On July 5, 2023, investment firm Raymond James & Associates astounded the finance world by announcing a substantial increase in its holdings of Baker Hughes (NASDAQ:BKR) during the first quarter. As outlined in its recent Form 13F filing with the Securities and Exchange Commission, Raymond James & Associates expanded its stake in Baker Hughes by an impressive 20.1%. This move solidified their position as a notable investor in the company.
According to the report, Raymond James & Associates now owns a staggering 420,814 shares of Baker Hughes after acquiring an additional 70,564 shares over the course of the quarter. The total value of their investment is estimated to be $12,145,000 based on the most recent filing with the Securities and Exchange Commission.
Baker Hughes has also been making waves recently with its dividend payouts. The company declared a quarterly dividend that was disbursed on Friday, June 9th. Shareholders who were recorded as owning stock on Tuesday, May 30th received a dividend payment of $0.19 per share. Notably, Baker Hughes revealed an ex-dividend date of Friday, May 26th. With an annualized dividend rate of $0.76 and a yield of 2.41%, Baker Hughes remains committed to rewarding its shareholders through regular dividends.
Various brokerage firms have chimed in on BKR’s performance and potential. Evercore ISI analysts increased their target price for Baker Hughes from $37.00 to $38.00 and bestowed upon the company an “outperform” rating in April this year. UBS Group also raised their target price from $30.00 to $31.00 around that same time frame.
Additionally, JPMorgan Chase & Co., renowned for its financial prowess and expertise, upgraded their rating for Baker Hughes from “neutral” to “overweight.” In doing so, they set a target price of $32.00 for the stock. The focus on Baker Hughes’ potential also led Barclays to increase their target price from $42.00 to $43.00 and tag the company with an “overweight” rating.
HSBC, a global financial institution, further expressed its positive outlook on Baker Hughes by increasing their price target from $39.00 to $40.00 and issuing a “buy” rating in April.
While two equities research analysts have deemed the stock as a hold, seventeen others strongly advocate buying shares of Baker Hughes. Bloomberg.com data reveals that the company currently boasts an average rating of “Moderate Buy” and an average price target of $35.75.
As financial analysts eagerly debate the investment prospects of Baker Hughes, based on Raymond James & Associates’ significant increase in holdings and Wall Street’s bullish ratings, it is evident that confidence in the company’s future remains high. With robust dividend payouts and positive market sentiment surrounding Baker Hughes, investors may find themselves entranced by the possibilities this energy technology company has to offer
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Institutional Investors and Hedge Funds Show Confidence in Baker Hughes as Company Sees Changes in Shareholder Base
Baker Hughes, a leading energy technology company, has recently seen changes in its shareholder base with institutional investors and hedge funds modifying their holdings. In addition to this, several new positions have been established by notable firms during the last quarter of the previous year.
One such investor is Jefferies Financial Group Inc., which purchased a significant position in Baker Hughes valued at $27,000. Red Tortoise LLC also acquired shares of Baker Hughes, investing $32,000 during the same period. Portland Hill Asset Management Ltd expanded its portfolio by purchasing shares worth $36,000 while Harvest Fund Management Co. Ltd entered the market with an investment of about $40,000. Harel Insurance Investments & Financial Services Ltd. further diversified their holdings by acquiring shares in Baker Hughes valued at approximately $48,000. These institutional investors and hedge funds now own 92.62% of the company’s stock, highlighting their confidence in Baker Hughes’ future prospects.
On May 2nd, SVP Kurt Camilleri sold 12,293 shares of Baker Hughes’ stock at an average price of $28.53 per share. This transaction amounted to a total value of $350,719.29. Following this sale, Camilleri retains ownership of 1,000 shares in the company worth $28,530. Another senior vice president named James E. Apostolides sold 3,195 shares on June 15th at an average price of $29.93 per share amounting to a total value of $95,626.35. With these transactions complete, Apostolides now holds 8,147 shares valued at approximately $243,839.
In terms of dividends offered by the company on June 9th to investors recorded as shareholders on May 30th – a dividend payout ratio was implemented resulting in a payment of $0.19 per share owned by each investor during that period.
NASDAQ BKR commenced trading at $31.60 on the following Wednesday, positioning itself in the market accordingly. The stock’s value has exhibited a twelve month low of $20.42 and a twelve month high of $33.12.
Baker Hughes holds a debt-to-equity ratio of 0.40, indicative of its stable financial standing. The company boasts a quick ratio of 0.91, highlighting its ability to meet short-term obligations promptly, while maintaining a current ratio of 1.32, indicating that it can cover its current liabilities adequately with available assets.
The stock’s market capitalization is currently valued at approximately $31.99 billion with a negative price-to-earnings (PE) ratio of -287.27 and a beta score of 1.50 suggesting that the stock may be more volatile compared to others in the market. The fifty-day simple moving average for Baker Hughes is $29.17 while the two-hundred-day simple moving average stands at $29.68.
According to the last quarterly earnings report published by Baker Hughes on April 19th, the company reported an earnings per share (EPS) of $0.28, surpassing analyst expectations by $0.02 per share which was anticipated to be around $0.26 for that period.
Baker Hughes also demonstrated improvement in terms of revenue growth during this period as their quarterly revenue reached an impressive $5.72 billion compared to analyst estimates predicting it would be around$5.52 billion – indicating an increase in growth rate by approximately 18% when compared to the same quarter from last year.
With these positive indicators signaling promising financial performance, research analysts predict that Baker Hughes will post approximately 1.5 EPS for the current fiscal year – further bolstering investor confidence in this energy technology giant’s future prospects within the industry.
