CIBC Asset Management Inc Acquires 107,283 Shares of Baker Hughes Company $BKR

CIBC Asset Management Inc grew its holdings in Baker Hughes Company (NASDAQ:BKR) by 35.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 413,187 shares of the company’s stock after acquiring an additional 107,283 shares during the period. CIBC Asset Management Inc’s holdings in Baker Hughes were worth $18,817,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Krilogy Financial LLC increased its stake in Baker Hughes by 3.2% in the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after acquiring an additional 180 shares during the period. 3Chopt Investment Partners LLC grew its stake in shares of Baker Hughes by 0.5% in the 4th quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock valued at $1,944,000 after purchasing an additional 203 shares during the period. Formidable Asset Management LLC raised its holdings in shares of Baker Hughes by 3.2% in the 4th quarter. Formidable Asset Management LLC now owns 7,341 shares of the company’s stock worth $358,000 after buying an additional 225 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of Baker Hughes by 16.4% during the 4th quarter. CoreCap Advisors LLC now owns 1,619 shares of the company’s stock worth $74,000 after buying an additional 228 shares during the period. Finally, Root Financial Partners LLC lifted its position in shares of Baker Hughes by 16.1% during the 4th quarter. Root Financial Partners LLC now owns 1,756 shares of the company’s stock worth $80,000 after buying an additional 244 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Price Performance

Baker Hughes stock opened at $66.11 on Friday. The stock has a market cap of $65.59 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of 2.29 and a beta of 0.93. Baker Hughes Company has a 12-month low of $37.08 and a 12-month high of $70.41. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The business’s 50-day simple moving average is $63.91 and its 200 day simple moving average is $57.31.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 EPS. As a group, research analysts anticipate that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. Baker Hughes’s dividend payout ratio (DPR) is presently 29.39%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Stifel Nicolaus upped their price target on Baker Hughes from $63.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Susquehanna lifted their price objective on Baker Hughes from $70.00 to $80.00 and gave the company a “positive” rating in a report on Monday, April 27th. Zacks Research downgraded shares of Baker Hughes from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 28th. BMO Capital Markets upped their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Finally, Citigroup cut their price target on shares of Baker Hughes from $80.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday. Eighteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $69.14.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the completion of the sale, the chief executive officer owned 866,444 shares in the company, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Maria Georgia Magno sold 5,063 shares of the firm’s stock in a transaction on 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. This represents a 24.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 282,745 shares of company stock valued at $16,651,472. Company insiders own 0.19% of the company’s stock.

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.