Baker Hughes Company $BKR Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. lessened its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 93.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,667 shares of the company’s stock after selling 88,795 shares during the period. Edgestream Partners L.P.’s holdings in Baker Hughes were worth $407,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EFG International AG bought a new stake in Baker Hughes during the 4th quarter valued at $26,000. Cullen Frost Bankers Inc. grew its stake in shares of Baker Hughes by 344.1% in 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 in the last quarter. Quarry LP acquired a new position in shares of Baker Hughes during the fourth quarter valued at $31,000. MV Capital Management Inc. bought a new stake in shares of Baker Hughes during the fourth quarter valued at about $34,000. Finally, Acumen Wealth Advisors LLC bought a new stake in shares of Baker Hughes during the fourth quarter valued at about $35,000. 92.06% of the stock is owned by institutional investors.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the sale, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the sale, the chief accounting officer owned 15,997 shares of the company’s stock, valued at $1,027,327.34. The trade was 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 sold a total of 367,910 shares of company stock worth $22,420,797 in the last ninety days. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on BKR shares. JPMorgan Chase & Co. increased their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Piper Sandler boosted their price target on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 28th. Susquehanna upped their price target on shares of Baker Hughes from $70.00 to $72.00 and gave the stock a “positive” rating in a research note on Tuesday, July 28th. Weiss Ratings lowered shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.95.

Baker Hughes Trading Down 0.1%

Shares of BKR stock opened at $61.67 on Thursday. The stock has a 50-day simple moving average of $59.12 and a 200 day simple moving average of $60.57. Baker Hughes Company has a fifty-two week low of $41.96 and a fifty-two week high of $70.41. The stock has a market capitalization of $61.22 billion, a P/E ratio of 19.89, a P/E/G ratio of 1.96 and a beta of 0.97. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77.

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

Baker Hughes Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. Baker Hughes’s payout ratio is currently 29.68%.

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.