Baker Hughes (NASDAQ:BKR) Shares Down 5.9% – Here’s What Happened

Baker Hughes Company (NASDAQ:BKR) shares traded down 5.9% on Thursday . The stock traded as low as $60.14 and last traded at $59.8970. 1,614,001 shares traded hands during trading, a decline of 82% from the average daily volume of 8,793,295 shares. The stock had previously closed at $63.64.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Morgan Stanley assumed coverage on shares of Baker Hughes in a report on Friday, August 7th. They set an “overweight” rating and a $70.00 target price for the company. Citigroup raised their target price on shares of Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Royal Bank Of Canada lifted their price target on shares of Baker Hughes from $71.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Finally, Barclays cut their price target on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.71.

Baker Hughes Trading Down 0.6%

The company has a market cap of $58.63 billion, a P/E ratio of 19.05, a PEG ratio of 2.66 and a beta of 0.96. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. The business has a 50 day moving average price of $60.65 and a 200-day moving average price of $61.58.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Monday, July 27th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.51 by $0.13. The company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 EPS. Analysts forecast that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were paid a $0.23 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a yield of 1.6%. Baker Hughes’s dividend payout ratio (DPR) is currently 29.68%.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Baker Hughes

Hedge funds have recently bought and sold shares of the company. MCF Advisors LLC raised its stake in Baker Hughes by 121.4% in the second quarter. MCF Advisors LLC now owns 476 shares of the company’s stock valued at $26,000 after buying an additional 261 shares during the period. EFG International AG acquired a new stake in shares of Baker Hughes in the fourth quarter valued at approximately $26,000. Cullen Frost Bankers Inc. boosted its stake in shares of Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after acquiring an additional 468 shares during the period. Meeder Asset Management Inc. boosted its stake in shares of Baker Hughes by 49.0% during the 1st quarter. Meeder Asset Management Inc. now owns 651 shares of the company’s stock worth $40,000 after acquiring an additional 214 shares during the period. Finally, Quarry LP acquired a new position in shares of Baker Hughes during the 4th quarter worth approximately $31,000. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Company Profile

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company’s portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.