Aventail Capital Group LP Has $22.70 Million Holdings in Baker Hughes Company $BKR

Key Points

• Aventail Capital Group LP cut its Baker Hughes stake by 72.8%, owning 465,981 shares valued at about $22.7 million after selling 1,247,275 shares in Q3, making it the firm's 28th largest holding.
• Insiders have been net sellers: CEO Lorenzo Simonelli sold 272,594 shares for roughly $16.0 million on March 11, and insiders sold 590,251 shares (~$35.31 million) over the last three months, leaving insiders with only 0.27% ownership.
• Baker Hughes recently reported an EPS beat ($0.78 vs. $0.67) and $7.39B revenue, pays a $0.23 quarterly dividend (≈1.7% yield), and carries a consensus analyst rating of “Moderate Buy” with a $59.61 price target.

Aventail Capital Group LP cut its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 72.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 465,981 shares of the company's stock after selling 1,247,275 shares during the period. Baker Hughes accounts for about 1.1% of Aventail Capital Group LP's investment portfolio, making the stock its 28th largest position. Aventail Capital Group LP's holdings in Baker Hughes were worth $22,703,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Activest Wealth Management grew its stake in shares of Baker Hughes by 1,242.5% in the 3rd quarter. Activest Wealth Management now owns 537 shares of the company's stock valued at $26,000 after buying an additional 497 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. raised its position in Baker Hughes by 104.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company's stock valued at $32,000 after acquiring an additional 337 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in Baker Hughes during the second quarter valued at approximately $36,000. Rothschild Investment LLC lifted its stake in Baker Hughes by 66.6% in the second quarter. Rothschild Investment LLC now owns 1,241 shares of the company's stock valued at $48,000 after acquiring an additional 496 shares during the last quarter. Finally, Spire Wealth Management lifted its stake in Baker Hughes by 357.8% in the third quarter. Spire Wealth Management now owns 1,021 shares of the company's stock valued at $50,000 after acquiring an additional 798 shares during the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Trading Down 2.9%

NASDAQ:BKR opened at $54.26 on Friday. The company's 50 day moving average is $57.31 and its 200-day moving average is $50.80. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 0.28. Baker Hughes Company has a 12 month low of $33.60 and a 12 month high of $67.00. The firm has a market cap of $53.62 billion, a price-to-earnings ratio of 20.87, a P/E/G ratio of 1.47 and a beta of 0.83.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Monday, January 26th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The business had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.09 billion. During the same period in the prior year, the firm earned $0.70 EPS. Baker Hughes's quarterly revenue was up .3% compared to the same quarter last year. Equities analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.92 dividend on an annualized basis and a yield of 1.7%. Baker Hughes's payout ratio is currently 35.38%.

Analyst Ratings Changes

BKR has been the topic of several analyst reports. Capital One Financial increased their price target on shares of Baker Hughes from $53.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 27th. Piper Sandler lifted their price objective on shares of Baker Hughes from $52.00 to $61.00 and gave the company an "overweight" rating in a research note on Wednesday, January 28th. TD Cowen upped their price objective on shares of Baker Hughes from $55.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, January 27th. UBS Group increased their target price on shares of Baker Hughes from $54.00 to $61.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 28th. Finally, Wall Street Zen upgraded Baker Hughes from a "hold" rating to a "buy" rating in a report on Saturday, February 7th. Twenty research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Baker Hughes has a consensus rating of "Moderate Buy" and a consensus price target of $59.61.

Insider Activity

In other news, CEO Lorenzo Simonelli sold 272,594 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total value of $16,025,801.26. Following the sale, the chief executive officer directly owned 866,444 shares of the company's stock, valued at approximately $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Maria Georgia Magno sold 5,063 shares of Baker Hughes 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 owned 15,555 shares in the company, valued at $918,367.20. The trade was a 24.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 590,251 shares of company stock valued at $35,311,023 over the last three months. 0.27% 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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