Baker Hughes Company $BKR Holdings Cut by Fulcrum Asset Management LLP

Key Points

• Fulcrum Asset Management cut its Baker Hughes stake by 25.3% in the third quarter, selling 26,933 shares and retaining 79,676 shares valued at about $4.46 million.
• Baker Hughes beat quarterly estimates, reporting EPS of $0.70 versus $0.61 expected and revenue of $8.03 billion, up 14.5% year over year.
• Analysts’ consensus rating was Moderate Buy, with a $70.27 average price target; director John Rice also bought 10,000 shares, and the company announced a $0.23 quarterly dividend.

Fulcrum Asset Management LLP trimmed its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 25.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,676 shares of the company's stock after selling 26,933 shares during the period. Fulcrum Asset Management LLP's holdings in Baker Hughes were worth $4,455,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BKR. StoneRidge PMG Advisors LLC bought a new stake in shares of Baker Hughes during the 3rd quarter valued at about $364,000. Brighton Jones LLC increased its position in shares of Baker Hughes by 139.3% in the third quarter. Brighton Jones LLC now owns 18,767 shares of the company's stock worth $1,030,000 after purchasing an additional 10,924 shares during the last quarter. Candriam S.C.A. raised its stake in Baker Hughes by 2.3% in the third quarter. Candriam S.C.A. now owns 90,783 shares of the company's stock valued at $5,002,000 after purchasing an additional 2,071 shares in the last quarter. Ethic Inc. raised its stake in Baker Hughes by 8.1% in the third quarter. Ethic Inc. now owns 175,084 shares of the company's stock valued at $9,612,000 after purchasing an additional 13,177 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its stake in Baker Hughes by 1.1% in the third quarter. 180 Wealth Advisors LLC now owns 41,544 shares of the company's stock valued at $2,281,000 after purchasing an additional 458 shares in the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Baker Hughes

In related news, Director John Rice purchased 10,000 shares of Baker Hughes stock in a transaction that occurred on Tuesday, November 3rd. The shares were acquired at an average cost of $53.10 per share, for a total transaction of $531,000.00. Following the transaction, the director directly owned 77,315 shares in the company, valued at $4,105,426.50. The trade was a 14.86% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by insiders.

Baker Hughes Price Performance

BKR stock opened at $48.45 on Tuesday. The firm has a market cap of $48.09 billion, a P/E ratio of 18.47, a P/E/G ratio of 2.38 and a beta of 1.07. The firm's fifty day moving average is $56.64 and its 200 day moving average is $60.00. Baker Hughes Company has a 52 week low of $44.26 and a 52 week high of $70.41. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.90 and a current ratio of 1.24.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.09. Baker Hughes had a net margin of 10.08% and a return on equity of 13.55%. The business had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.74 billion. During the same period in the previous year, the firm posted $0.68 earnings per share. The firm's revenue for the quarter was up 14.5% on a year-over-year basis. Research analysts predict that Baker Hughes Company will post 2.56 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Tuesday, November 10th will be issued a dividend of $0.23 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.92 annualized dividend and a yield of 1.9%. Baker Hughes's dividend payout ratio is currently 31.72%.

Analyst Ratings Changes

Several equities research analysts have issued reports on BKR shares. UBS Group dropped their target price on shares of Baker Hughes from $72.00 to $69.00 and set a "neutral" rating for the company in a research report on Wednesday, September 30th. TD Cowen increased their price target on shares of Baker Hughes from $76.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, October 29th. Weiss Ratings restated a "buy (b-)" rating on shares of Baker Hughes in a research report on Friday, October 9th. Citigroup lowered their price objective on shares of Baker Hughes from $75.00 to $72.00 and set a "buy" rating on the stock in a research report on Monday, October 19th. Finally, Piper Sandler dropped their price objective on shares of Baker Hughes from $73.00 to $70.00 and set an "overweight" rating for the company in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $70.27.

About Baker Hughes

Baker Hughes NASDAQ: BKR is an energy technology company that provides products and services to the oil and gas industry and other industrial markets. Its offerings include equipment and services used across the energy value chain, from exploration and production to transportation and processing.

The company also develops turbomachinery, industrial equipment, digital technologies and solutions for energy and industrial applications. Its portfolio includes technologies designed to support more efficient operations and lower-emissions energy systems.

Baker Hughes serves customers around the world.

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