Short Interest in Baker Hughes Incorporated (BHGE) Decreases By 40.3%
Baker Hughes Incorporated (NYSE:BHGE) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 4,834,376 shares, a drop of 40.3% from the October 13th total of 8,103,680 shares. Based on an average trading volume of 4,315,076 shares, the days-to-cover ratio is presently 1.1 days. Approximately 1.1% of the company’s shares are sold short.
In other news, insider Matthias L. Heilmann acquired 1,500 shares of Baker Hughes stock in a transaction that occurred on Thursday, October 26th. The shares were acquired at an average price of $30.04 per share, with a total value of $45,060.00. Following the purchase, the insider now directly owns 3,500 shares of the company’s stock, valued at $105,140. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.66% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. South Dakota Investment Council acquired a new position in Baker Hughes during the second quarter worth $4,610,000. Stonebridge Capital Management Inc. acquired a new position in Baker Hughes during the third quarter worth $594,000. Edge Wealth Management LLC acquired a new position in Baker Hughes during the third quarter worth $378,000. Osborn Williams & Donohoe LLC acquired a new position in Baker Hughes during the third quarter worth $514,000. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in Baker Hughes during the third quarter worth $2,790,000. Institutional investors own 86.33% of the company’s stock.
A number of research analysts have weighed in on the stock. Jefferies Group LLC reaffirmed a “hold” rating and issued a $40.00 price target on shares of Baker Hughes in a research note on Sunday, September 10th. Barclays PLC set a $43.00 price target on shares of Baker Hughes and gave the company an “overweight” rating in a research note on Friday, September 29th. Royal Bank Of Canada set a $44.00 price target on shares of Baker Hughes and gave the company a “buy” rating in a research note on Saturday, October 7th. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and issued a $38.00 price target (down previously from $42.00) on shares of Baker Hughes in a research note on Monday, October 2nd. Finally, Zacks Investment Research raised shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $40.74.
Shares of Baker Hughes (BHGE) opened at $30.15 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.29 and a debt-to-equity ratio of 0.08. Baker Hughes has a fifty-two week low of $29.62 and a fifty-two week high of $68.59.
Baker Hughes (NYSE:BHGE) last posted its quarterly earnings data on Friday, October 20th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.07). Baker Hughes had a negative net margin of 6.66% and a negative return on equity of 0.84%. The business had revenue of $5.38 billion during the quarter, compared to analyst estimates of $5.52 billion. The company’s revenue was up 77.7% compared to the same quarter last year. equities research analysts forecast that Baker Hughes will post 0.41 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Monday, November 6th will be issued a $0.18 dividend. The ex-dividend date is Friday, November 3rd. This is an increase from Baker Hughes’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.39%. Baker Hughes’s dividend payout ratio (DPR) is -111.34%.
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