AMF Tjanstepension AB Acquires 34,094 Shares of Baker Hughes Company $BKR

Key Points

• AMF Tjanstepension AB increased its stake in Baker Hughes by 4.9% in the first quarter, buying 34,094 additional shares and bringing its total holding to 729,153 shares worth about $44.5 million.
• Baker Hughes posted stronger-than-expected quarterly earnings, reporting $0.58 per share versus the $0.49 analyst estimate, while revenue rose 2.5% year over year to $6.59 billion.
• The stock continues to draw mixed but generally positive Wall Street sentiment, with analysts maintaining a “Moderate Buy” consensus and several firms raising price targets, while insiders have recently sold shares.

AMF Tjanstepension AB boosted its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 4.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 729,153 shares of the company's stock after purchasing an additional 34,094 shares during the period. AMF Tjanstepension AB owned about 0.07% of Baker Hughes worth $44,515,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BKR. EFG International AG purchased a new stake in Baker Hughes in the 4th quarter worth approximately $26,000. Cullen Frost Bankers Inc. increased its stake in shares of Baker Hughes by 344.1% during 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 period. Quarry LP bought a new position in shares of Baker Hughes during the fourth quarter valued at approximately $31,000. MV Capital Management Inc. purchased a new stake in Baker Hughes in the fourth quarter worth $34,000. Finally, Acumen Wealth Advisors LLC purchased a new stake in Baker Hughes in the fourth quarter worth $35,000. Institutional investors own 92.06% of the company's stock.

Baker Hughes Stock Performance

Shares of BKR stock opened at $57.56 on Monday. The company has a 50 day moving average price of $61.78 and a 200-day moving average price of $59.22. Baker Hughes Company has a 52 week low of $38.37 and a 52 week high of $70.41. The firm has a market capitalization of $57.10 billion, a PE ratio of 18.39, a P/E/G ratio of 2.06 and a beta of 0.96. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the prior year, the firm earned $0.51 earnings per share. The firm's revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities research analysts expect that Baker Hughes Company will post 2.29 earnings per share for the current year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued 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 yield of 1.6%. Baker Hughes's dividend payout ratio is currently 29.39%.

Trending Headlines about Baker Hughes

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes won EU antitrust approval for its $13.6 billion acquisition of Chart Industries after agreeing to divest certain LNG technology assets, removing a key regulatory hurdle for the deal. Baker Hughes wins conditional EU nod for $13.6 billion Chart deal
• Positive Sentiment: The company also secured substantial equipment and services awards for Cheniere’s Sabine Pass LNG facility, including liquefaction equipment and turbine upgrades, reinforcing growth in its LNG infrastructure business. Baker Hughes Secures Substantial Equipment and Services Awards for Cheniere's Sabine Pass LNG Facility
• Positive Sentiment: Reuters reported that U.S. energy firms added rigs for a fourth straight week, which can signal steadier upstream activity and support demand for Baker Hughes’ oilfield services. US energy firms add rigs for fourth week in a row, says Baker Hughes
• Positive Sentiment: Wolfe Research initiated coverage with an “outperform” rating and a $70 price target, suggesting additional upside versus recent trading levels. The Fly coverage note
• Neutral Sentiment: Brokerage sentiment remains constructive overall, with Baker Hughes receiving an average “Moderate Buy” rating from analysts.
• Neutral Sentiment: Short-interest data showed no meaningful change in shares sold short, so it does not appear to be a major trading driver today.
• Negative Sentiment: One article noted Baker Hughes is closing a facility and laying off employees, which could raise restructuring concerns, though the impact appears secondary to the stronger LNG and deal-related headlines. HBJ: Baker Hughes closing facility, laying off employees

Analysts Set New Price Targets

Several brokerages have commented on BKR. HSBC upped their price objective on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Barclays reiterated an "equal weight" rating and set a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research report on Thursday, May 7th. UBS Group increased 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. JPMorgan Chase & Co. raised their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Baker Hughes in a research report on Thursday. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $70.14.

Insider Activity

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the company's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the sale, the chief executive officer owned 703,444 shares of the company's stock, valued at $41,102,232.92. This represents a 20.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 367,910 shares of company stock worth $22,420,797 over the last three months. Insiders own 0.19% of the company's stock.

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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