SIR Capital Management L.P. Reduces Holdings in Baker Hughes (NASDAQ:BKR)

SIR Capital Management L.P. reduced its position in Baker Hughes (NASDAQ:BKR) by 45.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 592,691 shares of the company’s stock after selling 491,299 shares during the period. Baker Hughes makes up about 2.1% of SIR Capital Management L.P.’s holdings, making the stock its 16th biggest holding. SIR Capital Management L.P. owned approximately 0.06% of Baker Hughes worth $20,845,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in shares of Baker Hughes by 32.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after acquiring an additional 4,207,973 shares in the last quarter. Norges Bank bought a new position in shares of Baker Hughes in the fourth quarter worth $551,555,000. Dimensional Fund Advisors LP raised its stake in shares of Baker Hughes by 19.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,669,307 shares of the company’s stock valued at $296,319,000 after purchasing an additional 1,395,083 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of Baker Hughes by 10.2% in the 1st quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock worth $221,405,000 after acquiring an additional 612,715 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in Baker Hughes by 47.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock valued at $192,634,000 after purchasing an additional 1,822,487 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Stock Performance

BKR opened at $33.69 on Tuesday. The business has a fifty day simple moving average of $35.19 and a 200 day simple moving average of $33.42. The company has a market capitalization of $33.47 billion, a PE ratio of 18.82, a price-to-earnings-growth ratio of 0.55 and a beta of 1.38. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $39.05. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The business had revenue of $7.10 billion during the quarter, compared to the consensus estimate of $6.81 billion. During the same period in the prior year, the company earned $0.39 EPS. Baker Hughes’s revenue for the quarter was up 12.4% on a year-over-year basis. Research analysts expect that Baker Hughes will post 2.24 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were issued a $0.21 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $0.84 annualized dividend and a yield of 2.49%. Baker Hughes’s payout ratio is currently 46.93%.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $38.55, for a total value of $4,405,725.30. Following the transaction, the chief executive officer now owns 616,339 shares in the company, valued at $23,759,868.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Jefferies Financial Group raised their target price on shares of Baker Hughes from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Benchmark reaffirmed a “buy” rating and issued a $40.00 target price on shares of Baker Hughes in a research report on Friday, July 26th. Evercore ISI upped their price objective on shares of Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. UBS Group upped their target price on Baker Hughes from $40.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, TD Cowen boosted their price target on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.38.

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.