Resona Asset Management Co. Ltd. Sells 39,316 Shares of Baker Hughes Company $BKR

Resona Asset Management Co. Ltd. lowered its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 10.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 321,454 shares of the company’s stock after selling 39,316 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Baker Hughes were worth $15,760,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Baker Hughes during the second quarter valued at $862,722,000. First Trust Advisors LP lifted its holdings in Baker Hughes by 76.0% during the 2nd quarter. First Trust Advisors LP now owns 7,419,033 shares of the company’s stock valued at $284,446,000 after buying an additional 3,203,942 shares in the last quarter. Sei Investments Co. lifted its holdings in Baker Hughes by 247.5% during the 2nd quarter. Sei Investments Co. now owns 3,134,494 shares of the company’s stock valued at $120,177,000 after buying an additional 2,232,394 shares in the last quarter. American Century Companies Inc. boosted its position in Baker Hughes by 38.0% in the 2nd quarter. American Century Companies Inc. now owns 7,602,803 shares of the company’s stock valued at $291,492,000 after buying an additional 2,094,079 shares during the period. Finally, Invesco Ltd. grew its stake in Baker Hughes by 18.9% in the 2nd quarter. Invesco Ltd. now owns 12,834,534 shares of the company’s stock worth $492,076,000 after acquiring an additional 2,044,402 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Analyst Ratings Changes

BKR has been the subject of several research analyst reports. Jefferies Financial Group lifted their price target on shares of Baker Hughes from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. JPMorgan Chase & Co. raised their price objective on Baker Hughes from $52.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, September 30th. UBS Group upped their target price on Baker Hughes from $48.00 to $54.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Baker Hughes in a research report on Monday, December 29th. Finally, Piper Sandler lifted their price objective on Baker Hughes from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Twenty-one analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Baker Hughes Price Performance

Shares of BKR stock opened at $53.95 on Monday. The stock’s 50-day moving average is $48.46 and its 200 day moving average is $46.61. Baker Hughes Company has a 1-year low of $33.60 and a 1-year high of $55.31. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. The company has a market cap of $53.23 billion, a P/E ratio of 18.60, a PEG ratio of 1.70 and a beta of 0.89.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, October 23rd. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.06. Baker Hughes had a net margin of 10.43% and a return on equity of 14.22%. The business had revenue of $7.01 billion during the quarter, compared to the consensus estimate of $6.81 billion. During the same period in the previous year, the company posted $0.67 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. Research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

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.