Baker Hughes Company $BKR Stake Boosted by Lansforsakringar Fondforvaltning AB publ

Lansforsakringar Fondforvaltning AB publ raised its position in shares of Baker Hughes Company (NASDAQ:BKR) by 17.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 366,162 shares of the company’s stock after buying an additional 53,196 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Baker Hughes were worth $22,354,000 at the end of the most recent quarter.

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

Baker Hughes Trading Down 1.4%

Shares of BKR stock opened at $55.50 on Wednesday. Baker Hughes Company has a 12-month low of $37.76 and a 12-month high of $70.41. The company has a market capitalization of $55.06 billion, a P/E ratio of 17.73, a P/E/G ratio of 2.03 and a beta of 0.93. The firm has a 50-day moving average price of $63.39 and a 200 day moving average price of $58.70. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79.

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

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.7%. Baker Hughes’s payout ratio is currently 29.39%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. HSBC raised their price target on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Stifel Nicolaus increased their target price 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. Evercore reissued an “outperform” rating and set a $76.00 target price on shares of Baker Hughes in a research note on Monday, April 27th. BMO Capital Markets boosted their price target on shares of Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.14.

Insider Buying and Selling

In other 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 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 through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction on 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 owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% 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. Insiders have sold 367,910 shares of company stock worth $22,420,797 over the last quarter. 0.19% of the stock is owned by company 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.