,000 after buying an additional 248,122 shares in the last quarter. Finally, Clearbridge Investments LLC raised its stake in Baker Hughes by 10.2% in the first quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock valued at $221,405,000 after buying an additional 612,715 shares in the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BKR has been the topic of a number of research analyst reports. Wells Fargo & Company upgraded Baker Hughes from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $40.00 to $42.00 in a research report on Wednesday, September 25th. Piper Sandler cut their target price on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. BMO Capital Markets lifted their target price on Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, October 10th. Barclays cut their target price on Baker Hughes from $42.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. lifted their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Two research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.59.

Baker Hughes Price Performance

Shares of BKR opened at $37.00 on Thursday. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $39.05. The stock’s 50 day moving average is $35.61 and its two-hundred day moving average is $34.35. The firm has a market capitalization of $36.93 billion, a PE ratio of 20.67, a P/E/G ratio of 0.61 and a beta of 1.38. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37.

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 return on equity of 12.45% and a net margin of 7.37%. The company had revenue of $6.91 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same quarter in the previous year, the company earned $0.42 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. Research analysts anticipate that Baker Hughes will post 2.25 earnings per share for the current year.

Baker Hughes Announces Dividend

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

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.25% 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.