Victory Capital Management Inc. Reduces Position in Baker Hughes (NASDAQ:BKR)

Victory Capital Management Inc. trimmed its stake in Baker Hughes (NASDAQ:BKR) by 0.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,472,429 shares of the company’s stock after selling 36,191 shares during the period. Baker Hughes accounts for approximately 0.5% of Victory Capital Management Inc.’s holdings, making the stock its 21st largest position. Victory Capital Management Inc. owned about 1.46% of Baker Hughes worth $508,995,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Hohimer Wealth Management LLC bought a new stake in Baker Hughes during the second quarter valued at about $1,100,000. Impact Partnership Wealth LLC bought a new position in shares of Baker Hughes during the 2nd quarter valued at approximately $640,000. TD Asset Management Inc increased its holdings in Baker Hughes by 6.0% in the 2nd quarter. TD Asset Management Inc now owns 423,848 shares of the company’s stock worth $14,907,000 after acquiring an additional 24,145 shares in the last quarter. Fiera Capital Corp purchased a new stake in Baker Hughes in the 2nd quarter worth approximately $443,000. Finally, Ritholtz Wealth Management bought a new stake in Baker Hughes during the 2nd quarter worth approximately $458,000. 92.06% of the stock is owned by institutional investors.

Baker Hughes Price Performance

Baker Hughes stock opened at $34.11 on Friday. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $39.05. The company has a market cap of $34.04 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 0.57 and a beta of 1.41. The firm’s fifty day moving average is $35.24 and its 200 day moving average is $33.30. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.08. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The business’s revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 EPS. Sell-side analysts forecast that Baker Hughes will post 2.24 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.46%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is 46.93%.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the sale, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. UBS Group increased their price objective on shares of Baker Hughes from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Royal Bank of Canada raised their price target on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Benchmark reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Baker Hughes in a research note on Friday, July 26th. Wells Fargo & Company lifted their target price on Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Evercore ISI upped their price target on Baker Hughes from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.38.

About Baker Hughes

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.