Baker Hughes (NASDAQ:BKR) Short Interest Up 21.6% in February

Baker Hughes (NASDAQ:BKR) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 20,640,000 shares, an increase of 21.6% from the February 13th total of 16,970,000 shares. Currently, 2.1% of the company’s shares are short sold. Based on an average daily trading volume, of 7,280,000 shares, the days-to-cover ratio is presently 2.8 days.

Baker Hughes Stock Down 0.4 %

Shares of BKR opened at $43.70 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 0.94. The company has a market capitalization of $43.27 billion, a P/E ratio of 14.66, a PEG ratio of 2.00 and a beta of 1.30. The business’s 50 day simple moving average is $44.90 and its 200-day simple moving average is $41.21. Baker Hughes has a one year low of $30.93 and a one year high of $49.40.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, January 30th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. Baker Hughes had a net margin of 10.70% and a return on equity of 14.58%. As a group, sell-side analysts predict that Baker Hughes will post 2.59 EPS for the current fiscal year.

Baker Hughes Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Tuesday, February 11th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date was Tuesday, February 11th. This is a boost from Baker Hughes’s previous quarterly dividend of $0.21. Baker Hughes’s dividend payout ratio is 30.87%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BKR. Evercore ISI upped their target price on Baker Hughes from $46.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. TD Cowen decreased their price target on Baker Hughes from $53.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, January 8th. Bank of America lifted their price objective on shares of Baker Hughes from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. Wells Fargo & Company upped their target price on shares of Baker Hughes from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Piper Sandler raised their price target on shares of Baker Hughes from $53.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, Baker Hughes currently has a consensus rating of “Moderate Buy” and an average target price of $51.06.

Insider Transactions at Baker Hughes

In other news, EVP Maria C. Borras sold 8,000 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $44.77, for a total transaction of $358,160.00. Following the completion of the sale, the executive vice president now directly owns 173,302 shares of the company’s stock, valued at $7,758,730.54. The trade was a 4.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Large investors have recently bought and sold shares of the company. Strategic Financial Concepts LLC acquired a new position in Baker Hughes during the fourth quarter valued at approximately $640,000. Burney Co. raised its stake in shares of Baker Hughes by 315.0% during the 4th quarter. Burney Co. now owns 138,788 shares of the company’s stock worth $5,693,000 after purchasing an additional 105,349 shares in the last quarter. Northstar Advisory Group LLC acquired a new stake in shares of Baker Hughes in the 4th quarter valued at approximately $1,180,000. Artemis Investment Management LLP grew its stake in shares of Baker Hughes by 29.4% in the fourth quarter. Artemis Investment Management LLP now owns 1,053,947 shares of the company’s stock valued at $43,233,000 after buying an additional 239,773 shares in the last quarter. Finally, Czech National Bank increased its holdings in Baker Hughes by 6.0% during the fourth quarter. Czech National Bank now owns 214,549 shares of the company’s stock worth $8,801,000 after buying an additional 12,178 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

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.