Baker Hughes (NASDAQ:BKR) CEO Sells $16,025,801.26 in Stock

Baker Hughes Company (NASDAQ:BKR) CEO Lorenzo Simonelli sold 272,594 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total value of $16,025,801.26. Following the transaction, the chief executive officer directly owned 866,444 shares of the company’s stock, valued at $50,938,242.76. This trade represents a 23.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Lorenzo Simonelli also recently made the following trade(s):

• On Wednesday, March 4th, Lorenzo Simonelli sold 272,593 shares of Baker Hughes stock. The shares were sold at an average price of $61.13, for a total value of $16,663,610.09.

Baker Hughes Price Performance

NASDAQ BKR traded down $1.64 during trading on Friday, hitting $54.26. 17,459,380 shares of the company’s stock were exchanged, compared to its average volume of 8,790,979. The stock’s 50 day moving average price is $57.17 and its two-hundred day moving average price is $50.69. Baker Hughes Company has a fifty-two week low of $33.60 and a fifty-two week high of $67.00. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28. The company has a market cap of $53.62 billion, a PE ratio of 21.50, a P/E/G ratio of 1.51 and a beta of 0.83.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Monday, January 26th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.11. The business had revenue of $7.39 billion during the quarter, compared to analysts’ expectations of $7.09 billion. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.70 EPS. Research analysts expect that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 17th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. Baker Hughes’s dividend payout ratio is currently 35.38%.

Hedge Funds Weigh In On Baker Hughes

Institutional investors and hedge funds have recently modified their holdings of the business. Activest Wealth Management increased its stake in shares of Baker Hughes by 1,242.5% in the 3rd quarter. Activest Wealth Management now owns 537 shares of the company’s stock valued at $26,000 after acquiring an additional 497 shares in the last quarter. EFG International AG acquired a new position in shares of Baker Hughes during the 4th quarter valued at $26,000. Cullen Frost Bankers Inc. boosted its stake in Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after acquiring an additional 468 shares in the last quarter. Quarry LP acquired a new stake in Baker Hughes in the fourth quarter worth $31,000. Finally, E Fund Management Hong Kong Co. Ltd. grew its holdings in Baker Hughes by 104.0% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock worth $32,000 after purchasing an additional 337 shares during the period. 92.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on BKR. Argus lifted their target price on shares of Baker Hughes from $55.00 to $67.00 in a research report on Tuesday, January 27th. Capital One Financial lifted their price target on shares of Baker Hughes from $53.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, January 27th. Citigroup raised their target price on Baker Hughes from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Tuesday, January 27th. Evercore reissued an “outperform” rating and issued a $68.00 price target on shares of Baker Hughes in a research note on Wednesday, February 11th. Finally, Johnson Rice began coverage on Baker Hughes in a report on Wednesday, February 25th. They issued a “buy” rating and a $68.00 target price on the stock. Twenty investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.61.

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.