Baker Hughes (NASDAQ:BKR) Short Interest Down 10.3% in December

Baker Hughes (NASDAQ:BKR) saw a significant drop in short interest in December. As of December 31st, there was short interest totalling 13,650,000 shares, a drop of 10.3% from the December 15th total of 15,210,000 shares. Based on an average daily volume of 6,110,000 shares, the days-to-cover ratio is presently 2.2 days.

Institutional Trading of Baker Hughes

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new stake in Baker Hughes in the 3rd quarter worth about $30,000. True Wealth Design LLC raised its position in Baker Hughes by 2,181.6% in the 3rd quarter. True Wealth Design LLC now owns 867 shares of the company’s stock worth $31,000 after purchasing an additional 829 shares during the period. Continuum Advisory LLC grew its position in Baker Hughes by 442.2% during the 3rd quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock worth $35,000 after acquiring an additional 796 shares during the last quarter. Quarry LP increased its position in shares of 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 acquiring an additional 714 shares during the period. Finally, Eastern Bank lifted its holdings in Baker Hughes by 598.4% in the 4th quarter. Eastern Bank now owns 1,739 shares of the company’s stock worth $71,000 after buying an additional 1,490 shares during the period. 92.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Argus raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Jefferies Financial Group raised their target price on shares of Baker Hughes from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Morgan Stanley lifted their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Benchmark restated a “buy” rating and set a $42.00 price objective on shares of Baker Hughes in a research note on Thursday, October 24th. Finally, Royal Bank of Canada lifted their target price on Baker Hughes from $43.00 to $49.00 and gave the company an “outperform” rating in a research report on Thursday, December 12th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and an average price target of $47.53.

Baker Hughes Price Performance

Shares of BKR traded up $0.21 during trading hours on Friday, reaching $46.54. The stock had a trading volume of 8,479,344 shares, compared to its average volume of 4,849,551. The stock has a market capitalization of $46.05 billion, a PE ratio of 20.87, a PEG ratio of 0.79 and a beta of 1.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.30. The company’s 50-day moving average is $42.74 and its two-hundred day moving average is $38.33. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $47.47.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.06. The company had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. Baker Hughes’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.42 earnings per share. Research analysts expect that Baker Hughes will post 2.29 EPS for the current year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were paid a dividend of $0.21 per share. The ex-dividend date was Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a yield of 1.80%. Baker Hughes’s dividend payout ratio (DPR) is presently 37.67%.

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.