Baker Hughes (NASDAQ:BKR) Announces $0.21 Quarterly Dividend

Baker Hughes (NASDAQ:BKR) announced a quarterly dividend on Wednesday, October 23rd, Wall Street Journal reports. Stockholders of record on Monday, November 4th will be given a dividend of 0.21 per share on Thursday, November 14th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Monday, November 4th.

Baker Hughes has raised its dividend by an average of 2.7% annually over the last three years. Baker Hughes has a payout ratio of 31.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Baker Hughes to earn $2.67 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 31.5%.

Baker Hughes Price Performance

NASDAQ BKR opened at $37.00 on Thursday. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $39.05. The company has a market capitalization of $36.93 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 0.61 and a beta of 1.38. The firm’s 50 day moving average is $35.61 and its 200-day moving average is $34.35.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $7.21 billion. During the same period last year, the company earned $0.42 earnings per share. The firm’s revenue was up 4.0% compared to the same quarter last year. Equities research analysts anticipate that Baker Hughes will post 2.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Barclays lowered their target price on shares of Baker Hughes from $42.00 to $41.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. BMO Capital Markets boosted their target price on shares of Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. lifted their price objective on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Wells Fargo & Company raised shares of Baker Hughes from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $40.00 to $42.00 in a research report on Wednesday, September 25th. Finally, Bank of America reduced their price objective on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.59.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the sale, the chief executive officer now owns 502,053 shares of the company’s stock, valued at $17,571,855. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by company insiders.

About Baker Hughes

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.