Peapack Gladstone Financial Corp Has $9.51 Million Stock Position in Baker Hughes Company $BKR

Peapack Gladstone Financial Corp boosted its position in shares of Baker Hughes Company (NASDAQ:BKR) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 208,731 shares of the company’s stock after purchasing an additional 11,220 shares during the period. Peapack Gladstone Financial Corp’s holdings in Baker Hughes were worth $9,505,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its position in Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after purchasing an additional 468 shares during the last quarter. JFS Wealth Advisors LLC lifted its position in shares of Baker Hughes by 45.1% in the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company’s stock worth $37,000 after buying an additional 252 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in shares of Baker Hughes by 55.6% in the fourth quarter. Wolff Wiese Magana LLC now owns 840 shares of the company’s stock worth $38,000 after buying an additional 300 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in shares of Baker Hughes by 23.5% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,421 shares of the company’s stock worth $69,000 after buying an additional 270 shares during the last quarter. Finally, Hilltop National Bank lifted its position in shares of Baker Hughes by 26.7% in the fourth quarter. Hilltop National Bank now owns 1,423 shares of the company’s stock worth $65,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Wall Street Analysts Forecast Growth

BKR has been the subject of a number of analyst reports. Capital One Financial boosted their price target on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Piper Sandler boosted their price target on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. HSBC boosted their price target on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. BMO Capital Markets boosted their price target on Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. boosted their price target on Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.41.

Baker Hughes Stock Down 1.4%

NASDAQ BKR opened at $62.97 on Tuesday. 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 stock’s 50 day moving average is $63.74 and its two-hundred day moving average is $56.95. The company has a market capitalization of $62.47 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.27 and a beta of 0.97. Baker Hughes Company has a 1-year low of $36.82 and a 1-year high of $70.41.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 earnings per share. Equities analysts forecast that Baker Hughes Company will post 2.31 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s payout ratio is presently 29.39%.

Insider Buying and Selling

In other Baker Hughes news, insider Maria Georgia Magno sold 5,063 shares of Baker Hughes stock in a transaction that occurred 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 sale, the insider directly owned 15,555 shares of the company’s stock, valued at approximately $918,367.20. The trade was a 24.56% 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. Also, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the sale, the chief executive officer directly owned 866,444 shares in the company, valued at $50,938,242.76. The trade was a 23.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 550,250 shares of company stock worth $32,988,331 over the last ninety days. Company insiders own 0.19% of the company’s stock.

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.