PNC Financial Services Group Inc. Buys 15,477 Shares of Baker Hughes (NASDAQ:BKR)

PNC Financial Services Group Inc. lifted its stake in shares of Baker Hughes (NASDAQ:BKR) by 13.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 134,735 shares of the company’s stock after purchasing an additional 15,477 shares during the period. PNC Financial Services Group Inc.’s holdings in Baker Hughes were worth $4,871,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BKR. Ashton Thomas Securities LLC acquired a new stake in shares of Baker Hughes during the 3rd quarter worth approximately $30,000. New Covenant Trust Company N.A. acquired a new stake in Baker Hughes during the 1st quarter worth $34,000. Alta Advisers Ltd bought a new stake in shares of Baker Hughes during the 2nd quarter valued at $42,000. Headlands Technologies LLC bought a new position in shares of Baker Hughes in the 2nd quarter worth $48,000. Finally, Quarry LP grew its stake in shares of 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 purchasing an additional 714 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Trading Down 1.4 %

Shares of NASDAQ:BKR opened at $44.25 on Friday. The company has a 50-day simple moving average of $38.54 and a 200 day simple moving average of $35.63. The company has a market capitalization of $43.79 billion, a P/E ratio of 19.84, a price-to-earnings-growth ratio of 0.76 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.30. Baker Hughes has a 52-week low of $28.32 and a 52-week high of $45.17.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, beating 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 business had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. During the same quarter in the prior year, the business earned $0.42 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Sell-side analysts forecast that Baker Hughes will post 2.29 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $0.84 annualized dividend and a yield of 1.90%. Baker Hughes’s dividend payout ratio is currently 37.67%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Susquehanna raised their target price on Baker Hughes from $46.00 to $48.00 and gave the stock a “positive” rating in a report on Thursday, October 24th. Stifel Nicolaus boosted their price objective on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 29th. Morgan Stanley increased their target price on shares of Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $43.00 price target on shares of Baker Hughes in a report on Thursday, October 24th. Finally, Wells Fargo & Company raised Baker Hughes from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $40.00 to $42.00 in a research note on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.59.

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.