Baker Hughes Company (NASDAQ:BKR – Get Free Report) CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the sale, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. The trade was a 20.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Lorenzo Simonelli also recently made the following trade(s):
- On Friday, June 12th, Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock. The stock was sold at an average price of $63.36, for a total value of $11,494,200.96.
Baker Hughes Stock Down 0.7%
Shares of NASDAQ:BKR opened at $56.56 on Friday. The stock’s 50-day moving average is $63.56 and its 200 day moving average is $58.51. The company has a market cap of $56.11 billion, a PE ratio of 18.07, a P/E/G ratio of 2.05 and a beta of 0.93. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes Company has a 1 year low of $37.67 and a 1 year high of $70.41.
Baker Hughes Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.6%. Baker Hughes’s payout ratio is 29.39%.
Key Headlines Impacting Baker Hughes
Here are the key news stories impacting Baker Hughes this week:
- Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy’s Greater PAJ Development
- Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
- Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
- Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
- Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
- Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares
Institutional Trading of Baker Hughes
A number of hedge funds have recently modified their holdings of BKR. EFG International AG purchased a new position in Baker Hughes during the 4th quarter valued at about $26,000. Cullen Frost Bankers Inc. increased its stake in shares of Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after purchasing an additional 468 shares in the last quarter. Quarry LP bought a new position in shares of Baker Hughes during the fourth quarter valued at approximately $31,000. MV Capital Management Inc. purchased a new position in shares of Baker Hughes during the fourth quarter valued at approximately $34,000. Finally, Acumen Wealth Advisors LLC purchased a new position in shares of Baker Hughes during the fourth quarter valued at approximately $35,000. Institutional investors own 92.06% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts have commented on BKR shares. Jefferies Financial Group restated a “buy” rating and issued a $80.00 price objective on shares of Baker Hughes in a report on Sunday, April 26th. Capital One Financial lifted their target price on shares of Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. Argus boosted their price target on shares of Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. JPMorgan Chase & Co. increased their price target on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Stifel Nicolaus raised their price objective on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $69.14.
Read Our Latest Stock Analysis on BKR
Baker Hughes Company Profile
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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