SSgA Funds Management, Inc. recently announced the acquisition of new stake in Baker Hughes Co (NASDAQ:BKR). The institutional investor has increased its shareholding in the Energy company by 1.81% to 67.68 million shares with purchase of 1.2 million shares. This fresh investment now brings its stake to 6.73% valued currently at $2.31 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.1 million to 51.96 million shares. And Geode Capital Management LLC has lifted its position by 1.69% or 0.38 million shares – to 22.59 million shares.
With over 12.26 million Baker Hughes Co (BKR) shares trading Friday and a closing price of $31.52 on the day, the dollar volume was approximately $386.38 million. The shares have shown a negative half year performance of -8.24% and its price on 01/12/24 gained nearly 1.12%. Currently, there are 1.01B common shares owned by the public and among those 1.00B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 29 analysts who have offered their price forecasts for BKR have a consensus price objective of $41.50. The analysts have set the share’s price value over the next 12 months at a high of $46.00 and a low of $35.00. The average price target is 24.05% above its recent price level and an upside to the estimated low will see the stock gain 9.94% over that period. But an upside of 31.48% will see the stock hit the forecast high price target while median target price for the stock is $42.00.
Insiders at the company have transacted a total of 62 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 720,884 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 580,165 shares.
The top 3 mutual fund holders in Baker Hughes Co are American Funds Investment Company, Vanguard Total Stock Market ETF, and Dodge & Cox Stock Fund. American Funds Investment Company owns 36.36 million shares of the company’s stock, all valued at over $1.24 billion. The company sold -11.19 million shares recently to bring their total holdings to about 3.61% of the shares outstanding. Vanguard Total Stock Market ETF bought 74800.0 shares to see its total holdings expand to 31.64 million shares valued at over $1.08 billion and representing 3.15% of the shares outstanding. Dodge & Cox Stock Fund bought 0.16 million shares to bring its total holdings to over 30.3 million shares at a value of $1.04 billion. Dodge & Cox Stock Fund now owns shares totaling to 3.01% of the shares outstanding.
Shares of Baker Hughes Co (NASDAQ: BKR) opened at $31.69, up $0.52 from a prior closing price of $31.17. However, the script later moved the day high at 31.78, up 1.12%. The company’s stock has a 5-day price change of -5.69% and -9.35% over the past three months. BKR shares are trading -7.78% year to date (YTD), with the 12-month market performance up to 2.24% higher. It has a 12-month low price of $26.12 and touched a high of $37.58 over the same period. BKR has an average intraday trading volume of 6.92 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.72%, -6.26%, and -3.92% respectively.
Institutional ownership of Baker Hughes Co (NASDAQ: BKR) shares accounts for 92.55% of the company’s 1.01B shares outstanding. Mutual fund holders own 66.70%, while other institutional holders and individual stakeholders account for 7.79% and 27.75% respectively.
It has a market capitalization of $31.72B and a beta (3y monthly) value of 1.43. The stock’s trailing 12-month PE ratio is 18.99, while the earnings-per-share (ttm) stands at $1.66. The company has a PEG of 0.43 and a Quick Ratio of 0.88 with the debt-to-equity ratio at 0.44. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.44% over the week and 1.93% over the month.
Analysts forecast that Baker Hughes Co (BKR) will achieve an EPS of $0.48 for the current quarter, $0.41 for the next quarter and $2.03 for 2024. The lowest estimate earnings-per-share for the quarter is $0.46 while analysts give the company a high EPS estimate of $0.53. Comparatively, EPS for the current quarter was $0.38 a year ago. Earnings per share for the fiscal year are expected to increase by 76.08%, and 28.69% over the next financial year. EPS should grow at an annualized rate of 43.70% over the next five years, compared to -20.47% over the past 5-year period.
Looking at the support for the BKR, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on July 12, 2023, with the firm’s price target at $38.
