Frank Rimerman Advisors LLC Takes Position in Baker Hughes (NASDAQ:BKR)

Frank Rimerman Advisors LLC bought a new position in shares of Baker Hughes (NASDAQ:BKR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,979 shares of the company’s stock, valued at approximately $808,000.

Several other institutional investors also recently bought and sold shares of BKR. Redmont Wealth Advisors LLC purchased a new position in shares of Baker Hughes during the first quarter valued at about $27,000. New Covenant Trust Company N.A. purchased a new position in Baker Hughes during the 1st quarter valued at approximately $34,000. Alta Advisers Ltd bought a new stake in Baker Hughes in the 2nd quarter worth approximately $42,000. Headlands Technologies LLC purchased a new stake in shares of Baker Hughes during the 2nd quarter worth approximately $48,000. Finally, UMB Bank n.a. raised its holdings in shares of Baker Hughes by 281.2% during the 1st quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after acquiring an additional 1,167 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Stock Performance

Shares of NASDAQ:BKR opened at $36.45 on Tuesday. The firm’s 50 day simple moving average is $35.21 and its 200-day simple moving average is $33.75. 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 has a one year low of $28.32 and a one year high of $39.05. The firm has a market cap of $36.38 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last issued its 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 business had revenue of $7.10 billion during 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 business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.39 EPS. As a group, equities analysts predict that Baker Hughes will post 2.24 EPS for the current year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s dividend payout ratio (DPR) is 46.93%.

Insider Activity

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the transaction, the chief executive officer now directly owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BKR. Susquehanna upped their price target on shares of Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Wells Fargo & Company increased their price target on shares of Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Jefferies Financial Group boosted their price objective on Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Bank of America lowered their price objective on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, Piper Sandler dropped their target price on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.19.

Baker Hughes 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.