Gabelli Funds LLC Acquires 11,300 Shares of Baker Hughes Company $BKR

Gabelli Funds LLC boosted its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 4.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 268,400 shares of the company’s stock after buying an additional 11,300 shares during the quarter. Gabelli Funds LLC’s holdings in Baker Hughes were worth $16,386,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of BKR. Compound Planning Inc. lifted its stake in shares of Baker Hughes by 5.1% during the 1st quarter. Compound Planning Inc. now owns 23,483 shares of the company’s stock worth $1,434,000 after buying an additional 1,138 shares during the last quarter. Gibbs Wealth Management acquired a new stake in Baker Hughes during the first quarter worth approximately $490,000. State of Wyoming lifted its position in Baker Hughes by 28.3% during the first quarter. State of Wyoming now owns 5,307 shares of the company’s stock worth $324,000 after acquiring an additional 1,170 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of Baker Hughes by 40.5% during the first quarter. Cetera Investment Advisers now owns 162,380 shares of the company’s stock worth $9,913,000 after acquiring an additional 46,823 shares during the period. Finally, Aureus Asset Management LLC bought a new stake in shares of Baker Hughes during the first quarter worth approximately $1,709,000. Institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. This represents a 20.50% 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. In the last three months, insiders sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on BKR. Wall Street Zen cut Baker Hughes from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. UBS Group lifted 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. Capital One Financial increased their target price on shares of Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Finally, Susquehanna lowered their price objective on Baker Hughes from $80.00 to $70.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. Eighteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.00.

Baker Hughes Price Performance

BKR stock opened at $57.25 on Friday. Baker Hughes Company has a 1 year low of $41.96 and a 1 year high of $70.41. 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 stock has a market cap of $56.80 billion, a price-to-earnings ratio of 18.29, a P/E/G ratio of 2.38 and a beta of 0.96. The company has a 50 day simple moving average of $60.00 and a 200 day simple moving average of $59.89.

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 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 company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter last year, the business posted $0.51 EPS. Baker Hughes’s revenue for the quarter was up 2.5% on a year-over-year basis. Research analysts anticipate that Baker Hughes Company will post 2.26 EPS for the current fiscal year.

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.