Envestnet Asset Management Inc. Cuts Stock Holdings in Baker Hughes (NASDAQ:BKR)

Envestnet Asset Management Inc. decreased its stake in shares of Baker Hughes (NASDAQ:BKR) by 51.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 428,124 shares of the company’s stock after selling 450,366 shares during the period. Envestnet Asset Management Inc.’s holdings in Baker Hughes were worth $15,057,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Meeder Advisory Services Inc. boosted its position in shares of Baker Hughes by 41.6% during the second quarter. Meeder Advisory Services Inc. now owns 14,779 shares of the company’s stock valued at $520,000 after buying an additional 4,341 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Baker Hughes by 3.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 435,174 shares of the company’s stock worth $14,933,000 after acquiring an additional 14,670 shares during the period. American Century Companies Inc. lifted its holdings in Baker Hughes by 3.1% during the second quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock worth $291,005,000 after acquiring an additional 248,122 shares during the period. Headlands Technologies LLC bought a new stake in Baker Hughes during the second quarter worth $48,000. Finally, Daiwa Securities Group Inc. lifted its holdings in Baker Hughes by 8.6% during the second quarter. Daiwa Securities Group Inc. now owns 165,949 shares of the company’s stock worth $5,836,000 after acquiring an additional 13,123 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $38.55, for a total value of $4,405,725.30. Following the completion of the transaction, the chief executive officer now directly 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 available through the SEC website. 0.25% of the stock is owned by company insiders.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $36.34 on Wednesday. The stock has a market cap of $36.27 billion, a PE ratio of 20.30, 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. 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 stock has a fifty day moving average of $35.21 and a 200-day moving average of $33.75.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The business had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s revenue was up 12.4% on a year-over-year basis. Equities research analysts anticipate that Baker Hughes will post 2.24 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently announced 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. This represents a $0.84 annualized dividend and a yield of 2.31%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is 46.93%.

Wall Street Analyst Weigh In

BKR has been the topic of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Bank of America dropped their price target on Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada lifted their price target 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 target price on Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Benchmark restated a “buy” rating and issued a $40.00 target price on shares of Baker Hughes in a research note on Friday, July 26th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.19.

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.