Kovitz Investment Group Partners LLC Reduces Position in Baker Hughes Company $BKR

Kovitz Investment Group Partners LLC trimmed its holdings in Baker Hughes Company (NASDAQ:BKR) by 15.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 108,757 shares of the company’s stock after selling 20,160 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Baker Hughes were worth $4,953,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Deseret Mutual Benefit Administrators boosted its position in Baker Hughes by 10.5% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock worth $86,000 after acquiring an additional 179 shares during the last quarter. Krilogy Financial LLC raised its holdings in Baker Hughes by 3.2% in the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after acquiring an additional 180 shares during the last quarter. 3Chopt Investment Partners LLC raised its holdings in Baker Hughes by 0.5% in the 4th quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock valued at $1,944,000 after acquiring an additional 203 shares during the last quarter. Formidable Asset Management LLC lifted its stake in Baker Hughes by 3.2% in the 4th quarter. Formidable Asset Management LLC now owns 7,341 shares of the company’s stock worth $358,000 after purchasing an additional 225 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its holdings in shares of Baker Hughes by 16.4% during the 4th quarter. CoreCap Advisors LLC now owns 1,619 shares of the company’s stock worth $74,000 after purchasing an additional 228 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $63.36, for a total transaction of $11,494,200.96. Following the completion of the sale, the chief executive officer directly owned 784,944 shares in the company, valued at $49,734,051.84. This trade represents a 18.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business’s 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 completion of the sale, the chief accounting officer directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is owned by company insiders.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $58.41 on Friday. The firm has a market cap of $57.95 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 2.08 and a beta of 0.93. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a 52 week low of $37.38 and a 52 week high of $70.41. The business’s fifty day simple moving average is $64.02 and its 200-day simple moving average is $58.25.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the company earned $0.51 EPS. Equities analysts forecast that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s dividend payout ratio (DPR) is 29.39%.

Wall Street Analyst Weigh In

BKR has been the subject of several recent research reports. Johnson Rice started coverage on Baker Hughes in a report on Wednesday, February 25th. They issued a “buy” rating and a $68.00 price target for the company. Capital One Financial upped their target price on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Citigroup dropped their target price on Baker Hughes from $80.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, June 3rd. Evercore reaffirmed an “outperform” rating and issued a $76.00 target price on shares of Baker Hughes in a research note on Monday, April 27th. Finally, Piper Sandler lifted their price target on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and an average price target of $69.14.

Baker Hughes Company 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.