Econ Financial Services Corp Takes $957,000 Position in Baker Hughes (NASDAQ:BKR)

Econ Financial Services Corp purchased a new position in Baker Hughes (NASDAQ:BKR) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 28,574 shares of the company’s stock, valued at approximately $957,000.

Several other institutional investors have also bought and sold shares of BKR. Price T Rowe Associates Inc. MD raised its position in shares of Baker Hughes by 32.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after purchasing an additional 4,207,973 shares during the period. Norges Bank bought a new stake in Baker Hughes during the 4th quarter valued at $551,555,000. Dimensional Fund Advisors LP lifted its position in shares of Baker Hughes by 19.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,669,307 shares of the company’s stock worth $296,319,000 after acquiring an additional 1,395,083 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Baker Hughes by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,658,242 shares of the company’s stock worth $227,579,000 after acquiring an additional 204,839 shares during the period. Finally, Clearbridge Investments LLC grew its position in shares of Baker Hughes by 10.2% in the first quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock valued at $221,405,000 after purchasing an additional 612,715 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Price Performance

Shares of Baker Hughes stock traded up $0.82 during trading on Monday, hitting $38.47. 13,441,237 shares of the stock traded hands, compared to its average volume of 7,602,625. The stock has a market cap of $38.39 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 0.64 and a beta of 1.41. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $38.58. The firm’s fifty day moving average is $33.74 and its 200-day moving average is $32.30.

Baker Hughes (NASDAQ:BKR) last posted its quarterly 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. The firm had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The business’s revenue was up 12.4% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. Research analysts expect that Baker Hughes will post 2.11 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Tuesday, August 6th. Baker Hughes’s dividend payout ratio is presently 46.93%.

Wall Street Analyst Weigh In

Several research analysts have commented on BKR shares. Piper Sandler cut their target price on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. UBS Group raised their price objective on shares of Baker Hughes from $35.00 to $36.00 in a research report on Tuesday, April 23rd. Royal Bank of Canada upped their target price on shares of Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday. TD Cowen raised their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday. Finally, JPMorgan Chase & Co. upped their price target on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.00.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, EVP Maria C. Borras sold 55,980 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was 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 $2,945,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.25% of the company’s stock.

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.