ProShare Advisors LLC Cuts Stock Position in Baker Hughes (NASDAQ:BKR)

ProShare Advisors LLC cut its position in shares of Baker Hughes (NASDAQ:BKR) by 8.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,092,675 shares of the company’s stock after selling 101,398 shares during the quarter. ProShare Advisors LLC owned approximately 0.11% of Baker Hughes worth $38,429,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BKR. Price T Rowe Associates Inc. MD raised its stake in shares of Baker Hughes by 32.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock worth $581,729,000 after acquiring an additional 4,207,973 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Baker Hughes by 7.4% during 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. American Century Companies Inc. raised its position in Baker Hughes by 3.1% in the 2nd quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock worth $291,005,000 after purchasing an additional 248,122 shares during the period. Clearbridge Investments LLC lifted 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 worth $221,405,000 after purchasing an additional 612,715 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Baker Hughes by 47.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock valued at $192,634,000 after buying an additional 1,822,487 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Baker Hughes 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 completion of the transaction, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is currently owned by insiders.

Baker Hughes Stock Performance

Baker Hughes stock opened at $36.04 on Monday. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The stock has a market cap of $35.97 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 0.54 and a beta of 1.38. The stock’s 50 day simple moving average is $35.19 and its two-hundred day simple moving average is $33.71. 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 results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.08. The company had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 earnings per share. As a group, analysts expect that Baker Hughes will post 2.24 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared 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 of this dividend was Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a yield of 2.33%. Baker Hughes’s dividend payout ratio (DPR) is currently 46.93%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BKR. Royal Bank of Canada lifted their price objective on Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Wells Fargo & Company boosted their price objective on Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Bank of America cut their target price on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 15th. TD Cowen upped their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Susquehanna increased their price target on shares of Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Baker Hughes presently has an average 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.