Baker Hughes Company $BKR Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC grew its holdings in Baker Hughes Company (NASDAQ:BKR) by 66.2% during the 1st quarter, Holdings Channel reports. The firm owned 1,258,540 shares of the company’s stock after buying an additional 501,100 shares during the period. Renaissance Technologies LLC’s holdings in Baker Hughes were worth $76,834,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BKR. Pinion Investment Advisors LLC acquired a new position in Baker Hughes in the fourth quarter valued at $778,000. OP Asset Management Ltd acquired a new position in Baker Hughes during the first quarter worth approximately $6,049,000. USA Financial Formulas acquired a new position in Baker Hughes during the fourth quarter worth approximately $830,000. Ninety One UK Ltd raised its stake in Baker Hughes by 28.6% during the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock worth $21,373,000 after purchasing an additional 104,428 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Baker Hughes by 17.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 484,310 shares of the company’s stock valued at $22,055,000 after purchasing an additional 72,714 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BKR has been the subject of a number of research analyst reports. Jefferies Financial Group restated a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Piper Sandler reduced their price objective on Baker Hughes from $72.00 to $71.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Evercore reiterated an “outperform” rating and set a $76.00 target price on shares of Baker Hughes in a report on Monday, April 27th. Barclays dropped their target price on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Finally, Zacks Research upgraded shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Baker Hughes currently has a consensus rating of “Moderate Buy” and an average price target of $70.00.

Baker Hughes Price Performance

BKR stock opened at $57.25 on Friday. The firm has a market cap of $56.80 billion, a P/E ratio of 18.29, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. Baker Hughes Company has a 1 year low of $41.96 and a 1 year high of $70.41. The stock has a 50-day simple moving average of $60.00 and a 200-day simple moving average of $59.89.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.49 by $0.09. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates 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 for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 EPS. On average, equities analysts predict that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

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 transaction of $326,751.36. Following the sale, the chief accounting officer owned 15,997 shares in the company, 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 is available at 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 company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This trade represents a 20.50% 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 sold 367,910 shares of company stock valued at $22,420,797 in the last ninety days. 0.19% of the stock is 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.