Gradient Investments LLC Sells 47,217 Shares of Baker Hughes Company $BKR

Gradient Investments LLC lessened its stake in Baker Hughes Company (NASDAQ:BKR) by 12.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 345,391 shares of the company’s stock after selling 47,217 shares during the period. Gradient Investments LLC’s holdings in Baker Hughes were worth $19,169,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BKR. State Street Corp boosted its position in Baker Hughes by 1.6% in the 4th quarter. State Street Corp now owns 61,409,438 shares of the company’s stock valued at $2,796,586,000 after buying an additional 937,614 shares during the period. Cardano Risk Management B.V. grew its stake in Baker Hughes by 1,005.1% in the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock worth $2,247,550,000 after acquiring an additional 44,887,481 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock worth $1,189,194,000 after acquiring an additional 204,534 shares during the period. Norges Bank purchased a new position in shares of Baker Hughes during the fourth quarter worth approximately $1,022,491,000. Finally, Capital International Investors raised its stake in shares of Baker Hughes by 6.4% during the fourth quarter. Capital International Investors now owns 15,933,590 shares of the company’s stock valued at $725,616,000 after acquiring an additional 956,808 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

Insider Activity

In related news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction 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. This represents a 20.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 367,910 shares of company stock worth $22,420,797. Corporate insiders own 0.19% of the company’s stock.

Baker Hughes Stock Performance

Shares of BKR stock opened at $61.55 on Friday. Baker Hughes Company has a 12-month low of $41.96 and a 12-month high of $70.41. The business’s fifty day simple moving average is $59.03 and its 200-day simple moving average is $60.65. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. The company has a market cap of $61.10 billion, a PE ratio of 19.85, a PEG ratio of 1.99 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The firm had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. During the same quarter last year, the firm earned $0.63 EPS. The business’s quarterly revenue was up 2.4% on a year-over-year basis. Analysts expect that Baker Hughes Company will post 2.46 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, August 7th will be paid a dividend of $0.23 per share. The ex-dividend date is Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Baker Hughes’s payout ratio is presently 29.68%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BKR shares. Piper Sandler boosted their price target on Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, July 28th. HSBC raised 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. Stifel Nicolaus lifted their target price on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wolfe Research assumed coverage on Baker Hughes in a report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 target price for the company. Finally, Morgan Stanley started coverage on Baker Hughes in a research report on Friday. They set an “overweight” rating and a $70.00 price target on the stock. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.95.

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.