Abacus Wealth Partners LLC Acquires Shares of 16,917 Baker Hughes Company $BKR

Key Points

• Abacus Wealth Partners LLC disclosed a new fourth-quarter position in Baker Hughes, buying 16,917 shares valued at about $770,000.
• Baker Hughes reported better-than-expected earnings for the quarter, posting $0.58 per share versus the $0.49 consensus estimate, while revenue rose 2.5% year over year to $6.59 billion.
• The stock has attracted mixed signals: institutional ownership is high at 92.06%, but insiders have sold shares recently, and analysts currently rate Baker Hughes a Moderate Buy with an average price target of $69.18.

Abacus Wealth Partners LLC acquired a new position in Baker Hughes Company (NASDAQ:BKR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 16,917 shares of the company's stock, valued at approximately $770,000.

Other large investors have also recently made changes to their positions in the company. Activest Wealth Management increased its position in shares of Baker Hughes by 1,242.5% during the 3rd quarter. Activest Wealth Management now owns 537 shares of the company's stock valued at $26,000 after purchasing an additional 497 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in shares of Baker Hughes by 45.1% in the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock valued at $37,000 after acquiring an additional 252 shares during the period. Wolff Wiese Magana LLC boosted its stake in shares of Baker Hughes by 55.6% during the 4th quarter. Wolff Wiese Magana LLC now owns 840 shares of the company's stock worth $38,000 after purchasing an additional 300 shares during the period. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Baker Hughes during the third quarter valued at approximately $65,000. Finally, Hilltop National Bank grew its position in Baker Hughes by 26.7% in the 4th quarter. Hilltop National Bank now owns 1,423 shares of the company's stock valued at $65,000 after acquiring an additional 300 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Price Performance

Shares of Baker Hughes stock opened at $64.12 on Monday. 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 $63.61 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 2.33 and a beta of 0.97. The firm's 50-day moving average is $62.16 and its two-hundred day moving average is $55.61. Baker Hughes Company has a 1 year low of $35.83 and a 1 year high of $70.41.

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, topping the consensus estimate of $0.49 by $0.09. The firm had revenue of $6.59 billion during 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 was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 EPS. As a group, research analysts expect that Baker Hughes Company will post 2.32 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes's dividend payout ratio (DPR) is 29.39%.

Insider Buying and Selling at Baker Hughes

In related news, insider Maria Georgia Magno sold 5,063 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total transaction of $298,919.52. Following the sale, the insider owned 15,555 shares of the company's stock, valued at $918,367.20. This trade represents a 24.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes 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 transaction, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This trade represents a 23.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 550,250 shares of company stock worth $32,988,331 in the last ninety days. Insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Zephirin Group lifted their target price on Baker Hughes from $40.00 to $45.00 and gave the stock a "hold" rating in a research report on Monday, January 26th. UBS Group raised their price target on shares of Baker Hughes from $69.00 to $73.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Zacks Research lowered shares of Baker Hughes from a "hold" rating to a "strong sell" rating in a report on Tuesday, April 28th. Weiss Ratings reissued a "buy (b)" rating on shares of Baker Hughes in a research report on Friday, April 24th. Finally, BMO Capital Markets upped their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Eighteen 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. According to data from MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and an average price target 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.