Quantitative Investment Management LLC boosted its position in Baker Hughes Company (NASDAQ:BKR – Free Report) by 621.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,474 shares of the company’s stock after purchasing an additional 30,554 shares during the quarter. Quantitative Investment Management LLC’s holdings in Baker Hughes were worth $1,968,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cardano Risk Management B.V. boosted its holdings in shares of Baker Hughes by 1,005.1% during the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after buying an additional 44,887,481 shares in the last quarter. Norges Bank bought a new position in shares of Baker Hughes in the 4th quarter worth about $1,022,491,000. Price T Rowe Associates Inc. MD increased its stake in shares of Baker Hughes by 58.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock worth $529,896,000 after acquiring an additional 4,278,573 shares in the last quarter. Bessemer Group Inc. lifted its position in Baker Hughes by 12,983.5% during the 4th quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock valued at $158,994,000 after acquiring an additional 3,464,637 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Baker Hughes during the fourth quarter worth about $144,262,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.
Analyst Ratings Changes
BKR has been the topic of a number of recent research reports. Susquehanna upped their price objective on shares of Baker Hughes from $70.00 to $72.00 and gave the stock a “positive” rating in a report on Tuesday, July 28th. Weiss Ratings cut Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Baker Hughes in a research report on Thursday, July 9th. Capital One Financial boosted their target price on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Finally, Wolfe Research assumed coverage on Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 target price on the stock. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.67.
Insider Buying and Selling
In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes 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 completion of the sale, the chief executive officer owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business’s stock in a transaction 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 sale, the chief accounting officer owned 15,997 shares of the company’s stock, valued at approximately $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 367,910 shares of company stock valued at $22,420,797 over the last quarter. Company insiders own 0.19% of the company’s stock.
Baker Hughes Trading Up 1.8%
NASDAQ:BKR opened at $63.55 on Tuesday. The stock has a market cap of $63.08 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 1.94 and a beta of 0.97. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The company’s 50 day moving average price is $59.35 and its 200-day moving average price is $61.49. Baker Hughes Company has a 52 week low of $43.92 and a 52 week high of $70.41.
Baker Hughes (NASDAQ:BKR – Get Free Report) last released its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.54 billion. During the same period in the prior year, the firm posted $0.63 EPS. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities research analysts forecast that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.
Baker Hughes Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were paid a $0.23 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. Baker Hughes’s payout ratio is currently 29.68%.
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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