Rafferty Asset Management LLC Decreases Stock Position in Baker Hughes (NYSE:BKR)

Rafferty Asset Management LLC cut its holdings in Baker Hughes (NYSE:BKR) by 23.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 359,100 shares of the company’s stock after selling 107,802 shares during the quarter. Rafferty Asset Management LLC’s holdings in Baker Hughes were worth $8,881,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Prestige Wealth Management Group LLC raised its stake in Baker Hughes by 11.1% in the second quarter. Prestige Wealth Management Group LLC now owns 4,976 shares of the company’s stock valued at $113,000 after buying an additional 498 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Baker Hughes by 78.0% in the third quarter. Global Retirement Partners LLC now owns 1,360 shares of the company’s stock worth $34,000 after purchasing an additional 596 shares during the last quarter. Kestra Advisory Services LLC raised its stake in shares of Baker Hughes by 5.3% in the third quarter. Kestra Advisory Services LLC now owns 13,508 shares of the company’s stock worth $334,000 after purchasing an additional 684 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Baker Hughes by 2.5% in the third quarter. Crossmark Global Holdings Inc. now owns 31,861 shares of the company’s stock worth $788,000 after purchasing an additional 780 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its stake in shares of Baker Hughes by 5.1% in the third quarter. Vontobel Holding Ltd. now owns 18,546 shares of the company’s stock worth $458,000 after purchasing an additional 898 shares during the last quarter. Institutional investors own 91.18% of the company’s stock.

Shares of NYSE:BKR opened at $27.46 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.59 and a quick ratio of 1.15. The business’s 50 day moving average price is $24.55 and its 200-day moving average price is $23.67. The firm has a market capitalization of $28.47 billion, a PE ratio of 119.39 and a beta of 1.65. Baker Hughes has a 1 year low of $18.75 and a 1 year high of $27.66.

Baker Hughes (NYSE:BKR) last released its quarterly earnings data on Tuesday, October 19th. The company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.05). The company had revenue of $5.38 billion for the quarter, compared to analyst estimates of $5.32 billion. Baker Hughes had a return on equity of 1.51% and a net margin of 0.69%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the firm posted $0.04 EPS. As a group, analysts expect that Baker Hughes will post 0.66 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 12th. Shareholders of record on Tuesday, November 2nd were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend was Monday, November 1st. Baker Hughes’s dividend payout ratio (DPR) is currently 313.04%.

Several brokerages have recently issued reports on BKR. Barclays raised their price objective on Baker Hughes from $28.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, October 21st. Wells Fargo & Company raised their price objective on Baker Hughes from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 21st. Benchmark began coverage on Baker Hughes in a research note on Friday, November 19th. They issued a “hold” rating for the company. JPMorgan Chase & Co. cut Baker Hughes from an “overweight” rating to a “neutral” rating and set a $29.00 price objective for the company. in a research note on Thursday. Finally, Morgan Stanley lifted their price target on Baker Hughes from $28.00 to $30.00 and gave the company an “overweight” rating in a research report on Monday, October 11th. Three investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $28.90.

In other Baker Hughes news, SVP Kurt Camilleri sold 9,992 shares of Baker Hughes stock in a transaction on Monday, November 1st. The stock was sold at an average price of $25.54, for a total value of $255,195.68. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Electric Co General sold 47,380,978 shares of Baker Hughes stock in a transaction on Wednesday, November 3rd. The shares were sold at an average price of $25.00, for a total value of $1,184,524,450.00. The disclosure for this sale can be found here. Insiders have sold 47,519,244 shares of company stock worth $1,187,981,677 in the last three months. 0.29% of the stock is currently owned by corporate insiders.

Baker Hughes Profile

Baker Hughes Co is a holding company. The firm engages in the provision of oilfield products, services, and digital solutions. It operates through the following segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS). The OFS segment provides products and services for on and offshore operations across the lifecycle of a well, ranging from drilling, evaluation, completion, production, and intervention.

Further Reading: Return On Assets

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Institutional Ownership by Quarter for Baker Hughes (NYSE:BKR)

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