PNC Financial Services Group Inc. Raises Stock Position in Baker Hughes (NASDAQ:BKR)

PNC Financial Services Group Inc. boosted its position in shares of Baker Hughes (NASDAQ:BKR) by 0.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 107,946 shares of the company’s stock after buying an additional 525 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Baker Hughes were worth $3,690,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Baker Hughes during the fourth quarter worth about $551,555,000. FMR LLC raised its stake in shares of Baker Hughes by 16.8% in the 3rd quarter. FMR LLC now owns 16,078,162 shares of the company’s stock valued at $567,881,000 after acquiring an additional 2,316,638 shares during the period. Northern Trust Corp raised its stake in shares of Baker Hughes by 4.0% in the 3rd quarter. Northern Trust Corp now owns 9,816,785 shares of the company’s stock valued at $346,729,000 after acquiring an additional 379,385 shares during the period. Morgan Stanley raised its stake in shares of Baker Hughes by 8.6% in the 3rd quarter. Morgan Stanley now owns 9,445,847 shares of the company’s stock valued at $333,627,000 after acquiring an additional 745,511 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Baker Hughes by 19.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,669,307 shares of the company’s stock valued at $296,319,000 after acquiring an additional 1,395,083 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Baker Hughes from $36.00 to $38.00 in a research note on Tuesday, April 23rd. Wolfe Research downgraded shares of Baker Hughes from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 29th. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Baker Hughes in a research note on Monday, April 8th. UBS Group boosted their price target on shares of Baker Hughes from $35.00 to $36.00 in a research note on Tuesday, April 23rd. Finally, Benchmark reaffirmed a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a research note on Wednesday, April 24th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.94.

Baker Hughes Trading Up 1.8 %

NASDAQ BKR opened at $32.37 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.25 and a debt-to-equity ratio of 0.38. Baker Hughes has a 52 week low of $26.96 and a 52 week high of $37.58. The stock has a market capitalization of $32.31 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 0.55 and a beta of 1.44. The firm has a 50 day moving average of $32.93 and a two-hundred day moving average of $32.19.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Wednesday, April 24th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. Baker Hughes had a net margin of 6.95% and a return on equity of 11.42%. The business had revenue of $6.42 billion during the quarter, compared to analysts’ expectations of $6.37 billion. During the same quarter in the prior year, the business posted $0.28 EPS. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, research analysts expect that Baker Hughes will post 2.08 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Friday, May 3rd. Baker Hughes’s payout ratio is 46.93%.

Insider Activity

In other news, SVP James E. Apostolides sold 10,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $29.44, for a total value of $294,400.00. Following the completion of the transaction, the senior vice president now owns 14,451 shares in the company, valued at approximately $425,437.44. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, SVP James E. Apostolides sold 10,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $29.44, for a total transaction of $294,400.00. Following the completion of the sale, the senior vice president now owns 14,451 shares in the company, valued at approximately $425,437.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP James E. Apostolides sold 5,000 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $33.88, for a total transaction of $169,400.00. Following the sale, the senior vice president now owns 14,998 shares of the company’s stock, valued at approximately $508,132.24. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Baker Hughes Profile

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