Harvest Fund Management Co. Ltd increased its holdings in shares of Baker Hughes Company (NASDAQ:BKR – Free Report) by 21.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 73,679 shares of the company’s stock after purchasing an additional 13,074 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Baker Hughes were worth $3,355,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. grew its stake in Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after acquiring an additional 468 shares during the period. JFS Wealth Advisors LLC grew its stake in Baker Hughes by 45.1% in the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company’s stock valued at $37,000 after acquiring an additional 252 shares during the period. Wolff Wiese Magana LLC grew its stake in Baker Hughes by 55.6% in the fourth quarter. Wolff Wiese Magana LLC now owns 840 shares of the company’s stock valued at $38,000 after acquiring an additional 300 shares during the period. Hilltop National Bank grew its stake in Baker Hughes by 26.7% in the fourth quarter. Hilltop National Bank now owns 1,423 shares of the company’s stock valued at $65,000 after acquiring an additional 300 shares during the period. Finally, Harbour Investments Inc. grew its stake in Baker Hughes by 31.4% in the fourth quarter. Harbour Investments Inc. now owns 1,442 shares of the company’s stock valued at $66,000 after acquiring an additional 345 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have commented on BKR. JPMorgan Chase & Co. raised their price objective on Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Argus raised their price objective on Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. UBS Group raised their price objective on Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Evercore reissued an “outperform” rating and issued a $76.00 price objective on shares of Baker Hughes in a research note on Monday, April 27th. Finally, BMO Capital Markets raised their price objective on Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.14.
Insider Activity
In other news, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 272,594 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the transaction, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This represents a 23.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 282,745 shares of company stock worth $16,651,472 over the last 90 days. 0.19% of the stock is currently owned by corporate insiders.
Baker Hughes Stock Up 2.9%
BKR stock opened at $66.11 on Friday. Baker Hughes Company has a twelve month low of $37.08 and a twelve month high of $70.41. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The stock’s 50 day moving average is $63.91 and its 200-day moving average is $57.31. The firm has a market capitalization of $65.59 billion, a PE ratio of 21.12, a P/E/G ratio of 2.29 and a beta of 0.93.
Baker Hughes (NASDAQ:BKR – Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same quarter last year, the company earned $0.51 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Sell-side analysts expect that Baker Hughes Company will post 2.31 EPS for the current fiscal year.
Baker Hughes Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s dividend payout ratio (DPR) is currently 29.39%.
About Baker Hughes
Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.
The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.
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