Baker Hughes (NASDAQ:BKR) Stock Price Down 5.9% – What’s Next?

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. TD Cowen boosted their price objective on Baker Hughes from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Piper Sandler raised their target price on shares of Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. UBS Group lowered their price target on shares of Baker Hughes from $71.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday. Zacks Research raised shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Weiss Ratings lowered shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 13th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.71.

Baker Hughes Price Performance

The company has a market capitalization of $58.76 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 2.86 and a beta of 0.96. The company has a 50-day moving average price of $60.39 and a 200-day moving average price of $61.61. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The business had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.54 billion. During the same period last year, the company posted $0.63 EPS. Baker Hughes’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts expect that Baker Hughes Company will post 2.51 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

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

Insider Buying and Selling at Baker Hughes

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

Institutional Trading of Baker Hughes

Hedge funds have recently added to or reduced their stakes in the business. Woodline Partners LP grew its stake in Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after acquiring an additional 24,225 shares during the period. Focus Partners Wealth raised its position in shares of Baker Hughes by 5.6% during the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after purchasing an additional 986 shares during the period. Jump Financial LLC bought a new position in shares of Baker Hughes during the 2nd quarter valued at about $2,301,000. NewEdge Advisors LLC lifted its holdings in shares of Baker Hughes by 4.0% during the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock valued at $1,779,000 after purchasing an additional 1,768 shares in the last quarter. Finally, Nebula Research & Development LLC acquired a new position in shares of Baker Hughes in the 2nd quarter valued at approximately $1,014,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

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.