Foundation Resource Management Inc. Trims Stock Position in Baker Hughes (NASDAQ:BKR)

Foundation Resource Management Inc. reduced its stake in Baker Hughes (NASDAQ:BKR) by 1.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 27,590 shares of the company’s stock after selling 407 shares during the quarter. Foundation Resource Management Inc.’s holdings in Baker Hughes were worth $872,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BKR. Jefferies Financial Group Inc. purchased a new position in shares of Baker Hughes during the 4th quarter worth approximately $27,000. BOK Financial Private Wealth Inc. purchased a new stake in shares of Baker Hughes during the 1st quarter worth $34,000. Portland Hill Asset Management Ltd purchased a new position in shares of Baker Hughes in the 4th quarter valued at about $36,000. BDO Wealth Advisors LLC acquired a new stake in shares of Baker Hughes in the first quarter valued at about $36,000. Finally, Covestor Ltd boosted its holdings in 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 buying an additional 690 shares in the last quarter. Hedge funds and other institutional investors own 92.22% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BKR shares. Stifel Nicolaus increased their target price on shares of Baker Hughes from $37.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, July 20th. Morgan Stanley reaffirmed an “overweight” rating and set a $37.00 price objective on shares of Baker Hughes in a report on Friday, July 21st. HSBC upped their target price on Baker Hughes from $40.00 to $43.00 and gave the company a “buy” rating in a report on Friday, July 21st. Capital One Financial initiated coverage on Baker Hughes in a research note on Wednesday, June 7th. They set an “overweight” rating and a $38.00 price target for the company. Finally, Piper Sandler increased their price objective on shares of Baker Hughes from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Monday, September 11th. 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.com, Baker Hughes has a consensus rating of “Moderate Buy” and an average price target of $38.44.

Insider Activity

In other Baker Hughes news, insider Regina Jones sold 10,000 shares of Baker Hughes stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $35.60, for a total transaction of $356,000.00. Following the sale, the insider now directly owns 72,873 shares in the company, valued at approximately $2,594,278.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Lorenzo Simonelli sold 122,500 shares of Baker Hughes stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $35.49, for a total value of $4,347,525.00. Following the completion of the transaction, the chief executive officer now owns 589,938 shares in the company, valued at approximately $20,936,899.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Regina Jones sold 10,000 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $35.60, for a total value of $356,000.00. Following the transaction, the insider now owns 72,873 shares in the company, valued at $2,594,278.80. The disclosure for this sale can be found here. Insiders sold 162,500 shares of company stock worth $5,775,925 over the last ninety days. Corporate insiders own 0.24% of the company’s stock.

Baker Hughes Trading Down 0.3 %

Shares of Baker Hughes stock traded down $0.12 during trading hours on Tuesday, hitting $36.34. The company’s stock had a trading volume of 2,328,886 shares, compared to its average volume of 6,865,829. The company has a quick ratio of 0.88, a current ratio of 1.28 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $36.69 billion, a PE ratio of 32.27 and a beta of 1.52. The business has a fifty day moving average of $35.61 and a 200 day moving average of $31.46. Baker Hughes has a 1-year low of $20.42 and a 1-year high of $37.58.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Wednesday, July 19th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $6.27 billion. During the same period in the prior year, the firm earned $0.11 EPS. The firm’s quarterly revenue was up 25.1% compared to the same quarter last year. As a group, equities analysts forecast that Baker Hughes will post 1.54 EPS for the current year.

Baker Hughes Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Tuesday, August 8th were issued a $0.20 dividend. The ex-dividend date was Monday, August 7th. This represents a $0.80 dividend on an annualized basis and a yield of 2.20%. This is a positive change from Baker Hughes’s previous quarterly dividend of $0.19. Baker Hughes’s payout ratio is currently 70.80%.

Baker Hughes 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.