Estabrook Capital Management Cuts Stake in Baker Hughes (NASDAQ:BKR)

Estabrook Capital Management trimmed its holdings in Baker Hughes (NASDAQ:BKR) by 2.8% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 17,332 shares of the company’s stock after selling 500 shares during the quarter. Estabrook Capital Management’s holdings in Baker Hughes were worth $610,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in BKR. UMB Bank n.a. grew its holdings in shares of Baker Hughes by 18.4% in the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock worth $66,000 after purchasing an additional 291 shares during the last quarter. Guinness Atkinson Asset Management Inc grew its holdings in Baker Hughes by 6.9% in the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 7,205 shares of the company’s stock worth $253,000 after acquiring an additional 467 shares during the last quarter. Checchi Capital Advisers LLC grew its holdings in Baker Hughes by 6.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 8,151 shares of the company’s stock worth $273,000 after acquiring an additional 490 shares during the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Baker Hughes by 5.2% during the first quarter. Meeder Advisory Services Inc. now owns 10,438 shares of the company’s stock valued at $350,000 after acquiring an additional 520 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Baker Hughes by 0.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 107,946 shares of the company’s stock valued at $3,690,000 after acquiring an additional 525 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Transactions at Baker Hughes

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 1st. The stock was sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the completion of the transaction, the chief executive officer now owns 616,339 shares in the company, valued at approximately $23,759,868.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.25% of the company’s stock.

Baker Hughes Price Performance

NASDAQ BKR opened at $36.04 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The business’s fifty day moving average is $35.19 and its 200 day moving average is $33.68. The company has a market capitalization of $35.97 billion, a PE ratio of 20.13, a price-to-earnings-growth ratio of 0.54 and a beta of 1.38. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $6.81 billion. During the same period in the prior year, the firm posted $0.39 EPS. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. Sell-side analysts predict that Baker Hughes will post 2.24 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.33%. Baker Hughes’s payout ratio is 46.93%.

Analyst Ratings Changes

Several research firms have weighed in on BKR. Morgan Stanley dropped their price objective on Baker Hughes from $43.00 to $42.00 and set an “overweight” rating for the company in a report on Monday, September 16th. UBS Group dropped their price target on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank of America reduced their price objective on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company lifted their target price on shares of Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average target price 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.