Iridian Asset Management LLC CT Sells 10,810 Shares of Baker Hughes Company $BKR

Iridian Asset Management LLC CT reduced its position in Baker Hughes Company (NASDAQ:BKR) by 14.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,016 shares of the company’s stock after selling 10,810 shares during the period. Baker Hughes makes up about 1.2% of Iridian Asset Management LLC CT’s investment portfolio, making the stock its 25th biggest position. Iridian Asset Management LLC CT’s holdings in Baker Hughes were worth $3,070,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Woodline Partners LP boosted its position in Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock worth $3,676,000 after purchasing an additional 24,225 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after buying an additional 986 shares during the last quarter. Acadian Asset Management LLC grew its position in Baker Hughes by 10.4% during the first quarter. Acadian Asset Management LLC now owns 85,473 shares of the company’s stock valued at $3,755,000 after buying an additional 8,060 shares during the period. Central Pacific Bank Trust Division increased its holdings in Baker Hughes by 3.6% during the second quarter. Central Pacific Bank Trust Division now owns 17,185 shares of the company’s stock valued at $659,000 after buying an additional 600 shares during the last quarter. Finally, RDA Financial Network raised its position in Baker Hughes by 98.3% in the second quarter. RDA Financial Network now owns 10,504 shares of the company’s stock worth $403,000 after acquiring an additional 5,206 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BKR. Evercore ISI set a $54.00 price objective on shares of Baker Hughes in a research report on Monday, October 27th. TD Cowen reduced their price target on Baker Hughes from $57.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, January 7th. HSBC raised their price objective on Baker Hughes from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Jefferies Financial Group boosted their price objective on Baker Hughes from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. Finally, Piper Sandler increased their target price on shares of Baker Hughes from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Twenty-three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Baker Hughes currently has an average rating of “Moderate Buy” and an average price target of $53.92.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $49.97 on Monday. The stock has a 50-day moving average price of $47.71 and a 200 day moving average price of $45.73. The stock has a market capitalization of $49.31 billion, a P/E ratio of 17.23, a P/E/G ratio of 1.76 and a beta of 0.89. Baker Hughes Company has a 12-month low of $33.60 and a 12-month high of $51.12. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Friday, November 18th. The company reported $0.16 EPS for the quarter. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%.The company had revenue of $5.09 billion for the quarter. Equities research analysts forecast that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Tuesday, November 4th. Baker Hughes’s dividend payout ratio (DPR) is presently 31.72%.

Baker Hughes 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.