State of New Jersey Common Pension Fund D Increases Stock Holdings in Baker Hughes Company $BKR

State of New Jersey Common Pension Fund D boosted its stake in Baker Hughes Company (NASDAQ:BKR) by 4.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 343,295 shares of the company’s stock after buying an additional 15,160 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Baker Hughes were worth $16,725,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Baker Hughes in the 2nd quarter worth $862,722,000. First Trust Advisors LP lifted its position in shares of Baker Hughes by 76.0% during the second quarter. First Trust Advisors LP now owns 7,419,033 shares of the company’s stock valued at $284,446,000 after purchasing an additional 3,203,942 shares in the last quarter. Sei Investments Co. boosted its holdings in Baker Hughes by 247.5% during the second quarter. Sei Investments Co. now owns 3,134,494 shares of the company’s stock worth $120,177,000 after purchasing an additional 2,232,394 shares during the last quarter. American Century Companies Inc. grew its position in Baker Hughes by 38.0% in the 2nd quarter. American Century Companies Inc. now owns 7,602,803 shares of the company’s stock worth $291,492,000 after purchasing an additional 2,094,079 shares in the last quarter. Finally, Invesco Ltd. grew its position in Baker Hughes by 18.9% in the 2nd quarter. Invesco Ltd. now owns 12,834,534 shares of the company’s stock worth $492,076,000 after purchasing an additional 2,044,402 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director William G. Beattie sold 18,023 shares of Baker Hughes stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total value of $1,032,537.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Maria Georgia Magno sold 19,150 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $59.11, for a total transaction of $1,131,956.50. Following the completion of the sale, the insider directly owned 14,588 shares in the company, valued at approximately $862,296.68. This trade represents a 56.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 40,001 shares of company stock worth $2,322,692 over the last quarter. 0.27% of the stock is currently owned by company insiders.

Baker Hughes Price Performance

Baker Hughes stock opened at $61.20 on Tuesday. The business’s 50 day simple moving average is $51.44 and its 200 day simple moving average is $48.44. Baker Hughes Company has a 12 month low of $33.60 and a 12 month high of $62.27. The company has a market cap of $60.48 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 1.65 and a beta of 0.89. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Monday, January 26th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The firm had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.09 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Sell-side analysts forecast that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $0.92 annualized dividend and a yield of 1.5%. Baker Hughes’s dividend payout ratio is 35.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Evercore set a $54.00 target price on shares of Baker Hughes in a research report on Monday, October 27th. Argus increased their price target on Baker Hughes from $55.00 to $67.00 in a research report on Tuesday, January 27th. Citigroup boosted their price objective on Baker Hughes from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. TD Cowen upped their price objective on Baker Hughes from $55.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Finally, Jefferies Financial Group raised their target price on Baker Hughes from $59.00 to $67.00 and gave the company a “buy” rating in a research report on Saturday, January 31st. Twenty investment analysts have rated the stock with a Buy rating and two have given 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 a consensus target price of $58.78.

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.