Geneos Wealth Management Inc. raised its stake in shares of Baker Hughes Company (NASDAQ:BKR – Free Report) by 12.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 119,724 shares of the company’s stock after purchasing an additional 12,968 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Baker Hughes were worth $7,309,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of BKR. Pinion Investment Advisors LLC acquired a new stake in Baker Hughes in the 4th quarter valued at $778,000. Nordea Investment Management AB raised its stake in Baker Hughes by 12.7% during the fourth quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company’s stock worth $125,813,000 after acquiring an additional 309,996 shares in the last quarter. OP Asset Management Ltd acquired a new position in Baker Hughes during the first quarter worth $6,049,000. USA Financial Formulas bought a new position in shares of Baker Hughes during the fourth quarter valued at $830,000. Finally, Ninety One UK Ltd boosted its stake in shares of Baker Hughes by 28.6% in the 4th quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock valued at $21,373,000 after purchasing an additional 104,428 shares in the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
BKR has been the topic of several analyst reports. TD Cowen upped their target price on shares of Baker Hughes from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Barclays cut their price target on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a report on Thursday. JPMorgan Chase & Co. upped their price objective 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. Weiss Ratings cut shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Finally, Zacks Research raised shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Eighteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.00.
Insider Activity
In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 367,910 shares of company stock worth $22,420,797 in the last ninety days. Insiders own 0.19% of the company’s stock.
Baker Hughes Trading Down 1.2%
Shares of BKR opened at $56.54 on Friday. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a 12-month low of $38.47 and a 12-month high of $70.41. The firm has a market capitalization of $56.09 billion, a PE ratio of 18.06, a price-to-earnings-growth ratio of 2.08 and a beta of 0.96. The stock’s fifty day simple moving average is $61.01 and its 200-day simple moving average is $59.56.
Baker Hughes (NASDAQ:BKR – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.51 earnings per share. As a group, research analysts predict that Baker Hughes Company will post 2.27 earnings per share for the current year.
Baker Hughes Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s dividend payout ratio (DPR) is 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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