Liontrust Investment Partners LLP bought a new stake in shares of Baker Hughes Company (NASDAQ:BKR – Free Report) in the 1st quarter, Holdings Channel reports. The institutional investor bought 173,957 shares of the company’s stock, valued at approximately $10,620,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Hobbs Group Advisors LLC bought a new stake in Baker Hughes in the 1st quarter valued at $445,000. Bank of America Corp DE boosted its holdings in shares of Baker Hughes by 5.1% during the 1st quarter. Bank of America Corp DE now owns 3,837,618 shares of the company’s stock valued at $234,287,000 after purchasing an additional 184,897 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of Baker Hughes during the first quarter valued at about $1,143,000. Amundi grew its position in shares of Baker Hughes by 28.2% during the first quarter. Amundi now owns 10,946,464 shares of the company’s stock valued at $668,282,000 after purchasing an additional 2,409,978 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Baker Hughes by 36.6% in the first quarter. EverSource Wealth Advisors LLC now owns 11,736 shares of the company’s stock worth $717,000 after purchasing an additional 3,146 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
BKR has been the topic of a number of research analyst reports. Stifel Nicolaus boosted their target price on Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Citigroup raised their price target on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Wall Street Zen raised Baker Hughes from a “hold” rating to a “buy” rating in a research note on Tuesday. Piper Sandler upped their price objective on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Baker Hughes in a research report on Thursday, July 9th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.95.
Insiders Place Their Bets
In related news, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was 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 directly owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a filing 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, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by corporate insiders.
Baker Hughes Trading Up 2.0%
BKR opened at $59.90 on Friday. The stock has a 50-day moving average of $59.47 and a 200 day moving average of $60.25. The company has a current ratio of 2.09, a quick ratio of 1.77 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a 12 month low of $41.96 and a 12 month high of $70.41. The firm has a market cap of $59.42 billion, a P/E ratio of 19.32, a P/E/G ratio of 2.30 and a beta of 0.96.
Baker Hughes (NASDAQ:BKR – Get Free Report) last posted 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. The business had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The company’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the company earned $0.63 EPS. As a group, research analysts forecast that Baker Hughes Company will post 2.4 EPS for the current year.
Baker Hughes Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, August 7th. Baker Hughes’s dividend payout ratio is presently 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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