Profund Advisors LLC Boosts Stake in Baker Hughes (NASDAQ:BKR)

Profund Advisors LLC raised its position in Baker Hughes (NASDAQ:BKR) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 143,233 shares of the company’s stock after buying an additional 3,499 shares during the period. Profund Advisors LLC’s holdings in Baker Hughes were worth $5,038,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC purchased a new position in Baker Hughes in the 1st quarter valued at about $27,000. New Covenant Trust Company N.A. purchased a new position in Baker Hughes in the 1st quarter valued at about $34,000. Alta Advisers Ltd bought a new position in shares of Baker Hughes during the second quarter worth about $42,000. Headlands Technologies LLC bought a new position in shares of Baker Hughes during the second quarter worth about $48,000. Finally, UMB Bank n.a. lifted its position in shares of Baker Hughes by 281.2% during the first quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after purchasing an additional 1,167 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the transaction, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by company insiders.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $36.04 on Friday. The firm’s 50 day moving average is $35.19 and its two-hundred day moving average is $33.68. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The firm has a market capitalization of $35.97 billion, a P/E ratio of 20.13, a PEG ratio of 0.54 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 results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.49 by $0.08. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $7.10 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same quarter last year, the business earned $0.39 earnings per share. Baker Hughes’s revenue was up 12.4% compared to the same quarter last year. Analysts anticipate that Baker Hughes will post 2.24 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a $0.21 dividend. 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 payout ratio is currently 46.93%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Baker Hughes from $35.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reduced their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. 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 research report on Monday, July 29th. Evercore ISI increased their price target on shares of Baker Hughes from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Jefferies Financial Group increased their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.19.

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.