Wedge Capital Management L L P NC Sells 8,253 Shares of Baker Hughes Company $BKR

Wedge Capital Management L L P NC lowered its holdings in Baker Hughes Company (NASDAQ:BKR) by 3.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 205,956 shares of the company’s stock after selling 8,253 shares during the period. Wedge Capital Management L L P NC’s holdings in Baker Hughes were worth $11,431,000 at the end of the most recent quarter.

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

Insider Activity at Baker Hughes

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 sale, the chief executive officer 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 filing with the SEC, which is available at 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 business’s 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 sale, 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 367,910 shares of company stock worth $22,420,797 over the last ninety days. 0.19% of the stock is currently owned by insiders.

Baker Hughes Price Performance

Shares of BKR stock opened at $64.28 on Thursday. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a twelve month low of $41.96 and a twelve month high of $70.41. The company has a market cap of $63.81 billion, a P/E ratio of 20.74, a P/E/G ratio of 2.01 and a beta of 0.97. The business has a fifty day simple moving average of $59.06 and a 200 day simple moving average of $60.95.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. The firm had revenue of $6.74 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.63 earnings per share. On average, sell-side analysts forecast that Baker Hughes Company will post 2.52 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, August 7th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, August 7th. Baker Hughes’s dividend payout ratio (DPR) is presently 29.68%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BKR. Argus lifted their price objective on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Piper Sandler increased their target price on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded Baker Hughes from a “buy” rating to a “hold” rating in a research note on Wednesday, August 5th. Wolfe Research started coverage on Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price target for the company. Finally, Susquehanna upped their price objective on shares of Baker Hughes from $70.00 to $72.00 and gave the stock a “positive” rating in a research report on Tuesday, July 28th. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.95.

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.