Alight Capital Management LP Takes $4.55 Million Position in Baker Hughes Company $BKR

Key Points

• Alight Capital Management initiated a new position in Baker Hughes, buying 100,000 shares valued at about $4.55 million in the fourth quarter.
• Baker Hughes reported better-than-expected Q1 earnings of $0.58 per share, topping estimates, though revenue of $6.59 billion came in slightly below forecasts.
• Wall Street remains constructive on the stock, with 18 Buy ratings and a consensus price target of $69.14, even as a few insiders recently sold shares under pre-arranged trading plans.

Alight Capital Management LP bought a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,000 shares of the company's stock, valued at approximately $4,554,000.

Several other large investors have also recently bought and sold shares of the business. Deseret Mutual Benefit Administrators raised its position in Baker Hughes by 10.5% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company's stock valued at $86,000 after buying an additional 179 shares during the period. Krilogy Financial LLC raised its position in Baker Hughes by 3.2% during the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company's stock valued at $261,000 after buying an additional 180 shares during the period. 3Chopt Investment Partners LLC raised its position in Baker Hughes by 0.5% during the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company's stock valued at $1,944,000 after buying an additional 203 shares during the period. Formidable Asset Management LLC raised its position in Baker Hughes by 3.2% during the fourth quarter. Formidable Asset Management LLC now owns 7,341 shares of the company's stock valued at $358,000 after buying an additional 225 shares during the period. Finally, CoreCap Advisors LLC raised its position in Baker Hughes by 16.4% during the fourth quarter. CoreCap Advisors LLC now owns 1,619 shares of the company's stock valued at $74,000 after buying an additional 228 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $60.07 on Thursday. Baker Hughes Company has a fifty-two week low of $37.38 and a fifty-two week high of $70.41. The business has a 50-day moving average of $64.17 and a two-hundred day moving average of $58.19. The stock has a market capitalization of $59.59 billion, a P/E ratio of 19.19, a P/E/G ratio of 2.19 and a beta of 0.93. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77.

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 analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The business's quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities research analysts predict that Baker Hughes Company will post 2.31 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders 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 dividend yield of 1.5%. Baker Hughes's payout ratio is currently 29.39%.

Wall Street Analysts Forecast Growth

BKR has been the topic of several recent analyst reports. Susquehanna upped their price target on Baker Hughes from $70.00 to $80.00 and gave the company a "positive" rating in a research report on Monday, April 27th. Jefferies Financial Group reiterated a "buy" rating and set a $80.00 price objective on shares of Baker Hughes in a report on Sunday, April 26th. HSBC increased their price objective on Baker Hughes from $67.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Zacks Research upgraded Baker Hughes from a "strong sell" rating to a "hold" rating in a report on Monday. Finally, Royal Bank Of Canada increased their price objective on Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Eighteen 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 stock has an average rating of "Moderate Buy" and a consensus price target of $69.14.

Insider Transactions at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $63.36, for a total value of $11,494,200.96. Following the completion of the transaction, the chief executive officer owned 784,944 shares in the company, valued at $49,734,051.84. The trade was a 18.77% 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. 0.19% of the stock is owned by insiders.

Baker Hughes 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.

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