Renaissance Technologies LLC Increases Stock Position in Baker Hughes Company $BKR

Renaissance Technologies LLC increased its holdings in Baker Hughes Company (NASDAQ:BKR) by 66.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,258,540 shares of the company’s stock after acquiring an additional 501,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.13% of Baker Hughes worth $76,834,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp grew its position in Baker Hughes by 1.6% during the 4th quarter. State Street Corp now owns 61,409,438 shares of the company’s stock worth $2,796,586,000 after purchasing an additional 937,614 shares during the last quarter. Cardano Risk Management B.V. raised its holdings in shares of Baker Hughes by 1,005.1% in the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after buying an additional 44,887,481 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock worth $1,189,194,000 after buying an additional 204,534 shares during the period. Norges Bank acquired a new stake in shares of Baker Hughes during the fourth quarter worth about $1,022,491,000. Finally, Capital International Investors grew its holdings in shares of Baker Hughes by 6.4% during the fourth quarter. Capital International Investors now owns 15,933,590 shares of the company’s stock worth $725,616,000 after buying an additional 956,808 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Performance

Shares of BKR stock opened at $57.25 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The stock has a 50 day simple moving average of $60.00 and a 200-day simple moving average of $59.89. The company has a market cap of $56.80 billion, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. Baker Hughes Company has a 12-month low of $41.96 and a 12-month high of $70.41.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share 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 firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same period in the previous year, the business earned $0.51 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities analysts forecast that Baker Hughes Company will post 2.26 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BKR. Capital One Financial lifted 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. Wolfe Research assumed coverage on Baker Hughes in a research note on Wednesday, July 8th. They set an “outperform” rating and a $70.00 price target for the company. Stifel Nicolaus increased their price target on Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Argus lifted their price objective on shares of Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Finally, 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. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.00.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the company’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 transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 stock in a transaction dated 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 transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. 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. In the last three months, insiders sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by corporate insiders.

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.