Baker Hughes (NASDAQ:BKR) Short Interest Up 9.3% in September

Baker Hughes (NASDAQ:BKR) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 19,190,000 shares, an increase of 9.3% from the September 15th total of 17,550,000 shares. Based on an average trading volume of 6,540,000 shares, the days-to-cover ratio is currently 2.9 days.

Analysts Set New Price Targets

BKR has been the topic of a number of research reports. BMO Capital Markets raised their price target on shares of Baker Hughes from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, October 10th. Royal Bank of Canada increased their price objective on Baker Hughes from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Susquehanna upped their target price on shares of Baker Hughes from $40.00 to $46.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Citigroup lowered their price target on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, September 27th. Finally, Wells Fargo & Company upgraded Baker Hughes from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $40.00 to $42.00 in a report on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.59.

Baker Hughes Trading Up 1.2 %

Shares of NASDAQ BKR traded up $0.42 during trading on Wednesday, reaching $36.74. The stock had a trading volume of 3,188,352 shares, compared to its average volume of 7,246,181. The business’s 50-day moving average price is $35.41 and its 200-day moving average price is $34.23. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The company has a market cap of $36.67 billion, a P/E ratio of 20.53, a PEG ratio of 0.61 and a beta of 1.38.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The company had revenue of $7.10 billion for the quarter, compared to analyst estimates 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 for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 earnings per share. On average, equities research analysts predict that Baker Hughes will post 2.25 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were given a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.84 annualized dividend and a yield of 2.29%. Baker Hughes’s dividend payout ratio is presently 46.93%.

Insider Transactions at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction dated 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 transaction, the chief executive officer now owns 502,053 shares in the company, valued at $17,571,855. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of Baker Hughes

A number of large investors have recently modified their holdings of BKR. Redmont Wealth Advisors LLC purchased a new stake in shares of Baker Hughes during the first quarter worth approximately $27,000. New Covenant Trust Company N.A. acquired a new stake in shares of Baker Hughes in the 1st quarter valued at $34,000. Alta Advisers Ltd purchased a new stake in shares of Baker Hughes during the 2nd quarter worth $42,000. Headlands Technologies LLC acquired a new position in shares of Baker Hughes during the second quarter worth $48,000. Finally, Quarry LP increased its holdings in Baker Hughes by 81.1% in the second quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after buying an additional 714 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

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.