Norges Bank Purchases Shares of 22,501,874 Baker Hughes Company $BKR

Norges Bank acquired a new position in shares of Baker Hughes Company (NASDAQ:BKR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,501,874 shares of the company’s stock, valued at approximately $862,722,000. Norges Bank owned about 2.28% of Baker Hughes at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Scotia Capital Inc. raised its holdings in Baker Hughes by 3.3% during the 2nd quarter. Scotia Capital Inc. now owns 32,587 shares of the company’s stock worth $1,249,000 after purchasing an additional 1,039 shares during the last quarter. Level Four Advisory Services LLC boosted its stake in shares of Baker Hughes by 6.4% in the 2nd quarter. Level Four Advisory Services LLC now owns 23,909 shares of the company’s stock valued at $917,000 after purchasing an additional 1,442 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Baker Hughes by 50.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 17,183 shares of the company’s stock worth $659,000 after buying an additional 5,791 shares during the period. Groupama Asset Managment raised its stake in Baker Hughes by 18.6% during the second quarter. Groupama Asset Managment now owns 1,698,140 shares of the company’s stock worth $64,631,000 after buying an additional 265,799 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in Baker Hughes by 1.5% during the second quarter. State Board of Administration of Florida Retirement System now owns 985,453 shares of the company’s stock worth $37,782,000 after buying an additional 14,830 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Stock Up 1.3%

Shares of NASDAQ:BKR opened at $50.17 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $50.92. The business’s 50 day simple moving average is $47.97 and its two-hundred day simple moving average is $43.66. The firm has a market cap of $49.51 billion, a P/E ratio of 17.30, a PEG ratio of 2.06 and a beta of 1.03.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Friday, November 18th. The company reported $0.16 EPS for the quarter. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%.The firm had revenue of $5.09 billion during the quarter. As a group, research analysts forecast that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, November 4th. This represents a $0.92 annualized dividend and a yield of 1.8%. Baker Hughes’s dividend payout ratio is presently 31.72%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BKR. Capital One Financial increased their price target on Baker Hughes from $49.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Barclays boosted their price objective on Baker Hughes from $53.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Jefferies Financial Group raised their target price on Baker Hughes from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Thursday, November 20th. Cowen reiterated a “buy” rating on shares of Baker Hughes in a report on Monday, October 27th. Finally, Stifel Nicolaus increased their price target on Baker Hughes from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Twenty-three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.42.

Insiders Place Their Bets

In other news, EVP Sreeganesh Ramaswamy sold 25,000 shares of Baker Hughes stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the executive vice president directly owned 40,520 shares in the company, valued at $2,026,000. This trade represents a 38.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Rebecca L. Charlton sold 1,000 shares of the business’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total transaction of $50,000.00. Following the sale, the chief accounting officer directly owned 11,772 shares of the company’s stock, valued at approximately $588,600. The trade was a 7.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.27% of the stock is currently owned by company insiders.

Baker Hughes Company Profile

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.