PNC Financial Services Group Inc. Has $10.34 Million Stock Position in Baker Hughes Company $BKR

PNC Financial Services Group Inc. increased its stake in Baker Hughes Company (NASDAQ:BKR) by 7.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 169,340 shares of the company’s stock after purchasing an additional 12,181 shares during the period. PNC Financial Services Group Inc.’s holdings in Baker Hughes were worth $10,338,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. EFG International AG bought a new stake in Baker Hughes during the fourth quarter worth about $26,000. Cullen Frost Bankers Inc. increased its holdings in Baker Hughes by 344.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after buying an additional 468 shares during the period. Meeder Asset Management Inc. raised its position in shares of Baker Hughes by 49.0% in the 1st quarter. Meeder Asset Management Inc. now owns 651 shares of the company’s stock valued at $40,000 after buying an additional 214 shares in the last quarter. Quarry LP acquired a new position in shares of Baker Hughes in the 4th quarter valued at approximately $31,000. Finally, MV Capital Management Inc. bought a new stake in shares of Baker Hughes during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Price Performance

Baker Hughes stock opened at $57.25 on Friday. The stock’s 50 day moving average is $60.00 and its 200 day moving average is $59.89. Baker Hughes Company has a one year low of $41.96 and a one year high of $70.41. The firm has a market cap of $56.80 billion, a P/E ratio of 18.29, a P/E/G ratio of 2.38 and a beta of 0.96. 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 announced its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter last year, the firm earned $0.51 earnings per share. Baker Hughes’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, research analysts expect that Baker Hughes Company will post 2.26 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BKR shares. Barclays reduced their target price on Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Zacks Research upgraded Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. JPMorgan Chase & Co. raised their price objective on Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. HSBC boosted their target price on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Finally, Piper Sandler dropped their target price on shares of Baker Hughes from $72.00 to $71.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.00.

Insider Activity at Baker Hughes

In related news, 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 transaction of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 367,910 shares of company stock worth $22,420,797. Insiders own 0.19% of the company’s stock.

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.