Baker Hughes (NASDAQ:BKR) Sees Significant Drop in Short Interest

Baker Hughes (NASDAQ:BKR) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 18,880,000 shares, a drop of 13.0% from the June 30th total of 21,690,000 shares. Based on an average daily volume of 6,080,000 shares, the short-interest ratio is currently 3.1 days.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BKR. Piper Sandler decreased their price objective on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. UBS Group lifted their price objective on Baker Hughes from $35.00 to $36.00 in a report on Tuesday, April 23rd. The Goldman Sachs Group raised their target price on Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Monday. Royal Bank of Canada raised their target price on Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Stifel Nicolaus raised their target price on Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and an average target price of $43.00.

Baker Hughes Stock Performance

BKR traded up $0.82 during mid-day trading on Monday, reaching $38.47. 13,441,237 shares of the company traded hands, compared to its average volume of 7,602,625. The stock has a market capitalization of $38.39 billion, a P/E ratio of 21.22, a P/E/G ratio of 0.64 and a beta of 1.41. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average price is $33.64 and its 200-day moving average price is $32.25. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $38.58.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The business had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS. On average, sell-side analysts expect that Baker Hughes will post 2.11 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th will be paid a $0.21 dividend. The ex-dividend date is Tuesday, August 6th. This represents a $0.84 annualized dividend and a dividend yield of 2.18%. Baker Hughes’s dividend payout ratio (DPR) is 46.93%.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, EVP Maria C. Borras sold 55,980 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $32.00, for a total transaction of $1,791,360.00. Following the sale, the executive vice president now owns 92,035 shares in the company, valued at $2,945,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Several large investors have recently made changes to their positions in the business. Louisiana State Employees Retirement System purchased a new stake in shares of Baker Hughes in the fourth quarter worth about $4,813,000. Twin Tree Management LP lifted its position in shares of Baker Hughes by 183.0% in the first quarter. Twin Tree Management LP now owns 338,738 shares of the company’s stock worth $11,348,000 after buying an additional 219,060 shares in the last quarter. Cibc World Markets Corp lifted its position in shares of Baker Hughes by 59.4% in the fourth quarter. Cibc World Markets Corp now owns 274,046 shares of the company’s stock worth $9,367,000 after buying an additional 102,174 shares in the last quarter. Caxton Associates LP purchased a new stake in Baker Hughes during the fourth quarter valued at approximately $13,672,000. Finally, Russell Investments Group Ltd. raised its position in Baker Hughes by 101.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,383,918 shares of the company’s stock valued at $81,484,000 after purchasing an additional 1,200,407 shares during the period. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

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.