Allworth Financial LP Acquires 37,814 Shares of Baker Hughes Company $BKR

Allworth Financial LP grew its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 19.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 231,538 shares of the company's stock after purchasing an additional 37,814 shares during the quarter. Allworth Financial LP's holdings in Baker Hughes were worth $12,850,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in BKR. EFG International AG bought a new position in shares of Baker Hughes in the fourth quarter valued at about $26,000. Cullen Frost Bankers Inc. grew its holdings in Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock worth $27,000 after acquiring an additional 468 shares during the last quarter. Quarry LP acquired a new stake in Baker Hughes in the 4th quarter valued at about $31,000. MV Capital Management Inc. acquired a new stake in Baker Hughes in the 4th quarter valued at about $34,000. Finally, Acumen Wealth Advisors LLC bought a new position in shares of Baker Hughes in the fourth quarter worth about $35,000. Institutional investors own 92.06% of the company's stock.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This trade represents a 20.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is currently owned by company insiders.

Baker Hughes Trading Up 0.7%

BKR opened at $63.92 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76. The company has a market cap of $63.45 billion, a price-to-earnings ratio of 20.62, a price-to-earnings-growth ratio of 2.84 and a beta of 0.96. The firm has a 50 day simple moving average of $60.20 and a 200 day simple moving average of $61.61. Baker Hughes Company has a fifty-two week low of $43.92 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $6.54 billion. During the same period last year, the firm earned $0.63 earnings per share. The business's revenue for the quarter was up 2.4% on a year-over-year basis. On average, sell-side analysts anticipate that Baker Hughes Company will post 2.51 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were paid a $0.23 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. Baker Hughes's dividend payout ratio is 29.68%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on BKR shares. Morgan Stanley assumed coverage on shares of Baker Hughes in a research report on Friday, August 7th. They set an "overweight" rating and a $70.00 target price on the stock. Zacks Research raised shares of Baker Hughes from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Susquehanna boosted their price objective on shares of Baker Hughes from $70.00 to $72.00 and gave the stock a "positive" rating in a research report on Tuesday, July 28th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Baker Hughes in a report on Thursday, July 9th. Finally, Capital One Financial increased their price objective on Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $70.67.

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.

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.