Patton Fund Management Inc. Has $3.31 Million Stock Position in Baker Hughes Company $BKR

Patton Fund Management Inc. lessened its stake in Baker Hughes Company (NASDAQ:BKR) by 28.3% in the 1st quarter, HoldingsChannel reports. The fund owned 54,293 shares of the company’s stock after selling 21,476 shares during the quarter. Patton Fund Management Inc.’s holdings in Baker Hughes were worth $3,315,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Deseret Mutual Benefit Administrators grew its stake in shares of Baker Hughes by 10.5% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock valued at $86,000 after purchasing an additional 179 shares during the last quarter. Krilogy Financial LLC boosted its position in Baker Hughes by 3.2% in the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after buying an additional 180 shares during the last quarter. 3Chopt Investment Partners LLC increased 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 buying an additional 203 shares during the period. Evolve Private Wealth LLC raised its position in shares of Baker Hughes by 2.4% during the first quarter. Evolve Private Wealth LLC now owns 8,663 shares of the company’s stock worth $529,000 after acquiring an additional 203 shares during the last quarter. Finally, Formidable Asset Management LLC raised its position in shares of Baker Hughes by 3.2% during the fourth quarter. Formidable Asset Management LLC now owns 7,341 shares of the company’s stock worth $358,000 after acquiring an additional 225 shares during the last quarter. 92.06% of the stock is owned by institutional investors.

Baker Hughes News Roundup

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy’s Greater PAJ Development
• Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
• Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
• Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
• Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
• Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares

Wall Street Analysts Forecast Growth

BKR has been the subject of a number of research reports. Royal Bank Of Canada lifted their price objective on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Evercore reiterated an “outperform” rating and set a $76.00 price target on shares of Baker Hughes in a research report on Monday, April 27th. Argus increased their price objective on shares of Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Piper Sandler lifted their target price on shares of Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Susquehanna increased their price target on Baker Hughes from $70.00 to $80.00 and gave the company a “positive” rating in a research note on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.14.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $56.56 on Monday. Baker Hughes Company has a 52 week low of $37.67 and a 52 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. The company has a market capitalization of $56.11 billion, a PE ratio of 18.07, a PEG ratio of 2.04 and a beta of 0.93. The company has a 50 day moving average price of $63.56 and a two-hundred day moving average price of $58.59.

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

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.6%. Baker Hughes’s payout ratio is currently 29.39%.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction dated 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 represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. This trade 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. Over the last three months, insiders sold 367,910 shares of company stock valued at $22,420,797. 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.