Norges Bank Purchases Shares of 20,211,885 Baker Hughes (NASDAQ:BKR)

Norges Bank acquired a new stake in Baker Hughes (NASDAQ:BKR) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 20,211,885 shares of the company’s stock, valued at approximately $829,092,000.

A number of other large investors have also added to or reduced their stakes in the stock. LM Advisors LLC bought a new stake in Baker Hughes during the fourth quarter valued at $359,000. NEOS Investment Management LLC grew its holdings in shares of Baker Hughes by 25.4% in the fourth quarter. NEOS Investment Management LLC now owns 131,784 shares of the company’s stock worth $5,406,000 after purchasing an additional 26,698 shares during the last quarter. UniSuper Management Pty Ltd increased its position in shares of Baker Hughes by 13.3% in the fourth quarter. UniSuper Management Pty Ltd now owns 84,220 shares of the company’s stock valued at $3,455,000 after acquiring an additional 9,876 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Baker Hughes by 8.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,656,467 shares of the company’s stock valued at $70,665,000 after purchasing an additional 124,937 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Baker Hughes by 38.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 74,409 shares of the company’s stock valued at $3,052,000 after buying an additional 20,724 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Trading Down 0.9 %

Shares of BKR stock opened at $43.63 on Friday. The stock has a market capitalization of $43.20 billion, a P/E ratio of 14.64, a P/E/G ratio of 2.00 and a beta of 1.30. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 0.35. Baker Hughes has a 12-month low of $30.93 and a 12-month high of $49.40. The firm’s 50 day moving average is $44.88 and its 200 day moving average is $41.61.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, January 30th. The company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. Research analysts expect that Baker Hughes will post 2.59 earnings per share for the current year.

Baker Hughes Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Tuesday, February 11th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This is an increase from Baker Hughes’s previous quarterly dividend of $0.21. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.11%. Baker Hughes’s payout ratio is 30.87%.

Wall Street Analysts Forecast Growth

BKR has been the topic of a number of research analyst reports. Susquehanna boosted their price objective on shares of Baker Hughes from $53.00 to $55.00 and gave the company a “positive” rating in a research report on Monday, February 3rd. TD Cowen reduced their price target on shares of Baker Hughes from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday, January 8th. Atb Cap Markets cut Baker Hughes from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Barclays upped their target price on Baker Hughes from $51.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Finally, Piper Sandler lifted their price target on Baker Hughes from $53.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.06.

Insider Buying and Selling

In other news, EVP Maria C. Borras sold 8,000 shares of Baker Hughes stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $44.77, for a total value of $358,160.00. Following the sale, the executive vice president now directly owns 173,302 shares of the company’s stock, valued at approximately $7,758,730.54. The trade was a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by insiders.

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.