Headlands Technologies LLC lowered its stake in Baker Hughes Company (NASDAQ:BKR – Free Report) by 8.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 99,400 shares of the company’s stock after selling 8,771 shares during the quarter. Headlands Technologies LLC’s holdings in Baker Hughes were worth $5,517,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of BKR. Woodline Partners LP raised its stake in Baker Hughes by 40.8% in the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after purchasing an additional 24,225 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Baker Hughes by 5.6% during the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after buying an additional 986 shares during the last quarter. Jump Financial LLC purchased a new stake in Baker Hughes in the second quarter valued at $2,301,000. NewEdge Advisors LLC lifted its position in Baker Hughes by 4.0% in the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock valued at $1,779,000 after buying an additional 1,768 shares during the last quarter. Finally, Nebula Research & Development LLC purchased a new position in shares of Baker Hughes during the 2nd quarter worth approximately $1,014,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, CAO Rebecca L. Charlton sold 5,088 shares of the company’s 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 transaction, 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 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, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of 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 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. In the last three months, insiders sold 367,910 shares of company stock valued at $22,420,797. Company insiders own 0.19% of the company’s stock.
Baker Hughes Price Performance
Baker Hughes (NASDAQ:BKR – Get Free Report) last announced its earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The company had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. During the same quarter in the previous year, the business posted $0.63 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Analysts anticipate that Baker Hughes Company will post 2.51 EPS for the current fiscal year.
Baker Hughes Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were issued a dividend of $0.23 per share. The ex-dividend date was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Baker Hughes’s payout ratio is 29.68%.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on BKR. Weiss Ratings lowered shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Morgan Stanley assumed coverage on Baker Hughes in a research note on Friday, August 7th. They set an “overweight” rating and a $70.00 target price for the company. Royal Bank Of Canada upped their price objective on shares of Baker Hughes from $71.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. 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 report on Thursday, May 21st. Finally, TD Cowen lifted their target price on Baker Hughes from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.67.
Read Our Latest Stock Report on Baker Hughes
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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