Allstate Corp Has $3.49 Million Stock Holdings in Baker Hughes Company $BKR

Key Points

• Allstate Corp increased its Baker Hughes position by 116.5% in Q4, holding 76,633 shares worth about $3.49 million after the purchase.
• Baker Hughes reported better-than-expected earnings of $0.58 per share for the quarter, though revenue of $6.59 billion came in slightly below estimates.
• Analysts remain broadly upbeat on the stock, with an average Moderate Buy rating and a consensus price target of $69.41, while insiders sold a notable amount of shares over the past 90 days.

Allstate Corp grew its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 116.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 76,633 shares of the company's stock after purchasing an additional 41,232 shares during the period. Allstate Corp's holdings in Baker Hughes were worth $3,490,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Activest Wealth Management raised its holdings in shares of Baker Hughes by 1,242.5% in the third quarter. Activest Wealth Management now owns 537 shares of the company's stock valued at $26,000 after buying an additional 497 shares during the last quarter. Cullen Frost Bankers Inc. raised its holdings in shares of Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock valued at $27,000 after buying an additional 468 shares during the last quarter. JFS Wealth Advisors LLC raised its holdings 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 buying an additional 252 shares during the last quarter. Wolff Wiese Magana LLC raised its holdings in shares of Baker Hughes by 55.6% in the fourth quarter. Wolff Wiese Magana LLC now owns 840 shares of the company's stock valued at $38,000 after buying an additional 300 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Baker Hughes by 23.5% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,421 shares of the company's stock worth $69,000 after purchasing an additional 270 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company's stock.

Baker Hughes Stock Performance

BKR opened at $63.20 on Thursday. The business's fifty day moving average is $63.41 and its 200-day moving average is $56.62. The firm has a market cap of $62.70 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 2.38 and a beta of 0.97. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. Baker Hughes Company has a 52-week low of $36.53 and a 52-week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes's revenue was up 2.5% compared to the same quarter last year. During the same period last year, the firm posted $0.51 earnings per share. Sell-side analysts expect that Baker Hughes Company will post 2.31 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.5%. Baker Hughes's dividend payout ratio (DPR) is 29.39%.

Wall Street Analysts Forecast Growth

BKR has been the subject of several recent research reports. Stifel Nicolaus boosted their price objective on Baker Hughes from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Monday, April 27th. BMO Capital Markets upped their price target on Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" 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 research note on Sunday, April 26th. Barclays restated an "equal weight" rating and issued a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Finally, Zacks Research cut Baker Hughes from a "hold" rating to a "strong sell" rating in a research note on Tuesday, April 28th. 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 company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $69.41.

Insider Activity

In other Baker Hughes news, insider Maria Georgia Magno sold 5,063 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the transaction, the insider directly owned 15,555 shares in the company, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lorenzo Simonelli sold 272,594 shares of the 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 of the company's stock, valued at $50,938,242.76. This represents a 23.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 550,250 shares of company stock worth $32,988,331 over the last ninety days. 0.19% of the stock is currently owned by insiders.

About Baker Hughes

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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