Webster Bank N. A. Purchases New Position in Baker Hughes Company $BKR

Webster Bank N. A. bought a new position in shares of Baker Hughes Company (NASDAQ:BKR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 70,481 shares of the company’s stock, valued at approximately $3,434,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of BKR. Brandywine Global Investment Management LLC lifted its stake in shares of Baker Hughes by 8.2% during the second quarter. Brandywine Global Investment Management LLC now owns 648,149 shares of the company’s stock valued at $24,850,000 after buying an additional 49,108 shares during the period. Synergy Asset Management LLC purchased a new position in shares of Baker Hughes during the 3rd quarter worth $1,920,000. Schroder Investment Management Group grew its position in shares of Baker Hughes by 0.6% in the second quarter. Schroder Investment Management Group now owns 1,450,363 shares of the company’s stock valued at $55,607,000 after purchasing an additional 8,994 shares during the period. California Public Employees Retirement System increased its stake in Baker Hughes by 8.7% in the second quarter. California Public Employees Retirement System now owns 1,800,362 shares of the company’s stock valued at $69,026,000 after purchasing an additional 144,381 shares during the last quarter. Finally, Empowered Funds LLC boosted its stake in Baker Hughes by 422.3% in the 2nd quarter. Empowered Funds LLC now owns 289,951 shares of the company’s stock worth $11,117,000 after buying an additional 234,440 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $50.20 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. Baker Hughes Company has a fifty-two week low of $33.60 and a fifty-two week high of $51.12. The business has a 50 day moving average price of $47.68 and a two-hundred day moving average price of $45.54. The firm has a market cap of $49.54 billion, a PE ratio of 17.31, a price-to-earnings-growth ratio of 1.72 and a beta of 0.89.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Friday, November 18th. The company reported $0.16 EPS for the quarter. The company had revenue of $5.09 billion during the quarter. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%. Sell-side analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Tuesday, November 4th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, November 4th. Baker Hughes’s dividend payout ratio is currently 31.72%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BKR. Citigroup raised their target price on shares of Baker Hughes from $55.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Susquehanna increased their target price on Baker Hughes from $56.00 to $58.00 and gave the stock a “positive” rating in a research report on Wednesday. Piper Sandler upped their price target on Baker Hughes from $50.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Barclays lifted their price objective on Baker Hughes from $53.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, October 27th. Finally, HSBC raised their price target on shares of Baker Hughes from $54.00 to $56.00 and gave the company a “buy” rating in a report on Monday, October 27th. Twenty-three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.92.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.