Harvest Fund Management Co. Ltd Raises Stock Position in Baker Hughes Company (NASDAQ:BKR)

Harvest Fund Management Co. Ltd boosted its position in shares of Baker Hughes Company (NASDAQ:BKR) by 8.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,871 shares of the company’s stock after acquiring an additional 4,635 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Baker Hughes were worth $2,763,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Wayfinding Financial LLC purchased a new position in Baker Hughes in the first quarter worth $28,000. N.E.W. Advisory Services LLC purchased a new position in Baker Hughes in the first quarter worth $30,000. Golden State Wealth Management LLC grew its position in Baker Hughes by 678.7% in the first quarter. Golden State Wealth Management LLC now owns 693 shares of the company’s stock worth $30,000 after acquiring an additional 604 shares in the last quarter. Grove Bank & Trust grew its position in Baker Hughes by 76.2% in the first quarter. Grove Bank & Trust now owns 740 shares of the company’s stock worth $33,000 after acquiring an additional 320 shares in the last quarter. Finally, Spire Wealth Management grew its position in Baker Hughes by 132.9% in the first quarter. Spire Wealth Management now owns 815 shares of the company’s stock worth $36,000 after acquiring an additional 465 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Trading Down 1.7%

NASDAQ:BKR opened at $45.75 on Wednesday. The company has a fifty day moving average of $39.23 and a 200 day moving average of $40.99. Baker Hughes Company has a 52 week low of $32.25 and a 52 week high of $49.40. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $45.33 billion, a P/E ratio of 14.95, a P/E/G ratio of 5.76 and a beta of 0.91.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Tuesday, July 22nd. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.55 by $0.08. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The firm had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $6.64 billion. During the same period last year, the company posted $0.57 EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be given a $0.23 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 2.01%. Baker Hughes’s dividend payout ratio is 30.07%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BKR. Evercore ISI cut their target price on shares of Baker Hughes from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Stifel Nicolaus cut their price objective on shares of Baker Hughes from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Morgan Stanley upped their price objective on shares of Baker Hughes from $45.00 to $55.00 and gave the company an “overweight” rating in a research note on Tuesday. TD Cowen upped their price objective on shares of Baker Hughes from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Finally, Barclays upped their price objective on shares of Baker Hughes from $48.00 to $53.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.06.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 526,568 shares of the firm’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total value of $23,390,150.56. Following the completion of the sale, the chief executive officer directly owned 667,593 shares of the company’s stock, valued at approximately $29,654,481.06. This trade represents a 44.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.27% of the company’s stock.

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.