Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares

Baker Hughes Company (NASDAQ:BKR) CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $63.36, for a total value of $11,494,200.96. Following the completion of the sale, the chief executive officer directly owned 784,944 shares in the company, valued at approximately $49,734,051.84. This represents a 18.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Baker Hughes Trading Down 1.5%

Shares of NASDAQ:BKR opened at $61.52 on Wednesday. The company has a market cap of $61.03 billion, a P/E ratio of 19.65, a P/E/G ratio of 2.22 and a beta of 0.93. The stock’s 50-day moving average is $64.18 and its 200-day moving average is $58.12. Baker Hughes Company has a 52-week low of $37.38 and a 52-week high of $70.41. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm’s revenue was up 2.5% compared to the same quarter last year. During the same period last year, the business posted $0.51 earnings per share. Equities research analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Announces Dividend

The company 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 of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.5%. Baker Hughes’s dividend payout ratio (DPR) is 29.39%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BKR. EFG International AG bought a new position in shares of Baker Hughes in the fourth quarter valued at approximately $26,000. Cullen Frost Bankers Inc. raised its stake in shares of Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after acquiring an additional 468 shares during the last quarter. Quarry LP bought a new position in shares of Baker Hughes in the fourth quarter valued at approximately $31,000. MV Capital Management Inc. bought a new position in shares of Baker Hughes in the fourth quarter valued at approximately $34,000. Finally, Acumen Wealth Advisors LLC bought a new position in shares of Baker Hughes in the fourth quarter valued at approximately $35,000. Institutional investors own 92.06% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on BKR. Piper Sandler lifted their target price on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. UBS Group lifted their price objective on Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Royal Bank Of Canada lifted their price objective on Baker Hughes from $68.00 to $71.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Capital One Financial lifted their price objective on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Baker Hughes in a report on Friday, April 24th. Eighteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $69.14.

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.