Drake & Associates LLC Sells 19,019 Shares of Baker Hughes Company $BKR

Drake & Associates LLC reduced its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 31.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 41,309 shares of the company’s stock after selling 19,019 shares during the quarter. Drake & Associates LLC’s holdings in Baker Hughes were worth $1,881,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. EFG International AG bought a new position in Baker Hughes in the 4th quarter valued at $26,000. Cullen Frost Bankers Inc. increased its stake in shares of Baker Hughes by 344.1% in 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 period. Quarry LP bought a new stake in shares of Baker Hughes during the fourth quarter worth $31,000. MV Capital Management Inc. bought a new stake in shares of Baker Hughes during the fourth quarter worth $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of Baker Hughes during the fourth quarter valued at $35,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Price Performance

Shares of BKR opened at $58.41 on Friday. The stock has a market cap of $57.95 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 2.14 and a beta of 0.93. Baker Hughes Company has a 1 year low of $37.38 and a 1 year high of $70.41. The stock’s 50-day moving average price is $64.11 and its two-hundred day moving average price is $58.25. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR) last announced 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. The company had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 EPS. On average, equities analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Announces Dividend

The company 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. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s dividend payout ratio is presently 29.39%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Susquehanna raised their price target on Baker Hughes from $70.00 to $80.00 and gave the company a “positive” rating in a report on Monday, April 27th. UBS Group boosted their price objective on Baker Hughes from $69.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Johnson Rice started coverage on shares of Baker Hughes in a research report on Wednesday, February 25th. They set a “buy” rating and a $68.00 target price on the stock. BMO Capital Markets raised their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, Wall Street Zen cut shares of Baker Hughes from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Baker Hughes currently has an average rating of “Moderate Buy” and a consensus target price of $69.14.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $63.36, for a total value of $11,494,200.96. Following the sale, the chief executive officer directly owned 784,944 shares in the company, valued at approximately $49,734,051.84. This trade represents a 18.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 represents a 24.13% 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. 0.19% of the stock is currently 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.