Toronto Dominion Bank raised its position in Baker Hughes (NYSE:BKR) by 14.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 403,507 shares of the company’s stock after acquiring an additional 51,444 shares during the quarter. Toronto Dominion Bank’s holdings in Baker Hughes were worth $8,720,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in BKR. Norges Bank bought a new position in shares of Baker Hughes in the 4th quarter worth approximately $209,140,000. BlackRock Inc. raised its holdings in Baker Hughes by 14.3% in the 1st quarter. BlackRock Inc. now owns 63,341,140 shares of the company’s stock worth $1,368,803,000 after purchasing an additional 7,941,432 shares during the period. River & Mercantile Asset Management LLP lifted its position in Baker Hughes by 480.5% during the fourth quarter. River & Mercantile Asset Management LLP now owns 3,305,292 shares of the company’s stock valued at $68,900,000 after purchasing an additional 2,735,857 shares in the last quarter. Credit Suisse AG grew its holdings in Baker Hughes by 367.6% during the fourth quarter. Credit Suisse AG now owns 2,970,747 shares of the company’s stock valued at $61,940,000 after purchasing an additional 2,335,488 shares during the period. Finally, Amundi Pioneer Asset Management Inc. increased its position in Baker Hughes by 221.4% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 3,323,320 shares of the company’s stock worth $69,292,000 after buying an additional 2,289,203 shares in the last quarter. 95.64% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Rami Qasem sold 11,438 shares of the company’s stock in a transaction that occurred on Monday, April 12th. The stock was sold at an average price of $20.33, for a total value of $232,534.54. Following the sale, the executive vice president now owns 25,537 shares in the company, valued at $519,167.21. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Electric Co General sold 43,685,723 shares of Baker Hughes stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $22.23, for a total transaction of $971,133,622.29. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.
Baker Hughes (NYSE:BKR) last announced its earnings results on Tuesday, April 20th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The company had revenue of $4.78 billion for the quarter, compared to analyst estimates of $4.78 billion. Baker Hughes had a positive return on equity of 0.21% and a negative net margin of 0.85%. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 EPS. As a group, equities research analysts expect that Baker Hughes will post 0.72 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 4th. Shareholders of record on Tuesday, May 25th were paid a dividend of $0.18 per share. The ex-dividend date was Monday, May 24th. This represents a $0.72 dividend on an annualized basis and a yield of 2.82%. Baker Hughes’s payout ratio is 122.03%.
Several brokerages recently weighed in on BKR. Credit Suisse Group dropped their target price on shares of Baker Hughes from $21.00 to $20.50 and set an “outperform” rating for the company in a report on Thursday, April 22nd. BMO Capital Markets raised shares of Baker Hughes from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $27.00 to $26.00 in a report on Monday, April 19th. COKER & PALMER raised shares of Baker Hughes from a “sector perform” rating to a “sector outperform” rating in a research note on Sunday, April 25th. Citigroup raised their price objective on Baker Hughes from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, May 25th. Finally, TheStreet upgraded Baker Hughes from a “d+” rating to a “c-” rating in a research report on Monday, April 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $23.69.
Baker Hughes Profile
Baker Hughes Company provides a portfolio of technologies and services worldwide. The company operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). The OFS segment offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, completions tools and systems, wellbore intervention tools and services, artificial lift systems, pressure pumping systems, and oilfield and industrial chemicals for oil and natural gas, and oilfield service companies.
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