Econ Financial Services Corp Invests $957,000 in Baker Hughes (NASDAQ:BKR)

Econ Financial Services Corp bought a new position in shares of Baker Hughes (NASDAQ:BKR) during the 1st quarter, Holdings Channel reports. The institutional investor bought 28,574 shares of the company’s stock, valued at approximately $957,000.

Several other hedge funds and other institutional investors have also made changes to their positions in BKR. Spire Wealth Management boosted its stake in Baker Hughes by 256.7% in the first quarter. Spire Wealth Management now owns 767 shares of the company’s stock valued at $26,000 after acquiring an additional 552 shares in the last quarter. Redmont Wealth Advisors LLC acquired a new position in Baker Hughes during the first quarter worth approximately $27,000. Montag A & Associates Inc. lifted its stake in Baker Hughes by 100.0% in the fourth quarter. Montag A & Associates Inc. now owns 1,000 shares of the company’s stock valued at $34,000 after buying an additional 500 shares during the last quarter. UMB Bank n.a. lifted its stake in Baker Hughes by 281.2% in the first quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock valued at $53,000 after buying an additional 1,167 shares during the last quarter. Finally, Rise Advisors LLC boosted its holdings in shares of Baker Hughes by 46.9% in the first quarter. Rise Advisors LLC now owns 1,667 shares of the company’s stock valued at $56,000 after acquiring an additional 532 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on BKR shares. The Goldman Sachs Group upped their price target on shares of Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday. Bank of America dropped their price target on Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Morgan Stanley increased their price objective on Baker Hughes from $40.00 to $43.00 in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their target price on Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday. Finally, Stifel Nicolaus increased their price target on Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Insider Buying and Selling

In other news, EVP Maria C. Borras sold 55,980 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $32.00, for a total value of $1,791,360.00. Following the completion of 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 legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by corporate insiders.

Baker Hughes Price Performance

Baker Hughes stock traded up $0.82 during trading hours on Monday, hitting $38.47. The stock had a trading volume of 13,441,237 shares, compared to its average volume of 7,602,625. The stock has a market capitalization of $38.39 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 0.64 and a beta of 1.41. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The stock’s fifty day moving average is $33.74 and its two-hundred day moving average is $32.30. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $38.58.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The business had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter in the previous year, the business earned $0.39 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. As a group, analysts predict that Baker Hughes will post 2.11 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Tuesday, August 6th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $0.84 annualized dividend and a dividend yield of 2.18%. Baker Hughes’s payout ratio is 46.93%.

Baker Hughes 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.