QRG Capital Management Inc. Raises Stock Position in Baker Hughes Company (NASDAQ:BKR)

QRG Capital Management Inc. increased its stake in Baker Hughes Company (NASDAQ:BKR) by 54.0% during the 1st quarter, HoldingsChannel reports. The firm owned 70,205 shares of the company’s stock after buying an additional 24,607 shares during the period. QRG Capital Management Inc.’s holdings in Baker Hughes were worth $3,085,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BKR. Norges Bank purchased a new stake in Baker Hughes in the fourth quarter worth approximately $829,092,000. Raymond James Financial Inc. purchased a new stake in Baker Hughes in the fourth quarter worth approximately $291,289,000. Neuberger Berman Group LLC boosted its holdings in Baker Hughes by 2,527.6% in the fourth quarter. Neuberger Berman Group LLC now owns 3,319,418 shares of the company’s stock worth $136,158,000 after purchasing an additional 3,193,089 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Baker Hughes during the 4th quarter worth $128,542,000. Finally, FMR LLC boosted its stake in shares of Baker Hughes by 12.5% during the 4th quarter. FMR LLC now owns 15,702,057 shares of the company’s stock worth $644,098,000 after acquiring an additional 1,744,225 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BKR shares. Barclays dropped their price target on shares of Baker Hughes from $54.00 to $48.00 and set an “overweight” rating on the stock in a research note on Thursday, April 24th. Stifel Nicolaus set a $50.00 price target on shares of Baker Hughes and gave the stock a “buy” rating in a research note on Thursday, April 24th. TD Securities dropped their price target on shares of Baker Hughes from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. TD Cowen dropped their price target on shares of Baker Hughes from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Finally, Citigroup dropped their price target on shares of Baker Hughes from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.11.

Baker Hughes Stock Performance

Shares of NASDAQ BKR opened at $38.98 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.93 and a current ratio of 1.34. The company has a market cap of $38.62 billion, a P/E ratio of 13.30, a P/E/G ratio of 4.21 and a beta of 0.91. The firm’s fifty day moving average is $37.45 and its two-hundred day moving average is $41.30. Baker Hughes Company has a 52-week low of $32.12 and a 52-week high of $49.40.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Baker Hughes had a net margin of 10.51% and a return on equity of 14.70%. The company had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.54 billion. As a group, analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Tuesday, May 6th were paid a $0.23 dividend. The ex-dividend date was Tuesday, May 6th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.36%. Baker Hughes’s payout ratio is currently 31.40%.

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.