QRG Capital Management Inc. Increases Position in Baker Hughes Company (NASDAQ:BKR)

QRG Capital Management Inc. increased its stake in Baker Hughes Company (NASDAQ:BKR) by 54.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 70,205 shares of the company’s stock after acquiring an additional 24,607 shares during the period. QRG Capital Management Inc.’s holdings in Baker Hughes were worth $3,085,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC grew its position in Baker Hughes by 135.9% in the fourth quarter. JFS Wealth Advisors LLC now owns 670 shares of the company’s stock worth $27,000 after acquiring an additional 386 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Baker Hughes in the fourth quarter worth $30,000. Larson Financial Group LLC grew its position in Baker Hughes by 41.2% in the fourth quarter. Larson Financial Group LLC now owns 740 shares of the company’s stock worth $30,000 after acquiring an additional 216 shares in the last quarter. Kestra Investment Management LLC purchased a new position in Baker Hughes in the fourth quarter worth $45,000. Finally, OFI Invest Asset Management purchased a new stake in Baker Hughes during the fourth quarter valued at about $47,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Trading Down 1.6%

NASDAQ:BKR opened at $38.98 on Thursday. The company’s 50 day moving average price is $37.45 and its 200-day moving average price is $41.30. Baker Hughes Company has a 52 week low of $32.12 and a 52 week high of $49.40. The company has a quick ratio of 0.93, a current ratio of 1.34 and a debt-to-equity ratio of 0.35. The stock has a market cap of $38.62 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 4.21 and a beta of 0.91.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Baker Hughes had a net margin of 10.51% and a return on equity of 14.70%. The firm had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.54 billion. On average, equities research analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Tuesday, May 6th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date was Tuesday, May 6th. Baker Hughes’s payout ratio is 31.40%.

Wall Street Analysts Forecast Growth

BKR has been the subject of several analyst reports. Morgan Stanley cut their price target on shares of Baker Hughes from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Royal Bank Of Canada cut their price target on shares of Baker Hughes from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. TD Securities lowered their price objective on shares of Baker Hughes from $50.00 to $49.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Barclays lowered their price objective on shares of Baker Hughes from $54.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, April 24th. Finally, Citigroup lowered their price objective on shares of Baker Hughes from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Two analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.11.

Baker Hughes 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.