Elwood Capital Partners LP Purchases Shares of 50,000 Baker Hughes Company $BKR

Elwood Capital Partners LP acquired a new position in Baker Hughes Company (NASDAQ:BKR) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 50,000 shares of the company’s stock, valued at approximately $2,436,000. Baker Hughes comprises 1.5% of Elwood Capital Partners LP’s holdings, making the stock its 14th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BKR. Vanguard Group Inc. lifted its holdings in Baker Hughes by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock worth $6,035,924,000 after purchasing an additional 598,159 shares in the last quarter. Capital World Investors grew its holdings in Baker Hughes by 7.1% during the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock valued at $2,316,462,000 after buying an additional 3,153,709 shares in the last quarter. Capital Research Global Investors raised its position in shares of Baker Hughes by 7.1% during the third quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock valued at $1,262,033,000 after buying an additional 1,728,016 shares during the last quarter. Norges Bank purchased a new position in shares of Baker Hughes in the second quarter worth $862,722,000. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Baker Hughes by 3.8% in the third quarter. Artisan Partners Limited Partnership now owns 17,316,358 shares of the company’s stock worth $843,653,000 after buying an additional 638,640 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Down 2.9%

Shares of NASDAQ:BKR opened at $54.26 on Friday. The company has a 50-day moving average price of $57.31 and a 200 day moving average price of $50.80. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28. Baker Hughes Company has a 12 month low of $33.60 and a 12 month high of $67.00. The company has a market cap of $53.62 billion, a price-to-earnings ratio of 20.87, a PEG ratio of 1.47 and a beta of 0.83.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Monday, January 26th. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.11. The business had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.09 billion. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the company earned $0.70 EPS. As a group, equities research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, February 17th. Baker Hughes’s payout ratio is presently 35.38%.

Insider Activity

In related news, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the completion of the transaction, the chief executive officer directly owned 866,444 shares of the company’s stock, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Maria Georgia Magno sold 19,150 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $59.11, for a total transaction of $1,131,956.50. Following the completion of the sale, the insider directly owned 14,588 shares in the company, valued at $862,296.68. This trade represents a 56.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 590,251 shares of company stock worth $35,311,023. 0.27% of the stock is currently owned by insiders.

Analysts Set New Price Targets

BKR has been the topic of a number of research reports. Stifel Nicolaus lifted their price target on shares of Baker Hughes from $58.00 to $63.00 and gave the company a “buy” rating in a report on Monday, February 2nd. UBS Group lifted their target price on Baker Hughes from $54.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, January 28th. Susquehanna increased their price target on Baker Hughes from $58.00 to $65.00 and gave the company a “positive” rating in a research note on Tuesday, January 27th. Wall Street Zen upgraded Baker Hughes from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Baker Hughes in a report on Thursday, January 15th. Twenty investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and an average target price of $59.61.

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.