OP Asset Management Ltd Makes New Investment in Baker Hughes Company $BKR

OP Asset Management Ltd purchased a new position in shares of Baker Hughes Company (NASDAQ:BKR) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 99,077 shares of the company’s stock, valued at approximately $6,049,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cardano Risk Management B.V. boosted 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 purchasing an additional 44,887,481 shares in the last quarter. Norges Bank acquired a new position in Baker Hughes during the 4th quarter valued at about $1,022,491,000. Capital International Investors purchased a new stake in Baker Hughes in the third quarter valued at about $729,670,000. Price T Rowe Associates Inc. MD raised its stake in Baker Hughes by 58.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock valued at $529,896,000 after buying an additional 4,278,573 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Baker Hughes by 12,983.5% in the fourth quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock worth $158,994,000 after acquiring an additional 3,464,637 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the sale, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 value of $326,751.36. Following the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BKR. Barclays restated an “equal weight” rating and set a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Citigroup lowered their target price on shares of Baker Hughes from $80.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, June 3rd. Piper Sandler boosted their target price on shares of Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Royal Bank Of Canada upped their price target on shares of Baker Hughes from $68.00 to $71.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, Argus raised their price target on shares of Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Baker Hughes currently has a consensus rating of “Moderate Buy” and an average target price of $69.14.

More Baker Hughes News

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes announced a strategic agreement with Mantle Reach Power to accelerate large-scale geothermal projects across North America, expanding its energy-transition exposure and creating a potential new growth avenue. Article Title
• Positive Sentiment: The company also secured a significant subsea production systems award from Azule Energy for Angola’s Greater PAJ development, reinforcing its backlog and core oilfield equipment/services pipeline. Article Title
• Positive Sentiment: Analyst commentary and valuation-focused coverage have remained constructive overall, with multiple firms previously raising price targets and the consensus still leaning “Moderate Buy,” which can support sentiment after the recent pullback. Article Title
• Neutral Sentiment: Short interest data showed no meaningful bearish positioning change, with reported short interest effectively at zero, so it does not appear to be a driver of the move.

Baker Hughes Stock Performance

BKR opened at $56.94 on Friday. Baker Hughes Company has a 12-month low of $37.53 and a 12-month high of $70.41. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $56.49 billion, a PE ratio of 18.19, a P/E/G ratio of 2.03 and a beta of 0.93. The firm has a 50 day moving average of $63.63 and a two-hundred day moving average of $58.53.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.51 EPS. On average, analysts anticipate that Baker Hughes Company will post 2.28 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.6%. Baker Hughes’s payout ratio is currently 29.39%.

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.