Baker Hughes (NASDAQ:BKR) Short Interest Update

Baker Hughes (NASDAQ:BKR) was the target of a large decline in short interest in June. As of June 30th, there was short interest totalling 21,690,000 shares, a decline of 14.8% from the June 15th total of 25,460,000 shares. Based on an average daily volume of 6,030,000 shares, the days-to-cover ratio is currently 3.6 days.

Baker Hughes Trading Up 3.5 %

BKR stock traded up $1.21 on Monday, reaching $35.71. The company’s stock had a trading volume of 8,736,525 shares, compared to its average volume of 7,667,966. The business has a fifty day simple moving average of $32.96 and a two-hundred day simple moving average of $32.06. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.25. The firm has a market cap of $35.64 billion, a PE ratio of 20.10, a PEG ratio of 0.59 and a beta of 1.41. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $37.58.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.40 by $0.03. Baker Hughes had a return on equity of 11.42% and a net margin of 6.95%. The company had revenue of $6.42 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same period last year, the company earned $0.28 EPS. Baker Hughes’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, research analysts forecast that Baker Hughes will post 2.09 EPS for the current year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.35%. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on BKR shares. Bank of America dropped their price target 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. Piper Sandler decreased their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday. Benchmark restated a “buy” rating and set a $40.00 price target on shares of Baker Hughes in a research note on Wednesday, April 24th. Jefferies Financial Group upped their target price on shares of Baker Hughes from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Finally, UBS Group upped their target price on shares of Baker Hughes from $35.00 to $36.00 in a research note on Tuesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.93.

Insiders Place Their Bets

In other Baker Hughes news, EVP Maria C. Borras sold 55,980 shares of Baker Hughes stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $32.00, for a total value of $1,791,360.00. Following the completion of the sale, the executive vice president now owns 92,035 shares in the company, valued at approximately $2,945,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BKR. Louisiana State Employees Retirement System bought a new stake in Baker Hughes in the fourth quarter worth $4,813,000. Nordea Investment Management AB lifted its position in Baker Hughes by 731.1% in the fourth quarter. Nordea Investment Management AB now owns 1,458,833 shares of the company’s stock worth $49,732,000 after buying an additional 1,283,296 shares during the last quarter. Cibc World Markets Corp lifted its position in Baker Hughes by 59.4% in the fourth quarter. Cibc World Markets Corp now owns 274,046 shares of the company’s stock worth $9,367,000 after buying an additional 102,174 shares during the last quarter. Wellington Management Group LLP increased its stake in Baker Hughes by 12.0% in the third quarter. Wellington Management Group LLP now owns 905,513 shares of the company’s stock worth $31,983,000 after purchasing an additional 97,108 shares during the period. Finally, Caxton Associates LP purchased a new stake in Baker Hughes in the fourth quarter worth $13,672,000. 92.06% of the stock is currently owned by institutional investors.

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.