Hourglass Capital LLC Trims Holdings in Baker Hughes (NASDAQ:BKR)

Hourglass Capital LLC cut its stake in Baker Hughes (NASDAQ:BKR) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 170,045 shares of the company’s stock after selling 2,505 shares during the quarter. Baker Hughes comprises about 1.7% of Hourglass Capital LLC’s holdings, making the stock its 25th largest position. Hourglass Capital LLC’s holdings in Baker Hughes were worth $6,147,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in BKR. Ashton Thomas Securities LLC purchased a new position in Baker Hughes during the third quarter worth about $30,000. New Covenant Trust Company N.A. purchased a new position in Baker Hughes during the first quarter worth about $34,000. Alta Advisers Ltd purchased a new position in Baker Hughes during the second quarter worth about $42,000. Headlands Technologies LLC purchased a new position in Baker Hughes during the second quarter worth about $48,000. Finally, Quarry LP grew its position in Baker Hughes by 81.1% during the second quarter. Quarry LP now owns 1,594 shares of the company’s stock worth $56,000 after buying an additional 714 shares in the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BKR has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $43.00 price target on shares of Baker Hughes in a research note on Thursday, October 24th. TD Cowen boosted their target price on Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, July 29th. BMO Capital Markets boosted their target price on Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Argus raised Baker Hughes from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Finally, UBS Group lowered their price target on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.12.

Baker Hughes Price Performance

NASDAQ BKR opened at $43.07 on Thursday. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $44.49. The business’s fifty day moving average price is $36.94 and its 200-day moving average price is $35.01. The stock has a market capitalization of $42.62 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.74 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88.

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

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 4th will be issued a $0.21 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a yield of 1.95%. Baker Hughes’s dividend payout ratio is currently 37.67%.

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.