Magnus Financial Group LLC Invests $201,000 in Baker Hughes (NASDAQ:BKR)

Magnus Financial Group LLC acquired a new position in Baker Hughes (NASDAQ:BKR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,559 shares of the company’s stock, valued at approximately $201,000.

Several other hedge funds have also recently made changes to their positions in BKR. Redmont Wealth Advisors LLC acquired a new stake in shares of Baker Hughes in the 1st quarter valued at about $27,000. New Covenant Trust Company N.A. acquired a new stake in shares of Baker Hughes in the 1st quarter valued at about $34,000. Alta Advisers Ltd acquired a new stake in shares of Baker Hughes in the 2nd quarter valued at about $42,000. Headlands Technologies LLC acquired a new stake in shares of Baker Hughes in the 2nd quarter valued at about $48,000. Finally, Rise Advisors LLC grew its stake in shares of Baker Hughes by 46.9% in the 1st quarter. Rise Advisors LLC now owns 1,667 shares of the company’s stock valued at $56,000 after buying an additional 532 shares during the period. 92.06% of the stock is owned by institutional investors.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $36.74 on Thursday. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $39.05. The stock’s 50 day moving average price is $35.46 and its 200-day moving average price is $34.25. The company has a market capitalization of $36.67 billion, a PE ratio of 20.53, a PEG ratio of 0.61 and a beta of 1.38. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The company had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. Baker Hughes’s revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. On average, equities analysts anticipate that Baker Hughes will post 2.25 EPS for the current year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were issued a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.29%. Baker Hughes’s dividend payout ratio (DPR) is presently 46.93%.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the sale, the chief executive officer now owns 502,053 shares of the company’s stock, valued at approximately $17,571,855. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on BKR shares. Wells Fargo & Company upgraded Baker Hughes from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $40.00 to $42.00 in a research note on Wednesday, September 25th. Bank of America reduced their target price on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 15th. BMO Capital Markets lifted their price target on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Benchmark reiterated a “buy” rating and set a $40.00 price target on shares of Baker Hughes in a research note on Friday, July 26th. Finally, Piper Sandler cut their price target on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $43.59.

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.