Tidal Investments LLC Trims Stock Position in Baker Hughes Company $BKR

Tidal Investments LLC cut its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 37.8% in the second quarter, HoldingsChannel reports. The firm owned 96,215 shares of the company’s stock after selling 58,459 shares during the period. Tidal Investments LLC’s holdings in Baker Hughes were worth $5,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in Baker Hughes by 3,833.2% during the 2nd quarter. California State Teachers Retirement System now owns 120,855,357 shares of the company’s stock worth $6,707,472,000 after purchasing an additional 117,782,673 shares during the period. State Street Corp boosted its stake in shares of Baker Hughes by 1.6% in the fourth quarter. State Street Corp now owns 61,409,438 shares of the company’s stock worth $2,796,586,000 after buying an additional 937,614 shares during the last quarter. Cardano Risk Management B.V. boosted its stake in shares of Baker Hughes by 1,005.1% in the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock worth $2,247,550,000 after buying an additional 44,887,481 shares during the last quarter. Geode Capital Management LLC grew its holdings in Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock worth $1,189,194,000 after acquiring an additional 204,534 shares during the period. Finally, Norges Bank acquired a new stake in Baker Hughes during the fourth quarter worth about $1,022,491,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. UBS Group lowered their price objective on Baker Hughes from $71.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday. Jefferies Financial Group reaffirmed a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Capital One Financial boosted their target price on shares of Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. Stifel Nicolaus increased their price target on shares of Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Susquehanna raised their price target on shares of Baker Hughes from $72.00 to $75.00 and gave the company a “positive” rating in a research report on Thursday. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.71.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is currently owned by insiders.

Baker Hughes Price Performance

Shares of BKR opened at $59.06 on Monday. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a 12 month low of $43.92 and a 12 month high of $70.41. The stock’s 50 day moving average is $60.65 and its two-hundred day moving average is $61.56. The firm has a market cap of $58.63 billion, a P/E ratio of 19.05, a PEG ratio of 2.64 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.54 billion. During the same period in the prior year, the company posted $0.63 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Analysts predict that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were given a dividend of $0.23 per share. The ex-dividend date was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a yield of 1.6%. Baker Hughes’s dividend payout ratio is currently 29.68%.

Baker Hughes Profile

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company’s portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.