Baker Hughes (NASDAQ:BKR) Sets New 52-Week High – Here’s What Happened

Baker Hughes (NASDAQ:BKR)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.44 and last traded at $44.14, with a volume of 309258 shares trading hands. The stock had previously closed at $44.11.

Analyst Upgrades and Downgrades

BKR has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Argus raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Stifel Nicolaus boosted their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Evercore ISI lifted their price objective on shares of Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, Jefferies Financial Group lifted their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.12.

Baker Hughes Stock Performance

The firm’s fifty day moving average price is $36.94 and its 200-day moving average price is $35.01. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The firm has a market cap of $42.62 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.74 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.06. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The business had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. During the same quarter in the prior year, the business posted $0.42 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. Analysts expect that Baker Hughes will post 2.29 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be given a $0.21 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.84 annualized dividend and a yield of 1.95%. Baker Hughes’s dividend payout ratio (DPR) is 37.67%.

Institutional Trading of Baker Hughes

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bridges Investment Management Inc. raised its position in Baker Hughes by 3.1% during the 3rd 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 last quarter. UMB Bank n.a. raised its position in Baker Hughes by 18.4% during the 2nd quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock worth $66,000 after buying an additional 291 shares during the last quarter. Graypoint LLC raised its position in Baker Hughes by 3.0% during the 3rd quarter. Graypoint LLC now owns 10,288 shares of the company’s stock worth $372,000 after buying an additional 301 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in Baker Hughes by 1.4% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock worth $1,079,000 after buying an additional 398 shares during the last quarter. Finally, Guinness Atkinson Asset Management Inc raised its position in Baker Hughes by 6.9% during the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 7,205 shares of the company’s stock worth $253,000 after buying an additional 467 shares during the last quarter. Hedge funds and other institutional investors 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.