Glenmede Trust Co. NA Lowers Stock Holdings in Baker Hughes Company $BKR

Glenmede Trust Co. NA reduced its holdings in Baker Hughes Company (NASDAQ:BKR) by 11.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 400,882 shares of the company’s stock after selling 51,033 shares during the quarter. Glenmede Trust Co. NA’s holdings in Baker Hughes were worth $24,474,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BKR. Woodline Partners LP increased its stake in shares of Baker Hughes by 40.8% during the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after acquiring an additional 24,225 shares during the last quarter. Focus Partners Wealth boosted its position in shares of Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after acquiring an additional 986 shares during the last quarter. Jump Financial LLC acquired a new stake in shares of Baker Hughes in the second quarter worth approximately $2,301,000. NewEdge Advisors LLC boosted its position in shares of Baker Hughes by 4.0% in the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock worth $1,779,000 after acquiring an additional 1,768 shares during the last quarter. Finally, Nebula Research & Development LLC purchased a new stake in Baker Hughes in the second quarter valued at approximately $1,014,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Stock Up 1.0%

BKR opened at $60.49 on Friday. Baker Hughes Company has a 1 year low of $41.96 and a 1 year high of $70.41. The firm has a 50 day moving average price of $59.36 and a 200 day moving average price of $60.25. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.77 and a current ratio of 2.09. The company has a market cap of $60.05 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 1.92 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.54 billion. During the same period in the previous year, the company posted $0.63 earnings per share. Baker Hughes’s revenue was up 2.4% compared to the same quarter last year. Sell-side analysts expect that Baker Hughes Company will post 2.46 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, August 7th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 7th. Baker Hughes’s dividend payout ratio (DPR) is currently 29.68%.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on 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 approximately $41,102,232.92. This represents a 20.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 the firm’s 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 completion of the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 367,910 shares of company stock worth $22,420,797 in the last 90 days. Company insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on BKR. Jefferies Financial Group reaffirmed a “buy” rating on shares of Baker Hughes in a research report on Thursday, July 9th. Wall Street Zen upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings cut shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Piper Sandler upped their price objective on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Stifel Nicolaus increased their target price on Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.95.

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.