PNC Financial Services Group Inc. Has $10.34 Million Stake in Baker Hughes Company $BKR

PNC Financial Services Group Inc. boosted its position in shares of Baker Hughes Company (NASDAQ:BKR) by 7.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,340 shares of the company’s stock after acquiring an additional 12,181 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Baker Hughes were worth $10,338,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. EFG International AG bought a new stake in shares of Baker Hughes in the 4th quarter valued at about $26,000. Cullen Frost Bankers Inc. grew its holdings in Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after purchasing an additional 468 shares during the period. Meeder Asset Management Inc. grew its holdings in Baker Hughes by 49.0% during the first quarter. Meeder Asset Management Inc. now owns 651 shares of the company’s stock worth $40,000 after purchasing an additional 214 shares during the period. Quarry LP acquired a new position in Baker Hughes during the fourth quarter worth approximately $31,000. Finally, MV Capital Management Inc. acquired a new position in Baker Hughes during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Barclays cut their price objective on Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Weiss Ratings cut Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Capital One Financial raised their price target on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Stifel Nicolaus lifted their price objective on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.00.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated Monday, June 22nd. The shares were 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 owned 703,444 shares in the company, valued at $41,102,232.92. The trade was a 20.50% decrease in their position. The sale was disclosed in a document filed 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 the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of 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. 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. Over the last ninety days, insiders have sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is owned by insiders.

Baker Hughes Stock Performance

BKR opened at $57.25 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The business has a fifty day simple moving average of $60.00 and a 200 day simple moving average of $59.89. Baker Hughes Company has a 1 year low of $41.96 and a 1 year high of $70.41. The company has a market capitalization of $56.80 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last posted its 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. The company had revenue of $6.59 billion during the quarter, compared to the consensus estimate 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 firm earned $0.51 earnings per share. Research analysts expect that Baker Hughes Company will post 2.26 EPS for the current year.

Baker Hughes Profile

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.