Baker Hughes Company $BKR Shares Acquired by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its Baker Hughes stake by 40.5% in the first quarter, adding 46,823 shares to own 162,380 shares valued at approximately $9.9 million. Institutional investors and hedge funds collectively own 92.06% of BKR.
• Baker Hughes reported quarterly EPS of $0.64, exceeding the $0.51 analyst consensus, while revenue rose 2.4% year over year to $6.74 billion. The company also declared a quarterly dividend of $0.23 per share, representing a 1.5% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $69.95 versus the stock’s $59.90 opening price. However, insiders sold 367,910 shares worth about $22.4 million over the past 90 days.

Cetera Investment Advisers grew its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 40.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 162,380 shares of the company's stock after acquiring an additional 46,823 shares during the period. Cetera Investment Advisers' holdings in Baker Hughes were worth $9,913,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. State Street Corp lifted its stake in Baker Hughes by 1.6% during the fourth quarter. State Street Corp now owns 61,409,438 shares of the company's stock worth $2,796,586,000 after purchasing an additional 937,614 shares in the last quarter. Cardano Risk Management B.V. grew its stake in shares of Baker Hughes by 1,005.1% in the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock valued at $2,247,550,000 after buying an additional 44,887,481 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Baker Hughes by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company's stock valued at $1,189,194,000 after buying an additional 204,534 shares during the period. Norges Bank purchased a new position in Baker Hughes during the 4th quarter valued at about $1,022,491,000. Finally, Capital International Investors grew its position in Baker Hughes by 6.4% in the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company's stock valued at $725,616,000 after acquiring an additional 956,808 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Stock Up 2.0%

BKR opened at $59.90 on Friday. Baker Hughes Company has a one year low of $41.96 and a one year high of $70.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.77 and a current ratio of 2.09. The stock has a market capitalization of $59.42 billion, a P/E ratio of 19.32, a price-to-earnings-growth ratio of 2.30 and a beta of 0.96. The business's 50-day simple moving average is $59.47 and its 200-day simple moving average is $60.25.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results 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. The firm had revenue of $6.74 billion during the quarter, compared to analysts' expectations of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business's revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. Analysts anticipate that Baker Hughes Company will post 2.4 EPS for the current year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.92 annualized dividend and a yield of 1.5%. Baker Hughes's dividend payout ratio is currently 29.68%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BKR shares. Barclays reduced their price target on shares of Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 16th. Wolfe Research started coverage on shares of Baker Hughes in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $70.00 price target for the company. TD Cowen upped their price objective on Baker Hughes from $77.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday. BMO Capital Markets increased their price objective on Baker Hughes from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Baker Hughes in a report on Thursday, July 9th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Baker Hughes currently has an average rating of "Moderate Buy" and an average target price of $69.95.

Insider Buying and Selling

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes 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 transaction, the chief executive officer directly owned 703,444 shares in the company, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the sale, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 367,910 shares of company stock valued at $22,420,797 over the last ninety days. 0.19% of the stock is owned by 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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