Plato Investment Management Ltd Takes Position in Baker Hughes Company $BKR

Plato Investment Management Ltd purchased a new position in Baker Hughes Company (NASDAQ:BKR) during the second quarter, HoldingsChannel.com reports. The fund purchased 77,033 shares of the company’s stock, valued at approximately $4,250,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cardano Risk Management B.V. raised its holdings in shares of Baker Hughes by 1,005.1% during the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after buying an additional 44,887,481 shares in the last quarter. Norges Bank purchased a new position in shares of Baker Hughes in the fourth quarter valued at about $1,022,491,000. Price T Rowe Associates Inc. MD raised its position in Baker Hughes by 58.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock valued at $529,896,000 after purchasing an additional 4,278,573 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Baker Hughes by 12,983.5% during the fourth quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock valued at $158,994,000 after acquiring an additional 3,464,637 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Baker Hughes in the 4th quarter worth about $144,262,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the sale, the chief accounting officer owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the sale, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. The trade was a 20.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by company insiders.

Baker Hughes Price Performance

BKR opened at $64.82 on Monday. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $64.34 billion, a price-to-earnings ratio of 20.91, a PEG ratio of 2.02 and a beta of 0.97. The business’s fifty day simple moving average is $59.05 and its 200-day simple moving average is $61.08. Baker Hughes Company has a 12-month low of $42.30 and a 12-month high of $70.41.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.13. The company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. Baker Hughes’s revenue was up 2.4% compared to the same quarter last year. During the same period last year, the firm earned $0.63 earnings per share. On average, equities research analysts anticipate that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, August 7th will be given a dividend of $0.23 per share. The ex-dividend date is Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. Baker Hughes’s dividend payout ratio (DPR) is 29.68%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BKR shares. Capital One Financial upped 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. Piper Sandler raised their price target on shares of Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, July 28th. Wolfe Research started coverage on Baker Hughes in a report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 target price on the stock. Barclays decreased their target price on Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Finally, Royal Bank Of Canada increased their price objective on shares of Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $69.95.

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.