abrdn plc Decreases Stock Holdings in Baker Hughes (NASDAQ:BKR)

abrdn plc trimmed its position in shares of Baker Hughes (NASDAQ:BKR) by 53.0% during the 4th quarter, Holdings Channel reports. The fund owned 4,351,452 shares of the company’s stock after selling 4,911,399 shares during the period. abrdn plc’s holdings in Baker Hughes were worth $148,733,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BKR. Norges Bank purchased a new stake in shares of Baker Hughes during the 4th quarter worth approximately $195,343,000. FMR LLC raised its holdings in shares of Baker Hughes by 16.8% during the 3rd quarter. FMR LLC now owns 16,078,162 shares of the company’s stock worth $567,881,000 after acquiring an additional 2,316,638 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Baker Hughes by 846.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,378,976 shares of the company’s stock worth $84,025,000 after acquiring an additional 2,127,675 shares in the last quarter. Morgan Stanley raised its holdings in shares of Baker Hughes by 27.2% during the 4th quarter. Morgan Stanley now owns 8,986,722 shares of the company’s stock worth $265,378,000 after acquiring an additional 1,919,760 shares in the last quarter. Finally, Clearbridge Investments LLC purchased a new stake in shares of Baker Hughes during the 1st quarter worth approximately $69,329,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Stock Up 1.2 %

Shares of BKR traded up $0.40 during midday trading on Friday, reaching $32.60. 7,513,518 shares of the stock were exchanged, compared to its average volume of 6,302,083. Baker Hughes has a 52 week low of $26.81 and a 52 week high of $37.58. The company has a current ratio of 1.25, a quick ratio of 0.86 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $31.68 and its two-hundred day moving average is $32.58. The company has a market capitalization of $32.63 billion, a P/E ratio of 17.07, a PEG ratio of 0.61 and a beta of 1.42.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Wednesday, January 24th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.04. Baker Hughes had a return on equity of 10.63% and a net margin of 7.62%. The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the company earned $0.38 EPS. The business’s revenue was up 15.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Baker Hughes will post 2.07 earnings per share for the current year.

Baker Hughes Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Tuesday, February 13th were given a dividend of $0.21 per share. The ex-dividend date was Monday, February 12th. This represents a $0.84 dividend on an annualized basis and a yield of 2.58%. This is an increase from Baker Hughes’s previous quarterly dividend of $0.20. Baker Hughes’s dividend payout ratio (DPR) is presently 43.98%.

Insider Activity at Baker Hughes

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

Analyst Ratings Changes

Several analysts recently weighed in on the company. Citigroup decreased their price target on Baker Hughes from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, January 26th. Royal Bank of Canada restated an “outperform” rating and set a $39.00 price target on shares of Baker Hughes in a report on Thursday, February 1st. TD Cowen increased their price target on Baker Hughes from $46.00 to $49.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Wolfe Research lowered Baker Hughes from an “outperform” rating to a “peer perform” rating in a report on Monday, January 29th. Finally, Susquehanna restated a “positive” rating and set a $40.00 price target on shares of Baker Hughes in a report on Monday, April 8th. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.87.

About Baker Hughes

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.