VCI Wealth Management LLC Acquires Shares of 14,623 Baker Hughes Company $BKR

VCI Wealth Management LLC bought a new position in shares of Baker Hughes Company (NASDAQ:BKR) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 14,623 shares of the company’s stock, valued at approximately $893,000.

Other hedge funds have also recently added to or reduced their stakes in the company. EFG International AG bought a new position in shares of Baker Hughes in the 4th quarter worth about $26,000. Cullen Frost Bankers Inc. grew its position in shares of Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after buying an additional 468 shares during the last quarter. Quarry LP bought a new stake in shares of Baker Hughes during the 4th quarter valued at about $31,000. MV Capital Management Inc. bought a new position in Baker Hughes in the fourth quarter worth about $34,000. Finally, Acumen Wealth Advisors LLC bought a new position in Baker Hughes in the fourth quarter worth about $35,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction 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 transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the business’s 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 $41,102,232.92. This represents a 20.50% 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 ninety days, insiders have sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is currently owned by corporate insiders.

Key Headlines Impacting Baker Hughes

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

Baker Hughes Stock Down 0.7%

Shares of Baker Hughes stock opened at $56.56 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. Baker Hughes Company has a 1-year low of $37.67 and a 1-year high of $70.41. The business’s fifty day moving average price is $63.56 and its two-hundred day moving average price is $58.51. The company has a market capitalization of $56.11 billion, a P/E ratio of 18.07, a PEG ratio of 2.05 and a beta of 0.93.

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

Baker Hughes Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BKR shares. Wall Street Zen lowered Baker Hughes from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Zacks Research upgraded Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Barclays restated an “equal weight” rating and set a $74.00 price objective (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Susquehanna increased their target price on Baker Hughes from $70.00 to $80.00 and gave the stock a “positive” rating in a research report on Monday, April 27th. Finally, Capital One Financial raised their target price on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.14.

Baker Hughes Company 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.