Franklin Resources Inc. Reduces Holdings in Baker Hughes (NASDAQ:BKR)

Franklin Resources Inc. cut its stake in shares of Baker Hughes (NASDAQ:BKR – Get Rating) by 52.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,052,125 shares of the company’s stock after selling 3,309,280 shares during the quarter. Franklin Resources Inc. owned 0.30% of Baker Hughes worth $90,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of BKR. Red Tortoise LLC bought a new position in Baker Hughes during the 4th quarter valued at approximately $32,000. Harvest Fund Management Co. Ltd bought a new position in shares of Baker Hughes in the 4th quarter worth approximately $40,000. Ameliora Wealth Management Ltd. bought a new position in shares of Baker Hughes in the 3rd quarter worth approximately $47,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Baker Hughes in the 4th quarter worth approximately $48,000. Finally, Covestor Ltd raised its position in shares of Baker Hughes by 104.7% in the 1st quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after acquiring an additional 690 shares in the last quarter. 97.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, SVP Kurt Camilleri sold 12,293 shares of the business’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $28.53, for a total transaction of $350,719.29. Following the completion of the transaction, the senior vice president now owns 1,000 shares in the company, valued at $28,530. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on BKR shares. HSBC increased their target price on Baker Hughes from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, April 21st. Piper Sandler upgraded Baker Hughes from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $34.00 to $43.00 in a research note on Wednesday, February 15th. JPMorgan Chase & Co. upgraded Baker Hughes from a “neutral” rating to an “overweight” rating and set a $32.00 price target on the stock in a research note on Wednesday, March 15th. Barclays upped their price target on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. Finally, UBS Group began coverage on Baker Hughes in a research note on Wednesday, April 19th. They issued a “neutral” rating and a $31.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Baker Hughes currently has an average rating of “Moderate Buy” and a consensus price target of $35.63.

Baker Hughes Price Performance

Shares of BKR stock opened at $28.00 on Friday. Baker Hughes has a 12-month low of $20.42 and a 12-month high of $38.65. The company has a quick ratio of 0.91, a current ratio of 1.32 and a debt-to-equity ratio of 0.40. The stock’s 50-day moving average price is $28.41 and its 200-day moving average price is $29.51.

Baker Hughes (NASDAQ:BKR – Get Rating) last issued its earnings results on Wednesday, April 19th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. The firm had revenue of $5.72 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Baker Hughes had a positive return on equity of 7.13% and a negative net margin of 0.44%. The business’s revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 earnings per share. Analysts expect that Baker Hughes will post 1.52 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Tuesday, May 30th will be given a $0.19 dividend. The ex-dividend date is Friday, May 26th. This represents a $0.76 annualized dividend and a yield of 2.71%. Baker Hughes’s dividend payout ratio is currently -690.91%.

About Baker Hughes

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Baker Hughes Co is a holding company, which engages in the provision of oilfield products, services, and digital solutions. It operates through the Oilfield Services and Equipment (OFSE) and industrial and Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides services for onshore and offshore oilfield operations.