NewEdge Wealth LLC Acquires Shares of 8,952 Baker Hughes Company $BKR

NewEdge Wealth LLC acquired a new stake in Baker Hughes Company (NASDAQ:BKR) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 8,952 shares of the company’s stock, valued at approximately $408,000.

Other large investors also recently modified their holdings of the company. Capital International Investors acquired a new stake in shares of Baker Hughes during the 3rd quarter worth $729,670,000. Capital World Investors grew its holdings in shares of Baker Hughes by 7.1% during the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock worth $2,316,462,000 after purchasing an additional 3,153,709 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Baker Hughes during the 4th quarter worth $119,078,000. First Trust Advisors LP grew its holdings in shares of Baker Hughes by 25.7% during the 3rd quarter. First Trust Advisors LP now owns 9,325,417 shares of the company’s stock worth $454,334,000 after purchasing an additional 1,906,384 shares in the last quarter. Finally, Capital Research Global Investors grew its holdings in shares of Baker Hughes by 7.1% during the 3rd quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock worth $1,262,033,000 after purchasing an additional 1,728,016 shares in the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Baker Hughes

In related news, insider Maria Georgia Magno sold 5,063 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total transaction of $298,919.52. Following the completion of the sale, the insider directly owned 15,555 shares in the company, valued at $918,367.20. This represents a 24.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Lorenzo Simonelli sold 272,594 shares of the company’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 sale, the chief executive officer owned 866,444 shares of the company’s stock, valued at approximately $50,938,242.76. This represents a 23.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 550,250 shares of company stock valued at $32,988,331. 0.19% of the stock is owned by corporate insiders.

Baker Hughes Price Performance

Shares of BKR stock opened at $64.12 on Friday. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a twelve month low of $35.83 and a twelve month high of $70.41. The company has a market cap of $63.61 billion, a P/E ratio of 20.49, a P/E/G ratio of 2.33 and a beta of 0.97. The business has a fifty day simple moving average of $62.16 and a 200 day simple moving average of $55.54.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. During the same period in the prior year, the company earned $0.51 EPS. Baker Hughes’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Baker Hughes Company will post 2.32 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed 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. This represents a $0.92 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s dividend payout ratio is currently 29.39%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Piper Sandler increased their target price on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Royal Bank Of Canada increased their target price on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. UBS Group increased their target price on Baker Hughes from $69.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Barclays reissued an “equal weight” rating and set a $74.00 target price (up from $62.00) on shares of Baker Hughes in a report on Thursday, May 7th. Finally, iA Financial set a $60.00 target price on Baker Hughes in a report on Tuesday, January 27th. Eighteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.18.

Baker Hughes 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.