Toronto Dominion Bank Grows Stake in Baker Hughes (NASDAQ:BKR)

Toronto Dominion Bank grew its position in shares of Baker Hughes (NASDAQ:BKR) by 69.7% in the third quarter, Holdings Channel reports. The firm owned 527,501 shares of the company’s stock after purchasing an additional 216,613 shares during the period. Toronto Dominion Bank’s holdings in Baker Hughes were worth $19,069,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BKR. Hotchkis & Wiley Capital Management LLC grew its position in Baker Hughes by 34.7% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 10,920,478 shares of the company’s stock worth $394,775,000 after acquiring an additional 2,811,940 shares in the last quarter. Yaupon Capital Management LP purchased a new position in Baker Hughes in the third quarter worth $47,296,000. Eagle Asset Management Inc. grew its position in Baker Hughes by 18.6% in the third quarter. Eagle Asset Management Inc. now owns 5,486,207 shares of the company’s stock worth $198,326,000 after acquiring an additional 860,219 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Baker Hughes by 436.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,004,647 shares of the company’s stock worth $36,318,000 after acquiring an additional 817,227 shares in the last quarter. Finally, Groupama Asset Managment grew its position in Baker Hughes by 1,045.1% in the third quarter. Groupama Asset Managment now owns 889,378 shares of the company’s stock worth $32,000 after acquiring an additional 811,711 shares in the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on BKR shares. Benchmark reiterated a “buy” rating and issued a $42.00 target price on shares of Baker Hughes in a research report on Thursday, October 24th. Royal Bank of Canada boosted their price target on shares of Baker Hughes from $43.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday. Argus raised shares of Baker Hughes from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. UBS Group lowered their price target on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, Citigroup boosted their price target on shares of Baker Hughes from $42.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.12.

Baker Hughes Price Performance

BKR stock opened at $42.33 on Friday. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $45.17. The company has a market cap of $41.89 billion, a P/E ratio of 18.98, a PEG ratio of 0.70 and a beta of 1.40. The firm has a 50-day moving average of $40.47 and a 200 day moving average of $36.60. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.30 and a quick ratio of 0.88.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The company had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.21 billion. During the same period in the prior year, the firm earned $0.42 earnings per share. Baker Hughes’s revenue was up 4.0% on a year-over-year basis. On average, sell-side analysts forecast that Baker Hughes will post 2.29 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Monday, November 4th. Baker Hughes’s payout ratio is currently 37.67%.

Baker Hughes Company 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.