Empower Advisory Group LLC Purchases Shares of 1,880,445 Baker Hughes (NASDAQ:BKR)

Empower Advisory Group LLC purchased a new position in Baker Hughes (NASDAQ:BKR) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,880,445 shares of the company’s stock, valued at approximately $56,244,000. Empower Advisory Group LLC owned approximately 0.19% of Baker Hughes at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BKR. Jefferies Financial Group Inc. purchased a new position in shares of Baker Hughes during the fourth quarter valued at approximately $27,000. BOK Financial Private Wealth Inc. bought a new position in Baker Hughes in the 1st quarter valued at $34,000. Portland Hill Asset Management Ltd purchased a new stake in Baker Hughes in the fourth quarter worth $36,000. BDO Wealth Advisors LLC purchased a new stake in Baker Hughes in the first quarter worth $36,000. Finally, Covestor Ltd lifted its position in shares of Baker Hughes by 104.7% during the first quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after purchasing an additional 690 shares during the last quarter. 92.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BKR has been the subject of several research reports. UBS Group boosted their price objective on shares of Baker Hughes from $34.00 to $37.00 and gave the company a “neutral” rating in a research report on Thursday, August 17th. Stifel Nicolaus upped their target price on Baker Hughes from $37.00 to $39.00 and gave the stock a “buy” rating in a report on Thursday, July 20th. HSBC raised their price target on Baker Hughes from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, July 21st. Capital One Financial began coverage on shares of Baker Hughes in a research note on Wednesday, June 7th. They issued an “overweight” rating and a $38.00 price objective for the company. Finally, Morgan Stanley restated an “overweight” rating and issued a $37.00 price target on shares of Baker Hughes in a report on Friday, July 21st. Two research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and a consensus target price of $38.44.

Insider Buying and Selling at Baker Hughes

In related news, SVP James E. Apostolides sold 3,195 shares of Baker Hughes stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $29.93, for a total value of $95,626.35. Following the sale, the senior vice president now owns 8,147 shares of the company’s stock, valued at approximately $243,839.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Baker Hughes news, insider Regina Jones sold 10,000 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $35.19, for a total value of $351,900.00. Following the completion of the sale, the insider now directly owns 62,873 shares in the company, valued at approximately $2,212,500.87. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP James E. Apostolides sold 3,195 shares of Baker Hughes stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $29.93, for a total transaction of $95,626.35. Following the transaction, the senior vice president now directly owns 8,147 shares in the company, valued at $243,839.71. The disclosure for this sale can be found here. Over the last three months, insiders have sold 165,695 shares of company stock valued at $5,871,551. Company insiders own 0.24% of the company’s stock.

Baker Hughes Stock Performance

NASDAQ BKR traded down $0.46 on Wednesday, reaching $36.64. 1,093,479 shares of the company’s stock traded hands, compared to its average volume of 6,821,593. Baker Hughes has a fifty-two week low of $20.42 and a fifty-two week high of $37.58. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.88 and a current ratio of 1.28. The firm has a market cap of $36.99 billion, a price-to-earnings ratio of 32.59 and a beta of 1.52. The stock has a 50 day moving average price of $35.35 and a 200-day moving average price of $31.34.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Wednesday, July 19th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.33 by $0.06. Baker Hughes had a return on equity of 9.01% and a net margin of 4.94%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $6.27 billion. During the same period last year, the company earned $0.11 earnings per share. Baker Hughes’s revenue for the quarter was up 25.1% compared to the same quarter last year. Equities research analysts predict that Baker Hughes will post 1.53 EPS for the current fiscal year.

Baker Hughes Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Tuesday, August 8th were issued a $0.20 dividend. This is a boost from Baker Hughes’s previous quarterly dividend of $0.19. The ex-dividend date was Monday, August 7th. This represents a $0.80 dividend on an annualized basis and a yield of 2.18%. Baker Hughes’s dividend payout ratio is presently 70.80%.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through two segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). 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.