Baker Hughes (NASDAQ:BKR) Reaches New 1-Year High – Here’s Why

Baker Hughes Company (NASDAQ:BKR) hit a new 52-week high on Tuesday . The company traded as high as $67.00 and last traded at $64.83, with a volume of 10385063 shares traded. The stock had previously closed at $65.26.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Citigroup boosted their target price on Baker Hughes from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Piper Sandler upped their price objective on shares of Baker Hughes from $52.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. TD Cowen increased their price objective on shares of Baker Hughes from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Jefferies Financial Group lifted their target price on shares of Baker Hughes from $59.00 to $67.00 and gave the stock a “buy” rating in a report on Saturday, January 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Baker Hughes in a report on Monday, December 29th. Twenty analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $59.39.

Baker Hughes Trading Down 0.7%

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.36 and a quick ratio of 1.00. The company has a market capitalization of $64.07 billion, a price-to-earnings ratio of 24.93, a P/E/G ratio of 1.77 and a beta of 0.83. The business’s 50-day moving average price is $54.89 and its two-hundred day moving average price is $49.86.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Monday, January 26th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The firm had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.09 billion. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The company’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the company earned $0.70 EPS. Research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 17th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.92 annualized dividend and a yield of 1.4%. Baker Hughes’s dividend payout ratio is currently 35.38%.

Insider Buying and Selling at Baker Hughes

In related news, insider Maria Georgia Magno sold 19,150 shares of Baker Hughes stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $59.11, for a total value of $1,131,956.50. Following the transaction, the insider directly owned 14,588 shares of the company’s stock, valued at $862,296.68. This trade represents a 56.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William G. Beattie sold 18,023 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $57.29, for a total value of $1,032,537.67. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 40,001 shares of company stock valued at $2,322,692 in the last ninety days. 0.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Baker Hughes

Institutional investors have recently modified their holdings of the business. Deseret Mutual Benefit Administrators lifted its stake in Baker Hughes by 10.5% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock worth $86,000 after purchasing an additional 179 shares during the last quarter. Krilogy Financial LLC raised its holdings in shares of Baker Hughes by 3.2% during the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after buying an additional 180 shares in the last quarter. 3Chopt Investment Partners LLC raised its holdings in shares of Baker Hughes by 0.5% during the 4th quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock valued at $1,944,000 after buying an additional 203 shares in the last quarter. Formidable Asset Management LLC lifted its position in Baker Hughes by 3.2% in the 4th quarter. Formidable Asset Management LLC now owns 7,341 shares of the company’s stock worth $358,000 after buying an additional 225 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its stake in Baker Hughes by 16.4% in the fourth quarter. CoreCap Advisors LLC now owns 1,619 shares of the company’s stock worth $74,000 after buying an additional 228 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

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.