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Alberta Investment Management Corp Acquires New Shares in Baker Hughes Company (NASDAQ:BKR)

Baker Hughes logo with Energy background

Key Points

  • Alberta Investment Management Corp acquired a new stake in Baker Hughes, purchasing 310,073 shares valued at approximately $13.63 million in the first quarter.
  • Baker Hughes reported a quarterly earnings per share (EPS) of $0.63, surpassing analysts' expectations of $0.55; however, its revenue decreased by 3.2% year-over-year.
  • The company declared a quarterly dividend of $0.23 per share to be paid on August 15th, reflecting a dividend yield of 2.1% and a payout ratio of 30.07%.
  • Five stocks we like better than Baker Hughes.

Alberta Investment Management Corp acquired a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 310,073 shares of the company's stock, valued at approximately $13,628,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Prosperity Consulting Group LLC boosted its stake in Baker Hughes by 2.7% in the first quarter. Prosperity Consulting Group LLC now owns 10,533 shares of the company's stock worth $463,000 after purchasing an additional 278 shares in the last quarter. Greenleaf Trust lifted its stake in shares of Baker Hughes by 2.2% during the first quarter. Greenleaf Trust now owns 13,852 shares of the company's stock valued at $609,000 after acquiring an additional 293 shares during the period. Commerce Bank lifted its stake in shares of Baker Hughes by 1.0% during the fourth quarter. Commerce Bank now owns 31,075 shares of the company's stock valued at $1,275,000 after acquiring an additional 300 shares during the period. TCTC Holdings LLC lifted its stake in shares of Baker Hughes by 7.7% during the first quarter. TCTC Holdings LLC now owns 4,219 shares of the company's stock valued at $185,000 after acquiring an additional 301 shares during the period. Finally, Grove Bank & Trust lifted its stake in shares of Baker Hughes by 76.2% during the first quarter. Grove Bank & Trust now owns 740 shares of the company's stock valued at $33,000 after acquiring an additional 320 shares during the period. 92.06% of the stock is owned by institutional investors.

Baker Hughes Price Performance

Baker Hughes stock traded up $0.24 during mid-day trading on Monday, reaching $43.75. 6,387,568 shares of the company were exchanged, compared to its average volume of 9,011,210. The company has a fifty day simple moving average of $39.71 and a 200-day simple moving average of $40.94. Baker Hughes Company has a 12 month low of $32.25 and a 12 month high of $49.40. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. The firm has a market cap of $43.13 billion, a PE ratio of 14.30, a PEG ratio of 5.35 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.55 by $0.08. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The firm had revenue of $6.91 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same quarter last year, the company earned $0.57 EPS. The company's revenue was down 3.2% on a year-over-year basis. As a group, equities research analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 2.1%. Baker Hughes's dividend payout ratio (DPR) is presently 30.07%.

Insider Activity

In other news, CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total value of $23,390,150.56. Following the transaction, the chief executive officer owned 667,593 shares in the company, valued at approximately $29,654,481.06. This trade represents a 44.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

BKR has been the topic of several research reports. Susquehanna upped their price target on Baker Hughes from $46.00 to $52.00 and gave the company a "positive" rating in a research note on Thursday, July 24th. Industrial Alliance Securities set a $53.00 price objective on Baker Hughes in a report on Wednesday, July 30th. Piper Sandler dropped their price objective on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Citigroup dropped their price objective on Baker Hughes from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Finally, Evercore ISI increased their price target on Baker Hughes from $53.00 to $55.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, Baker Hughes currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.47.

Check Out Our Latest Stock Analysis on Baker Hughes

About Baker Hughes

(Free Report)

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.

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Institutional Ownership by Quarter for Baker Hughes (NASDAQ:BKR)

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