Guinness Asset Management LTD Lowers Stake in Baker Hughes Company $BKR

Guinness Asset Management LTD lowered its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 10.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 126,556 shares of the company’s stock after selling 15,391 shares during the period. Guinness Asset Management LTD’s holdings in Baker Hughes were worth $5,743,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its holdings in Baker Hughes by 23.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 8,590 shares of the company’s stock worth $391,000 after buying an additional 1,640 shares during the period. Legato Capital Management LLC purchased a new stake in Baker Hughes during the fourth quarter worth $2,031,000. Resolute Wealth Strategies LLC lifted its holdings in Baker Hughes by 11.0% during the fourth quarter. Resolute Wealth Strategies LLC now owns 6,425 shares of the company’s stock worth $293,000 after buying an additional 635 shares during the period. Global Retirement Partners LLC lifted its holdings in Baker Hughes by 36.8% during the fourth quarter. Global Retirement Partners LLC now owns 11,819 shares of the company’s stock worth $538,000 after buying an additional 3,177 shares during the period. Finally, Prevail Innovative Wealth Advisors LLC purchased a new stake in Baker Hughes during the fourth quarter worth $6,354,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Performance

Shares of BKR opened at $66.06 on Friday. Baker Hughes Company has a 12 month low of $36.03 and a 12 month high of $70.41. The stock has a fifty day moving average price of $62.80 and a 200-day moving average price of $56.18. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The firm has a market cap of $65.54 billion, a PE ratio of 21.11, a P/E/G ratio of 2.34 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating 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 firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the prior year, the business posted $0.51 EPS. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s dividend payout ratio is presently 29.39%.

Insider Buying and Selling at Baker Hughes

In related news, insider Maria Georgia Magno sold 5,063 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the transaction, the insider directly owned 15,555 shares of the company’s stock, valued at $918,367.20. This represents a 24.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lorenzo Simonelli sold 272,594 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the transaction, the chief executive officer directly owned 866,444 shares in the company, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 550,250 shares of company stock worth $32,988,331. 0.19% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on BKR. Royal Bank Of Canada upped 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. Capital One Financial increased their price objective on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday. BMO Capital Markets increased their price objective on Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Zephirin Group increased their price objective on Baker Hughes from $40.00 to $45.00 and gave the company a “hold” rating in a report on Monday, January 26th. Finally, TD Cowen increased their price objective on Baker Hughes from $64.00 to $75.00 and gave the company a “buy” rating in a report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $69.41.

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.