Baker Hughes Company $BKR Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. decreased its holdings in Baker Hughes Company (NASDAQ:BKR) by 4.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,812 shares of the company’s stock after selling 14,642 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Baker Hughes were worth $13,963,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Pinion Investment Advisors LLC acquired a new stake in shares of Baker Hughes in the 4th quarter worth $778,000. Nordea Investment Management AB lifted its position in Baker Hughes by 12.7% during the 4th 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 during the period. Legal & General Group Plc lifted its position in Baker Hughes by 5.4% during the 3rd quarter. Legal & General Group Plc now owns 7,147,684 shares of the company’s stock worth $348,234,000 after acquiring an additional 367,728 shares during the period. Cibc World Market Inc. lifted its position in Baker Hughes by 13.6% during the 3rd quarter. Cibc World Market Inc. now owns 829,816 shares of the company’s stock worth $40,429,000 after acquiring an additional 99,314 shares during the period. Finally, Johnson Investment Counsel Inc. lifted its position in Baker Hughes by 10,225.3% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 849,566 shares of the company’s stock worth $41,391,000 after acquiring an additional 841,338 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Stock Performance

NASDAQ BKR opened at $66.79 on Thursday. The stock has a 50-day simple moving average of $62.53 and a two-hundred day simple moving average of $55.99. The firm has a market capitalization of $66.26 billion, a P/E ratio of 21.34, a PEG ratio of 2.33 and a beta of 0.97. Baker Hughes Company has a fifty-two week low of $35.83 and a fifty-two week high of $70.41. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company’s revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.51 EPS. On average, equities analysts forecast that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s payout ratio is currently 29.39%.

Insider Activity

In related news, insider Maria Georgia Magno sold 5,063 shares of Baker Hughes stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the transaction, the insider owned 15,555 shares in the company, valued at $918,367.20. The trade was a 24.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the transaction, the chief executive officer owned 866,444 shares of the company’s stock, valued at approximately $50,938,242.76. This represents a 23.93% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 550,250 shares of company stock valued at $32,988,331. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on the company. Johnson Rice assumed coverage on Baker Hughes in a research report on Wednesday, February 25th. They set a “buy” rating and a $68.00 price target for the company. Zacks Research cut Baker Hughes from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 28th. Susquehanna lifted their price target on Baker Hughes from $70.00 to $80.00 and gave the stock a “positive” rating in a research report on Monday, April 27th. Jefferies Financial Group reaffirmed a “buy” rating and set a $80.00 price target on shares of Baker Hughes in a research report on Sunday, April 26th. Finally, Piper Sandler lifted their price target on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Eighteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average target price of $69.18.

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.