Formidable Asset Management LLC Invests $217,000 in Baker Hughes (NASDAQ:BKR)

Formidable Asset Management LLC purchased a new stake in shares of Baker Hughes (NASDAQ:BKR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,283 shares of the company’s stock, valued at approximately $217,000.

A number of other large investors have also made changes to their positions in the company. Capital Research Global Investors raised its holdings in shares of Baker Hughes by 0.6% during the fourth quarter. Capital Research Global Investors now owns 27,687,590 shares of the company’s stock valued at $1,135,744,000 after acquiring an additional 177,232 shares during the period. Geode Capital Management LLC raised its holdings in shares of Baker Hughes by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 24,543,925 shares of the company’s stock valued at $1,004,212,000 after acquiring an additional 465,832 shares during the period. Norges Bank acquired a new stake in shares of Baker Hughes during the fourth quarter valued at approximately $829,092,000. FMR LLC grew its position in Baker Hughes by 12.5% during the fourth quarter. FMR LLC now owns 15,702,057 shares of the company’s stock valued at $644,098,000 after purchasing an additional 1,744,225 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Baker Hughes by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,552,478 shares of the company’s stock valued at $473,880,000 after buying an additional 874,297 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Stock Performance

BKR stock opened at $36.74 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.32 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $36.40 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 2.00 and a beta of 0.96. Baker Hughes has a 12 month low of $30.93 and a 12 month high of $49.40. The firm has a 50 day moving average of $38.72 and a two-hundred day moving average of $41.97.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.03. The business had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. As a group, equities analysts anticipate that Baker Hughes will post 2.59 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Tuesday, May 6th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Tuesday, May 6th. Baker Hughes’s dividend payout ratio is currently 31.40%.

Analyst Ratings Changes

Several research firms have weighed in on BKR. Barclays dropped their price objective on shares of Baker Hughes from $54.00 to $48.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. TD Securities dropped their price objective on shares of Baker Hughes from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Evercore ISI dropped their price objective on shares of Baker Hughes from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company upped their price objective on shares of Baker Hughes from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Stifel Nicolaus set a $50.00 price objective on shares of Baker Hughes and gave the company a “buy” rating in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus price target of $49.11.

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.