Baker Hughes (NASDAQ:BKR – Get Free Report)’s stock price shot up 3.9% on Wednesday following a better than expected earnings announcement. The stock traded as high as $37.50 and last traded at $37.37. 3,487,579 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 7,193,402 shares. The stock had previously closed at $35.98.
The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.21 billion. During the same period in the previous year, the firm earned $0.42 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis.
Baker Hughes Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, November 4th. This represents a $0.84 annualized dividend and a dividend yield of 2.27%. Baker Hughes’s payout ratio is currently 46.93%.
Wall Street Analysts Forecast Growth
Check Out Our Latest Research Report on Baker Hughes
Insider Buying and Selling
In related news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $38.55, for a total value of $4,405,725.30. Following the transaction, the chief executive officer now directly owns 616,339 shares in the company, valued at approximately $23,759,868.45. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.25% of the stock is owned by company insiders.
Institutional Trading of Baker Hughes
A number of hedge funds have recently made changes to their positions in the stock. Redmont Wealth Advisors LLC bought a new stake in Baker Hughes in the 1st quarter worth approximately $27,000. New Covenant Trust Company N.A. bought a new stake in shares of Baker Hughes in the 1st quarter worth approximately $34,000. Alta Advisers Ltd purchased a new stake in shares of Baker Hughes in the 2nd quarter valued at $42,000. Headlands Technologies LLC bought a new position in shares of Baker Hughes during the 2nd quarter valued at $48,000. Finally, Quarry LP raised its position in Baker Hughes by 81.1% in the 2nd quarter. Quarry LP now owns 1,594 shares of the company’s stock worth $56,000 after purchasing an additional 714 shares during the period. 92.06% of the stock is owned by institutional investors.
Baker Hughes Price Performance
The firm’s 50 day simple moving average is $35.61 and its two-hundred day simple moving average is $34.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The firm has a market capitalization of $36.93 billion, a P/E ratio of 20.67, a P/E/G ratio of 0.61 and a beta of 1.38.
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.
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