Foster Group Inc. Invests $616,000 in Baker Hughes Company $BKR

Foster Group Inc. bought a new position in Baker Hughes Company (NASDAQ:BKR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 11,097 shares of the company’s stock, valued at approximately $616,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. EFG International AG bought a new position in shares of Baker Hughes in the fourth quarter valued at $26,000. Cullen Frost Bankers Inc. lifted 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 acquiring an additional 468 shares during the last quarter. Quarry LP bought a new stake in shares of Baker Hughes during the 4th quarter worth $31,000. MV Capital Management Inc. bought a new stake in shares of Baker Hughes during the 4th quarter worth $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of Baker Hughes in the 4th quarter worth $35,000. 92.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BKR. Capital One Financial upped their target price on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Citigroup raised their price objective on shares of Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Barclays cut their target price on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Finally, Argus increased their target price on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Seventeen investment 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 currently has an average rating of “Moderate Buy” and an average target price of $69.95.

Insider Activity at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction that occurred 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 transaction, the chief accounting officer owned 15,997 shares of the company’s stock, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $10,599,844.73. Following the completion of the sale, the chief executive officer owned 703,444 shares of the company’s stock, valued at $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. Over the last 90 days, insiders sold 367,910 shares of company stock valued at $22,420,797. Corporate insiders own 0.19% of the company’s stock.

Baker Hughes Stock Up 1.8%

Baker Hughes stock opened at $62.75 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a 1-year low of $41.96 and a 1-year high of $70.41. The firm’s fifty day simple moving average is $59.08 and its 200-day simple moving average is $60.65. The company has a market capitalization of $62.29 billion, a P/E ratio of 20.24, a P/E/G ratio of 1.96 and a beta of 0.97.

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

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, August 7th. Baker Hughes’s payout ratio is 29.68%.

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.