Castleark Management LLC Acquires 334,110 Shares of Baker Hughes Company $BKR

Castleark Management LLC boosted its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 629.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 387,190 shares of the company’s stock after buying an additional 334,110 shares during the quarter. Castleark Management LLC’s holdings in Baker Hughes were worth $23,638,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Gateway Wealth Partners LLC acquired a new stake in shares of Baker Hughes in the first quarter worth about $282,000. OMERS ADMINISTRATION Corp increased its holdings in shares of Baker Hughes by 111.2% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 76,060 shares of the company’s stock valued at $4,643,000 after acquiring an additional 40,046 shares during the last quarter. Lombard Odier Asset Management Switzerland SA acquired a new position in shares of Baker Hughes during the 1st quarter valued at about $888,000. Aristotle Atlantic Partners LLC raised its stake in shares of Baker Hughes by 15.5% in the 1st quarter. Aristotle Atlantic Partners LLC now owns 282,825 shares of the company’s stock valued at $17,266,000 after acquiring an additional 38,008 shares in the last quarter. Finally, Waverly Advisors LLC bought a new position in shares of Baker Hughes in the 1st quarter valued at approximately $319,000. 92.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BKR shares. Royal Bank Of Canada boosted their target price on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Wall Street Zen lowered shares of Baker Hughes from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Evercore restated an “outperform” rating and issued a $76.00 price objective on shares of Baker Hughes in a research note on Monday, April 27th. Capital One Financial upped their price objective on shares of Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and an average price target of $70.00.

Baker Hughes Stock Performance

BKR opened at $57.25 on Monday. The firm has a market capitalization of $56.80 billion, a P/E ratio of 18.29, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The stock’s 50 day moving average price is $60.00 and its two-hundred day moving average price is $59.97. 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 Company has a 12-month low of $41.96 and a 12-month high of $70.41.

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

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction 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 represents a 24.13% decrease in their position. 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, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction 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 transaction, the chief executive officer owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. The trade was a 20.50% 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 367,910 shares of company stock valued at $22,420,797 over the last three months. 0.19% of the stock is owned by company insiders.

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.