VCI Wealth Management LLC Takes Position in Baker Hughes Company $BKR

VCI Wealth Management LLC bought a new position in Baker Hughes Company (NASDAQ:BKR) in the 1st quarter, HoldingsChannel reports. The fund bought 14,623 shares of the company’s stock, valued at approximately $893,000.

Several other large investors have also recently bought and sold shares of BKR. EFG International AG acquired a new position in shares of Baker Hughes in the 4th quarter valued at about $26,000. Cullen Frost Bankers Inc. boosted its holdings in shares of Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after purchasing an additional 468 shares during the period. Quarry LP acquired a new stake in shares of Baker Hughes during the fourth quarter worth approximately $31,000. MV Capital Management Inc. purchased a new position in Baker Hughes during the fourth quarter valued at approximately $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Baker Hughes in the 4th quarter valued at approximately $35,000. 92.06% of the stock is owned by institutional investors and hedge funds.

More Baker Hughes News

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy’s Greater PAJ Development
• Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
• Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
• Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
• Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
• Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares

Analyst Ratings Changes

BKR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Baker Hughes in a research note on Friday, April 24th. Argus increased their price objective on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. HSBC increased their price objective on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Finally, Zacks Research raised Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.14.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the sale, the chief executive officer directly owned 703,444 shares in the company, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the sale, the chief accounting officer owned 15,997 shares in the company, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 367,910 shares of company stock valued at $22,420,797 over the last ninety days. Company insiders own 0.19% of the company’s stock.

Baker Hughes Trading Down 0.7%

Shares of Baker Hughes stock opened at $56.56 on Friday. Baker Hughes Company has a 12-month low of $37.67 and a 12-month high of $70.41. The company has a 50-day simple moving average of $63.56 and a 200 day simple moving average of $58.51. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $56.11 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 2.05 and a beta of 0.93.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $6.71 billion. During the same period last year, the company earned $0.51 EPS. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts expect that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

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

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.