Pictet Asset Management Holding SA Sells 55,030 Shares of Baker Hughes Company $BKR

Pictet Asset Management Holding SA decreased its position in Baker Hughes Company (NASDAQ:BKR) by 10.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 491,331 shares of the company’s stock after selling 55,030 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Baker Hughes were worth $29,993,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Woodline Partners LP increased its stake in shares of Baker Hughes by 40.8% in the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock worth $3,676,000 after acquiring an additional 24,225 shares in the last quarter. Focus Partners Wealth boosted its stake in Baker Hughes by 5.6% during the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after acquiring an additional 986 shares in the last quarter. Jump Financial LLC purchased a new stake in Baker Hughes in the second quarter worth about $2,301,000. NewEdge Advisors LLC grew its holdings in Baker Hughes by 4.0% in the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock worth $1,779,000 after purchasing an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC bought a new position in shares of Baker Hughes during the second quarter valued at approximately $1,014,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the company’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 transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 on Wednesday, June 3rd. The shares were 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 trade represents a 24.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 367,910 shares of company stock valued at $22,420,797 in the last 90 days. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. BMO Capital Markets lifted their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Evercore restated an “outperform” rating and issued a $76.00 price target on shares of Baker Hughes in a research note on Monday, April 27th. Piper Sandler lifted their price objective on Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Capital One Financial boosted their target price on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Finally, Argus increased their target price on Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.14.

Baker Hughes Trading Down 1.4%

NASDAQ:BKR opened at $55.50 on Wednesday. The company’s 50 day moving average price is $63.39 and its 200-day moving average price is $58.70. Baker Hughes Company has a 52 week low of $37.76 and a 52 week high of $70.41. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The stock has a market cap of $55.06 billion, a price-to-earnings ratio of 17.73, a PEG ratio of 2.03 and a beta of 0.93.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter last year, the firm earned $0.51 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.7%. Baker Hughes’s dividend payout ratio (DPR) is presently 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.