Clearbridge Investments LLC Boosts Position in Baker Hughes (NASDAQ:BKR)

Clearbridge Investments LLC raised its position in Baker Hughes (NASDAQ:BKR) by 10.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,609,115 shares of the company’s stock after acquiring an additional 612,715 shares during the quarter. Clearbridge Investments LLC owned approximately 0.66% of Baker Hughes worth $221,405,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of BKR. Norges Bank purchased a new position in shares of Baker Hughes during the 4th quarter worth $551,555,000. Dimensional Fund Advisors LP lifted its position in 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. Charles Schwab Investment Management Inc. grew its holdings in Baker Hughes by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,658,242 shares of the company’s stock valued at $227,579,000 after purchasing an additional 204,839 shares during the period. Goldman Sachs Group Inc. increased its position in Baker Hughes by 47.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,635,875 shares of the company’s stock worth $192,634,000 after buying an additional 1,822,487 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Baker Hughes by 1.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,519,437 shares of the company’s stock worth $184,901,000 after buying an additional 64,448 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Price Performance

Shares of NASDAQ BKR traded down $0.01 during midday trading on Tuesday, reaching $35.65. 3,989,176 shares of the stock traded hands, compared to its average volume of 7,564,414. The company’s 50 day moving average is $33.46 and its 200 day moving average is $32.16. Baker Hughes has a one year low of $28.32 and a one year high of $37.58. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.25 and a quick ratio of 0.84. The stock has a market capitalization of $35.58 billion, a PE ratio of 19.92, a P/E/G ratio of 0.62 and a beta of 1.41.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.40 by $0.03. Baker Hughes had a net margin of 6.95% and a return on equity of 11.42%. The business had revenue of $6.42 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter last year, the business earned $0.28 earnings per share. Baker Hughes’s quarterly revenue was up 12.3% compared to the same quarter last year. On average, equities research analysts anticipate that Baker Hughes will post 2.09 earnings per share for the current year.

Insider Activity

In related news, EVP Maria C. Borras sold 55,980 shares of the stock in a transaction on 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 approximately $2,945,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Piper Sandler cut their price objective on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Benchmark restated a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a research note on Wednesday, April 24th. Bank of America cut their price target on Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 15th. The Goldman Sachs Group boosted their price objective on Baker Hughes from $36.00 to $38.00 in a research report on Tuesday, April 23rd. Finally, Jefferies Financial Group upped their price objective on Baker Hughes from $45.00 to $46.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.92.

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.