Baker Hughes Company (NASDAQ:BKR) Sees Large Decrease in Short Interest

Baker Hughes Company (NASDAQ:BKR) was the target of a large decrease in short interest in January. As of January 30th, there was short interest totaling 26,659,190 shares, a decrease of 26.3% from the January 15th total of 36,152,005 shares. Approximately 2.7% of the company’s stock are short sold. Based on an average daily volume of 11,787,184 shares, the short-interest ratio is presently 2.3 days. Based on an average daily volume of 11,787,184 shares, the short-interest ratio is presently 2.3 days. Approximately 2.7% of the company’s stock are short sold.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Baker Hughes from $59.00 to $67.00 and gave the company a “buy” rating in a research report on Saturday, January 31st. JPMorgan Chase & Co. raised their target price on shares of Baker Hughes from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 price target on shares of Baker Hughes in a research report on Thursday, January 15th. Piper Sandler raised their price objective on Baker Hughes from $52.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Finally, Zephirin Group boosted their target price on Baker Hughes from $40.00 to $45.00 and gave the stock a “hold” rating in a report on Monday, January 26th. Twenty equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.78.

Insider Buying and Selling at Baker Hughes

In other news, insider Maria Georgia Magno sold 19,150 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $59.11, for a total transaction of $1,131,956.50. Following the completion of the sale, the insider owned 14,588 shares in the company, valued at $862,296.68. This trade represents a 56.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William G. Beattie sold 18,023 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $57.29, for a total value of $1,032,537.67. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 40,001 shares of company stock worth $2,322,692. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Baker Hughes

Several hedge funds have recently modified their holdings of the company. Activest Wealth Management raised its holdings in Baker Hughes by 1,242.5% in the 3rd quarter. Activest Wealth Management now owns 537 shares of the company’s stock worth $26,000 after purchasing an additional 497 shares during the period. Cullen Frost Bankers Inc. grew its position in shares of Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after purchasing an additional 468 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of Baker Hughes by 104.0% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock valued at $32,000 after purchasing an additional 337 shares during the last quarter. Quarry LP purchased a new position in Baker Hughes during the fourth quarter worth approximately $31,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Baker Hughes during the fourth quarter worth $35,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Trading Down 0.3%

BKR opened at $61.20 on Friday. Baker Hughes has a one year low of $33.60 and a one year high of $62.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.00 and a current ratio of 1.36. The stock has a market cap of $60.39 billion, a price-to-earnings ratio of 23.54, a P/E/G ratio of 1.65 and a beta of 0.89. The stock’s 50 day moving average price is $51.17 and its 200-day moving average price is $48.29.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Monday, January 26th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The company had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.09 billion. During the same quarter in the prior year, the company posted $0.70 EPS. Baker Hughes’s quarterly revenue was up .3% on a year-over-year basis. On average, equities analysts forecast that Baker Hughes will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, February 17th. Baker Hughes’s payout ratio is 35.38%.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.