Pointe Capital Management LLC Purchases New Holdings in Baker Hughes Company $BKR

Pointe Capital Management LLC purchased a new position in shares of Baker Hughes Company (NASDAQ:BKR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 27,222 shares of the company’s stock, valued at approximately $1,511,000.

Several other hedge funds and other institutional investors have also bought and sold shares of BKR. Woodline Partners LP increased its position in shares of 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 purchasing an additional 24,225 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Baker Hughes by 5.6% in the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after buying an additional 986 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Baker Hughes in the 2nd quarter worth about $2,301,000. NewEdge Advisors LLC grew its position in Baker Hughes by 4.0% during the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock valued at $1,779,000 after buying an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC bought a new position in Baker Hughes during the second quarter valued at about $1,014,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Down 0.3%

BKR opened at $61.82 on Wednesday. The company has a 50 day moving average of $59.07 and a 200 day moving average of $61.38. The company has a market cap of $61.37 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 1.93 and a beta of 0.97. Baker Hughes Company has a 12 month low of $43.92 and a 12 month high of $70.41. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. The business had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 EPS. On average, sell-side analysts expect that Baker Hughes Company will post 2.51 EPS for the current year.

Baker Hughes Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Royal Bank Of Canada boosted their target price on shares of Baker Hughes from $71.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday. Piper Sandler lifted their price target on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Zacks Research upgraded Baker Hughes from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Argus increased their price objective on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Finally, Capital One Financial raised their target price on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Seventeen 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, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.67.

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction dated 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 $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 stock in a transaction dated Wednesday, June 3rd. The stock was 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 approximately $1,027,327.34. The trade was 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. Insiders have sold a total of 367,910 shares of company stock worth $22,420,797 in the last three months. 0.19% of the stock is currently owned by 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.