Baker Hughes (NASDAQ:BKR) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its position in Baker Hughes (NASDAQ:BKR) by 62.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 663,740 shares of the company’s stock after selling 1,120,200 shares during the quarter. Renaissance Technologies LLC owned approximately 0.07% of Baker Hughes worth $23,344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of BKR. Dimensional Fund Advisors LP raised its position in Baker Hughes by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after purchasing an additional 680,621 shares during the last quarter. Plato Investment Management Ltd raised its holdings in shares of Baker Hughes by 1.2% in the second quarter. Plato Investment Management Ltd now owns 136,609 shares of the company’s stock valued at $4,805,000 after buying an additional 1,630 shares during the last quarter. Alta Advisers Ltd acquired a new stake in shares of Baker Hughes during the second quarter worth about $42,000. Meeder Advisory Services Inc. grew its holdings in shares of Baker Hughes by 41.6% during the second quarter. Meeder Advisory Services Inc. now owns 14,779 shares of the company’s stock worth $520,000 after buying an additional 4,341 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in Baker Hughes by 3.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 435,174 shares of the company’s stock valued at $14,933,000 after acquiring an additional 14,670 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. JPMorgan Chase & Co. increased their price objective on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. UBS Group dropped their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday. Piper Sandler reduced their target price on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Jefferies Financial Group lifted their target price on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada increased their price target on shares of Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.19.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s 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 of the company’s stock, valued at $17,571,855. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

Baker Hughes Stock Down 0.9 %

Baker Hughes stock opened at $36.04 on Friday. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The firm has a market capitalization of $35.97 billion, a price-to-earnings ratio of 20.13, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. The stock’s fifty day moving average is $35.19 and its two-hundred day moving average is $33.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 EPS. Analysts predict that Baker Hughes will post 2.24 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

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

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.