Cidel Asset Management Inc. Has $12.76 Million Holdings in Baker Hughes Company $BKR

Cidel Asset Management Inc. increased its position in Baker Hughes Company (NASDAQ:BKR) by 2,723.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 229,963 shares of the company’s stock after purchasing an additional 221,817 shares during the period. Cidel Asset Management Inc.’s holdings in Baker Hughes were worth $12,763,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC boosted its position in shares of Baker Hughes by 14.2% in the second quarter. Integrated Wealth Concepts LLC now owns 47,571 shares of the company’s stock worth $2,640,000 after buying an additional 5,902 shares during the period. NewEdge Advisors LLC raised its position in Baker Hughes by 152.3% during the second quarter. NewEdge Advisors LLC now owns 149,817 shares of the company’s stock valued at $8,315,000 after buying an additional 90,427 shares during the period. IFP Advisors Inc raised its position in Baker Hughes by 654.1% during the second quarter. IFP Advisors Inc now owns 16,802 shares of the company’s stock valued at $933,000 after buying an additional 14,574 shares during the period. Baird Financial Group Inc. lifted its stake in Baker Hughes by 341.0% in the 2nd quarter. Baird Financial Group Inc. now owns 731,926 shares of the company’s stock worth $40,622,000 after acquiring an additional 565,947 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Baker Hughes by 19.5% in the 2nd quarter. Allworth Financial LP now owns 231,538 shares of the company’s stock worth $12,850,000 after acquiring an additional 37,814 shares in the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on BKR. Royal Bank Of Canada lifted their target price on Baker Hughes from $71.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, August 25th. Barclays reduced their price target 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. TD Cowen raised their price target on shares of Baker Hughes from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Morgan Stanley started coverage on shares of Baker Hughes in a research report on Friday, August 7th. They set an “overweight” rating and a $70.00 price objective on the stock. Finally, Piper Sandler upped their price objective on shares of Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus target price of $70.67.

Baker Hughes Stock Up 0.7%

Baker Hughes stock opened at $63.92 on Wednesday. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a 1-year low of $43.92 and a 1-year high of $70.41. The firm’s fifty day simple moving average is $60.20 and its 200-day simple moving average is $61.61. The company has a market capitalization of $63.45 billion, a P/E ratio of 20.62, a P/E/G ratio of 2.84 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.13. The company had revenue of $6.74 billion for the quarter, compared to analyst estimates 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 was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. Sell-side analysts forecast that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was 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%.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, 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 document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is owned by insiders.

About Baker Hughes

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company’s portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.