Sequoia Financial Advisors LLC Purchases 15,107 Shares of Baker Hughes Company $BKR

Sequoia Financial Advisors LLC raised its position in Baker Hughes Company (NASDAQ:BKR) by 54.2% during the second quarter, Holdings Channel.com reports. The fund owned 42,996 shares of the company’s stock after purchasing an additional 15,107 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Baker Hughes were worth $2,386,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. California State Teachers Retirement System grew its stake in shares of Baker Hughes by 3,833.2% in the second quarter. California State Teachers Retirement System now owns 120,855,357 shares of the company’s stock worth $6,707,472,000 after purchasing an additional 117,782,673 shares during the last quarter. State Street Corp lifted its holdings in Baker Hughes by 1.6% in the 4th quarter. State Street Corp now owns 61,409,438 shares of the company’s stock worth $2,796,586,000 after buying an additional 937,614 shares during the period. Cardano Risk Management B.V. grew its position in shares of 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 buying an additional 44,887,481 shares during the last quarter. Geode Capital Management LLC increased its stake 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 valued at $1,189,194,000 after buying an additional 204,534 shares during the period. Finally, Norges Bank bought a new position in shares of Baker Hughes during the fourth quarter valued at approximately $1,022,491,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BKR. Piper Sandler lifted their price target on shares of Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, July 28th. Wolfe Research began coverage on shares of Baker Hughes in a research report on Wednesday, July 8th. They set an “outperform” rating and a $70.00 price target on the stock. Morgan Stanley started coverage on shares of Baker Hughes in a research note on Friday, August 7th. They issued an “overweight” rating and a $70.00 price target for the company. Citigroup raised their price objective on shares of Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and an average target price of $71.71.

Baker Hughes Price Performance

Shares of BKR opened at $59.06 on Monday. Baker Hughes Company has a fifty-two week low of $43.92 and a fifty-two week high of $70.41. The firm’s 50-day simple moving average is $60.65 and its two-hundred day simple moving average is $61.56. The stock has a market cap of $58.63 billion, a PE ratio of 19.05, a price-to-earnings-growth ratio of 2.64 and a beta of 0.96. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. The firm had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 EPS. Analysts anticipate that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, August 7th. Baker Hughes’s payout ratio is 29.68%.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.19% of the company’s stock.

About Baker Hughes

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company’s portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.