M&T Bank Corp Boosts Stock Position in Baker Hughes Company $BKR

M&T Bank Corp raised its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 37.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 41,900 shares of the company’s stock after acquiring an additional 11,445 shares during the period. M&T Bank Corp’s holdings in Baker Hughes were worth $1,907,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BKR. Woodline Partners LP raised its stake in Baker Hughes by 40.8% during the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after acquiring an additional 24,225 shares during the last quarter. Focus Partners Wealth raised its stake in Baker Hughes by 5.6% during the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock valued at $812,000 after acquiring an additional 986 shares during the last quarter. Jump Financial LLC purchased a new stake in Baker Hughes during the 2nd quarter valued at approximately $2,301,000. NewEdge Advisors LLC raised its stake in shares of Baker Hughes by 4.0% during the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock worth $1,779,000 after buying an additional 1,768 shares in the last quarter. Finally, Nebula Research & Development LLC purchased a new position in shares of Baker Hughes during the 2nd quarter worth approximately $1,014,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BKR shares. Royal Bank Of Canada increased their target price on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. BMO Capital Markets increased their target price on Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Baker Hughes in a research note on Friday, April 24th. Zephirin Group increased their target price on Baker Hughes from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Monday, January 26th. Finally, Zacks Research downgraded Baker Hughes from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 28th. Eighteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.18.

Baker Hughes Stock Performance

NASDAQ BKR opened at $63.86 on Friday. Baker Hughes Company has a 1-year low of $35.83 and a 1-year high of $70.41. The company has a market capitalization of $63.35 billion, a P/E ratio of 20.40, a PEG ratio of 2.31 and a beta of 0.97. The business has a 50 day moving average price of $62.07 and a 200 day moving average price of $54.87. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share 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 the consensus estimate of $6.71 billion. During the same period last year, the business posted $0.51 EPS. Baker Hughes’s quarterly revenue was up 2.5% on a year-over-year basis. Sell-side analysts expect that Baker Hughes Company will post 2.32 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

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

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 272,594 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was 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 of the company’s stock, valued at $50,938,242.76. This trade represents a 23.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Maria Georgia Magno sold 19,150 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $59.11, for a total value of $1,131,956.50. Following the completion of the transaction, the insider directly owned 14,588 shares of the company’s stock, valued at $862,296.68. The trade was a 56.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 569,400 shares of company stock valued at $34,120,287 over the last ninety days. 0.19% of the stock is currently owned by company insiders.

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.