Riggs Asset Managment Co. Inc. Acquires 1,653 Shares of Baker Hughes (NASDAQ:BKR)

Riggs Asset Managment Co. Inc. raised its holdings in Baker Hughes (NASDAQ:BKR) by 1.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 138,308 shares of the company’s stock after buying an additional 1,653 shares during the quarter. Baker Hughes comprises 1.5% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 25th largest position. Riggs Asset Managment Co. Inc.’s holdings in Baker Hughes were worth $5,662,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BKR. Bridges Investment Management Inc. lifted its holdings in Baker Hughes by 3.1% in the third quarter. Bridges Investment Management Inc. now owns 9,203 shares of the company’s stock worth $333,000 after buying an additional 273 shares during the period. 180 Wealth Advisors LLC raised its position in shares of Baker Hughes by 1.3% in the 4th quarter. 180 Wealth Advisors LLC now owns 22,506 shares of the company’s stock worth $923,000 after acquiring an additional 295 shares in the last quarter. Graypoint LLC lifted its stake in shares of Baker Hughes by 3.0% in the 3rd quarter. Graypoint LLC now owns 10,288 shares of the company’s stock valued at $372,000 after purchasing an additional 301 shares during the period. First Trust Direct Indexing L.P. lifted its stake in shares of Baker Hughes by 1.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock valued at $1,079,000 after purchasing an additional 398 shares during the period. Finally, Hantz Financial Services Inc. boosted its position in shares of Baker Hughes by 4.6% during the third quarter. Hantz Financial Services Inc. now owns 9,027 shares of the company’s stock valued at $326,000 after purchasing an additional 401 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Baker Hughes news, EVP Maria C. Borras sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $44.77, for a total transaction of $358,160.00. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

BKR has been the subject of a number of analyst reports. Atb Cap Markets downgraded shares of Baker Hughes from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Benchmark reaffirmed a “buy” rating and set a $42.00 price objective on shares of Baker Hughes in a research report on Thursday, October 24th. Royal Bank of Canada lifted their price objective on Baker Hughes from $43.00 to $49.00 and gave the company an “outperform” rating in a research note on Thursday, December 12th. Susquehanna increased their target price on Baker Hughes from $46.00 to $48.00 and gave the stock a “positive” rating in a research note on Thursday, October 24th. Finally, Evercore ISI upped their price target on shares of Baker Hughes from $46.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.06.

Baker Hughes Price Performance

NASDAQ:BKR opened at $46.18 on Friday. The business’s 50-day simple moving average is $43.03 and its two-hundred day simple moving average is $39.10. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $47.60. The stock has a market cap of $45.70 billion, a PE ratio of 20.71, a P/E/G ratio of 0.83 and a beta of 1.39. The company has a quick ratio of 0.88, a current ratio of 1.30 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Thursday, January 30th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. As a group, analysts forecast that Baker Hughes will post 2.29 EPS for the current fiscal year.

Baker Hughes Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Tuesday, February 11th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.99%. This is a boost from Baker Hughes’s previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, February 11th. Baker Hughes’s dividend payout ratio is 37.67%.

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.