34,017 Shares in Baker Hughes Company $BKR Acquired by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board disclosed a new fourth-quarter position in Baker Hughes, buying 34,017 shares valued at about $1.55 million.
• Baker Hughes posted strong quarterly earnings, reporting $0.58 per share versus $0.49 expected, though revenue of $6.59 billion came in slightly below estimates.
• The company also paid a quarterly dividend of $0.23 per share, and analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $69.18.

North Dakota State Investment Board acquired a new position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 34,017 shares of the company's stock, valued at approximately $1,549,000.

A number of other hedge funds have also recently made changes to their positions in BKR. Woodline Partners LP boosted its position in shares of Baker Hughes by 40.8% during the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company's stock worth $3,676,000 after purchasing an additional 24,225 shares during the period. Focus Partners Wealth boosted its position in shares of Baker Hughes by 5.6% during the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company's stock worth $812,000 after purchasing an additional 986 shares during the period. Jump Financial LLC purchased a new position in Baker Hughes in the 2nd quarter valued at approximately $2,301,000. NewEdge Advisors LLC boosted its position in Baker Hughes by 4.0% in the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company's stock valued at $1,779,000 after buying an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC purchased a new position in Baker Hughes in the 2nd quarter valued at approximately $1,014,000. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insider Transactions at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 272,594 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 866,444 shares of the company's stock, valued at approximately $50,938,242.76. This represents a 23.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Maria Georgia Magno sold 5,063 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the completion of the sale, the insider directly owned 15,555 shares of the company's stock, valued at $918,367.20. The trade was a 24.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 550,250 shares of company stock valued at $32,988,331 over the last ninety days. Corporate insiders own 0.19% of the company's stock.

Baker Hughes Price Performance

Shares of BKR opened at $65.47 on Wednesday. Baker Hughes Company has a 1-year low of $35.83 and a 1-year high of $70.41. The stock has a market cap of $64.95 billion, a PE ratio of 20.92, a price-to-earnings-growth ratio of 2.41 and a beta of 0.97. 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 fifty day moving average price of $62.39 and a 200 day moving average price of $55.86.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results 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. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.71 billion. During the same period in the previous year, the company earned $0.51 earnings per share. Baker Hughes's quarterly revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Baker Hughes Company will post 2.31 EPS for the current year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a $0.23 dividend. 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 1.4%. Baker Hughes's payout ratio is 29.39%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Evercore reissued an "outperform" rating and issued a $76.00 price target on shares of Baker Hughes in a research report on Monday, April 27th. Jefferies Financial Group reissued a "buy" rating and issued a $80.00 price target on shares of Baker Hughes in a research report on Sunday, April 26th. Capital One Financial raised their price target on shares of Baker Hughes from $60.00 to $66.00 and gave the company an "overweight" rating in a research report on Friday, April 10th. Stifel Nicolaus raised their price target on shares of Baker Hughes from $63.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Finally, Zacks Research cut shares of Baker Hughes from a "hold" rating to a "strong sell" rating in a research report on Tuesday, April 28th. Eighteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $69.18.

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.

Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.