Baker Hughes A GE (NYSE:BHGE) had its target price cut by Wells Fargo & Co from $31.00 to $30.00 in a research note issued to investors on Thursday morning, BenzingaRatingsTable reports. They currently have an outperform rating on the stock.
Several other research firms also recently commented on BHGE. AltaCorp Capital reiterated an outperform rating on shares of Baker Hughes A GE in a research note on Thursday, June 20th. Credit Suisse Group upped their price objective on Baker Hughes A GE from $27.00 to $28.00 and gave the company an outperform rating in a research note on Thursday, August 1st. Jefferies Financial Group set a $32.00 price objective on Baker Hughes A GE and gave the company a buy rating in a research note on Thursday, June 6th. TheStreet upgraded Baker Hughes A GE from a d+ rating to a c- rating in a research note on Thursday, June 20th. Finally, Bank of America dropped their price objective on Baker Hughes A GE from $32.00 to $27.00 and set a buy rating on the stock in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $34.87.
Shares of NYSE BHGE traded up $0.15 during midday trading on Thursday, reaching $22.79. The company’s stock had a trading volume of 429,768 shares, compared to its average volume of 4,333,419. Baker Hughes A GE has a 12-month low of $20.09 and a 12-month high of $34.49. The firm has a 50 day moving average price of $22.90 and a 200-day moving average price of $24.39. The stock has a market capitalization of $23.50 billion, a P/E ratio of 34.54, a PEG ratio of 3.07 and a beta of 0.96. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.60 and a quick ratio of 1.09.
The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Tuesday, August 13th were given a dividend of $0.18 per share. The ex-dividend date was Monday, August 12th. This represents a $0.72 annualized dividend and a dividend yield of 3.16%. Baker Hughes A GE’s dividend payout ratio is currently 109.09%.
In related news, Director John G. Rice bought 10,000 shares of the company’s stock in a transaction on Friday, August 16th. The shares were purchased at an average price of $20.75 per share, for a total transaction of $207,500.00. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $311,250. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Lorenzo Simonelli purchased 15,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of $20.61 per share, for a total transaction of $309,150.00. Following the acquisition, the chief executive officer now owns 113,368 shares of the company’s stock, valued at approximately $2,336,514.48. The disclosure for this purchase can be found here. Corporate insiders own 0.21% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Baker Hughes A GE by 0.5% in the second quarter. Vanguard Group Inc. now owns 48,415,177 shares of the company’s stock worth $1,192,466,000 after purchasing an additional 235,028 shares during the period. BlackRock Inc. increased its stake in Baker Hughes A GE by 18.8% in the second quarter. BlackRock Inc. now owns 45,244,203 shares of the company’s stock valued at $1,114,366,000 after acquiring an additional 7,154,384 shares during the last quarter. Invesco Ltd. increased its stake in Baker Hughes A GE by 2.9% in the second quarter. Invesco Ltd. now owns 14,356,911 shares of the company’s stock valued at $353,610,000 after acquiring an additional 406,655 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Baker Hughes A GE by 24.4% in the first quarter. The Manufacturers Life Insurance Company now owns 11,739,780 shares of the company’s stock valued at $325,427,000 after acquiring an additional 2,301,773 shares during the last quarter. Finally, Pzena Investment Management LLC increased its stake in Baker Hughes A GE by 14.1% in the second quarter. Pzena Investment Management LLC now owns 6,319,078 shares of the company’s stock valued at $155,639,000 after acquiring an additional 778,490 shares during the last quarter. 48.39% of the stock is currently owned by hedge funds and other institutional investors.
About Baker Hughes A GE
Baker Hughes, a GE company provides integrated oilfield products, services, and digital solutions worldwide. Its Oilfield Services segment offers drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, completions tools and systems, wellbore intervention tools and services, artificial lift systems, pressure pumping systems, and oilfield and industrial chemicals for integrated oil and natural gas, and oilfield service companies.
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