Park National Corp OH Makes New Investment in Baker Hughes Company $BKR

Park National Corp OH bought a new stake in Baker Hughes Company (NASDAQ:BKR) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 46,303 shares of the company’s stock, valued at approximately $2,827,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cardano Risk Management B.V. lifted its holdings in Baker Hughes by 1,005.1% during the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock worth $2,247,550,000 after acquiring an additional 44,887,481 shares during the period. Norges Bank bought a new position in Baker Hughes in the 4th quarter valued at $1,022,491,000. Capital International Investors bought a new position in Baker Hughes in the 3rd quarter valued at $729,670,000. Price T Rowe Associates Inc. MD increased its position in shares of Baker Hughes by 58.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock valued at $529,896,000 after purchasing an additional 4,278,573 shares during the last quarter. Finally, Bessemer Group Inc. increased its position in shares of 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 purchasing an additional 3,464,637 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Barclays restated an “equal weight” rating and set a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research report on Thursday, May 7th. TD Cowen lifted their price objective on shares of Baker Hughes from $64.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Piper Sandler boosted their target price on shares of Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Capital One Financial increased their target price on shares of Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, May 21st. Finally, HSBC raised their price target on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Eighteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Baker Hughes currently has an average rating of “Moderate Buy” and an average target price of $69.14.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $58.41 on Monday. The company has a 50 day moving average of $64.02 and a 200 day moving average of $58.31. The stock has a market cap of $57.95 billion, a P/E ratio of 18.66, a P/E/G ratio of 2.11 and a beta of 0.93. Baker Hughes Company has a 12 month low of $37.38 and a 12 month high of $70.41. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.71 billion. During the same period in the prior year, the company posted $0.51 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Baker Hughes Company will post 2.28 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were issued a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. Baker Hughes’s dividend payout ratio is presently 29.39%.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $63.36, for a total value of $11,494,200.96. Following the sale, the chief executive officer owned 784,944 shares in the company, valued at approximately $49,734,051.84. This trade represents a 18.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the sale, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at $1,027,327.34. This represents a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate 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.