Clearline Capital LP Takes Position in Baker Hughes (NASDAQ:BKR)

Clearline Capital LP bought a new stake in Baker Hughes (NASDAQ:BKR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 180,000 shares of the company’s stock, valued at approximately $6,507,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bridges Investment Management Inc. lifted its stake in shares of Baker Hughes by 3.1% during the third quarter. Bridges Investment Management Inc. now owns 9,203 shares of the company’s stock valued at $333,000 after buying an additional 273 shares during the period. UMB Bank n.a. grew its position in shares of Baker Hughes by 18.4% in the second quarter. UMB Bank n.a. now owns 1,873 shares of the company’s stock valued at $66,000 after purchasing an additional 291 shares during the period. Graypoint LLC increased its stake in Baker Hughes by 3.0% in the third quarter. Graypoint LLC now owns 10,288 shares of the company’s stock valued at $372,000 after purchasing an additional 301 shares during the last quarter. First Trust Direct Indexing L.P. increased its stake in Baker Hughes by 1.4% in the third quarter. First Trust Direct Indexing L.P. now owns 29,841 shares of the company’s stock valued at $1,079,000 after purchasing an additional 398 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its position in Baker Hughes by 4.6% during the third quarter. Hantz Financial Services Inc. now owns 9,027 shares of the company’s stock worth $326,000 after buying an additional 401 shares during the period. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $43.95 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88. The firm has a market capitalization of $43.49 billion, a PE ratio of 19.71, a P/E/G ratio of 0.74 and a beta of 1.38. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $45.17. The business’s fifty day moving average price is $39.39 and its two-hundred day moving average price is $36.04.

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

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 4th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.91%. Baker Hughes’s dividend payout ratio is 37.67%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wells Fargo & Company raised shares of Baker Hughes from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $40.00 to $42.00 in a research note on Wednesday, September 25th. BMO Capital Markets upped their price objective on Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Argus raised Baker Hughes from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada reissued an “outperform” rating and set a $43.00 price target on shares of Baker Hughes in a research report on Thursday, October 24th. Finally, Stifel Nicolaus raised their price objective on Baker Hughes from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.76.

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.