Arizona State Retirement System Has $20.96 Million Stock Holdings in Baker Hughes Company $BKR

Key Points

• Arizona State Retirement System increased its Baker Hughes stake by 40.9% in the second quarter, adding 109,602 shares for a total holding valued at approximately $20.96 million. Institutional investors own 92.06% of the company.
• Baker Hughes reported quarterly EPS of $0.64, beating estimates of $0.51, while revenue rose 2.4% year over year to $6.74 billion. The company also declared a $0.23 quarterly dividend, equivalent to a 1.4% yield.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $70.67, although CEO Lorenzo Simonelli sold shares worth about $10.6 million under a pre-arranged trading plan.

Arizona State Retirement System raised its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 40.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 377,731 shares of the company's stock after purchasing an additional 109,602 shares during the quarter. Arizona State Retirement System's holdings in Baker Hughes were worth $20,964,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. EFG International AG bought a new stake in Baker Hughes during the 4th quarter worth approximately $26,000. Cullen Frost Bankers Inc. raised its stake 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 worth $27,000 after acquiring an additional 468 shares during the last quarter. Meeder Asset Management Inc. lifted its position in shares of Baker Hughes by 49.0% during the first quarter. Meeder Asset Management Inc. now owns 651 shares of the company's stock worth $40,000 after purchasing an additional 214 shares in the last quarter. Quarry LP acquired a new position in shares of Baker Hughes during the fourth quarter worth approximately $31,000. Finally, Jones Financial Companies Lllp bought a new stake in shares of Baker Hughes during the second quarter valued at approximately $39,000. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Trading Up 0.7%

BKR opened at $63.92 on Wednesday. The firm's fifty day simple moving average is $60.20 and its 200 day simple moving average is $61.61. The stock has a market capitalization of $63.45 billion, a P/E ratio of 20.62, a P/E/G ratio of 2.84 and a beta of 0.96. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a 12 month low of $43.92 and a 12 month high of $70.41.

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

Baker Hughes Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BKR. Barclays dropped their target price on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. Wall Street Zen cut Baker Hughes from a "buy" rating to a "hold" rating in a report on Wednesday, August 5th. Royal Bank Of Canada lifted their price target on shares of Baker Hughes from $71.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 25th. Piper Sandler increased their price objective on shares of Baker Hughes from $71.00 to $73.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Finally, Capital One Financial increased their price target on Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research note on Thursday, May 21st. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.67.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the firm's stock in a transaction that occurred 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 completion of 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 ownership of the stock. 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. 0.19% of the stock is currently owned by corporate insiders.

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.

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