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

Baker Hughes Company (NASDAQ:BKR) CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Lorenzo Simonelli also recently made the following trade(s):

• On Friday, June 12th, Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock. The shares were sold at an average price of $63.36, for a total transaction of $11,494,200.96.

Baker Hughes Trading Down 3.9%

BKR traded down $2.29 during trading on Wednesday, hitting $56.39. 12,629,332 shares of the stock traded hands, compared to its average volume of 9,131,863. The firm has a market capitalization of $55.94 billion, a P/E ratio of 18.01, a price-to-earnings-growth ratio of 2.13 and a beta of 0.93. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The firm has a 50-day moving average of $63.85 and a 200 day moving average of $58.43. Baker Hughes Company has a 12-month low of $37.46 and a 12-month 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The firm had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.51 earnings per share. Equities research analysts anticipate that Baker Hughes Company will post 2.28 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors 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 1.6%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s payout ratio is currently 29.39%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on BKR. Piper Sandler increased their price objective on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Citigroup reduced their target price on Baker Hughes from $80.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, June 3rd. Capital One Financial upped their target price on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Barclays reaffirmed an “equal weight” rating and issued a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Finally, BMO Capital Markets boosted their price objective on shares of Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.14.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp increased its stake in Baker Hughes by 1.6% during the 4th quarter. State Street Corp now owns 61,409,438 shares of the company’s stock valued at $2,796,586,000 after purchasing an additional 937,614 shares in the last quarter. Cardano Risk Management B.V. raised its holdings in 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 acquiring an additional 44,887,481 shares during the last quarter. Capital World Investors raised its holdings in Baker Hughes by 7.1% in the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock worth $2,316,462,000 after acquiring an additional 3,153,709 shares during the last quarter. Geode Capital Management LLC lifted its position in Baker Hughes by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock valued at $1,189,194,000 after acquiring an additional 204,534 shares in the last quarter. Finally, Capital Research Global Investors boosted its stake in Baker Hughes by 7.1% during the 3rd quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock valued at $1,262,033,000 after purchasing an additional 1,728,016 shares during the last quarter. Hedge funds and other institutional investors own 92.06% 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.