NewEdge Advisors LLC Raises Stock Holdings in Baker Hughes Company $BKR

NewEdge Advisors LLC increased its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 54.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 59,390 shares of the company’s stock after acquiring an additional 21,047 shares during the period. NewEdge Advisors LLC’s holdings in Baker Hughes were worth $3,626,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of BKR. EFG International AG bought a new stake in shares of Baker Hughes during the fourth quarter worth $26,000. Cullen Frost Bankers Inc. grew its holdings in shares of Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after purchasing an additional 468 shares during the last quarter. Quarry LP purchased a new position in Baker Hughes in the 4th quarter worth about $31,000. MV Capital Management Inc. purchased a new position in Baker Hughes in the 4th quarter worth about $34,000. Finally, Acumen Wealth Advisors LLC bought a new stake in Baker Hughes during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the sale, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value 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. 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 valued at $22,420,797 in the last three months. 0.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BKR. TD Cowen upped their target price on shares of Baker Hughes from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. BMO Capital Markets lifted their price target 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. Stifel Nicolaus boosted their price target on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. HSBC increased their price objective on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Finally, Susquehanna raised their price objective on Baker Hughes from $70.00 to $72.00 and gave the stock a “positive” rating in a report on Tuesday, July 28th. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.95.

Baker Hughes Price Performance

Shares of BKR stock opened at $64.28 on Thursday. The stock’s 50-day moving average is $59.06 and its 200 day moving average is $60.95. Baker Hughes Company has a 1-year low of $41.96 and a 1-year high of $70.41. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76. The company has a market cap of $63.81 billion, a P/E ratio of 20.74, a PEG ratio of 2.01 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Sunday, July 26th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The business had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.54 billion. During the same period in the prior year, the firm posted $0.63 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. Research analysts predict that Baker Hughes Company will post 2.52 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. Baker Hughes’s dividend payout ratio is presently 29.68%.

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.