Baker Hughes Company $BKR Shares Bought by ABN AMRO Bank N.V.

Key Points

• ABN AMRO Bank N.V. increased its Baker Hughes stake by 6.5% in the first quarter, and institutional ownership remains very high at 92.06% of shares outstanding.
• Wall Street sentiment is generally positive: several firms raised price targets, and Baker Hughes has a “Moderate Buy” consensus with an average target price of $69.14.
• The company posted better-than-expected Q1 EPS of $0.58 versus $0.49 expected, while also paying a quarterly dividend of $0.23 per share for a 1.6% yield; however, recent insider selling, including by CEO Lorenzo Simonelli, may weigh on sentiment.

ABN AMRO Bank N.V. raised its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 6.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 679,842 shares of the company's stock after buying an additional 41,657 shares during the quarter. ABN AMRO Bank N.V. owned about 0.07% of Baker Hughes worth $41,625,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Pinion Investment Advisors LLC purchased a new position in Baker Hughes in the 4th quarter worth $778,000. Nordea Investment Management AB grew its stake in Baker Hughes by 12.7% during the 4th quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company's stock valued at $125,813,000 after purchasing an additional 309,996 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Baker Hughes by 5.4% in the third quarter. Legal & General Group Plc now owns 7,147,684 shares of the company's stock valued at $348,234,000 after purchasing an additional 367,728 shares during the period. USA Financial Formulas purchased a new position in shares of Baker Hughes in the fourth quarter worth about $830,000. Finally, Ninety One UK Ltd raised its stake in shares of Baker Hughes by 28.6% in the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company's stock worth $21,373,000 after purchasing an additional 104,428 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BKR. TD Cowen upped their target price on Baker Hughes from $64.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, April 27th. JPMorgan Chase & Co. lifted their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Wall Street Zen downgraded shares of Baker Hughes from a "buy" rating to a "hold" rating in a report on Saturday, March 28th. Zacks Research upgraded shares of Baker Hughes from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th. Finally, Evercore reissued an "outperform" rating and set a $76.00 target price on shares of Baker Hughes in a report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Baker Hughes currently has an average rating of "Moderate Buy" and a consensus target price of $69.14.

Baker Hughes Trading Down 0.7%

Shares of NASDAQ:BKR opened at $56.56 on Friday. Baker Hughes Company has a 1 year low of $37.67 and a 1 year high of $70.41. The firm has a market capitalization of $56.11 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 2.04 and a beta of 0.93. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The business's 50 day moving average price is $63.56 and its 200-day moving average price is $58.51.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same quarter last year, the business earned $0.51 earnings per share. The company's revenue for the quarter was up 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes's payout ratio is 29.39%.

Insider Activity

In other news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction 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 transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by corporate insiders.

Baker Hughes News Summary

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

• Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy's Greater PAJ Development
• Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
• Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
• Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
• Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
• Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes NASDAQ: BKR CEO Lorenzo Simonelli Sells 181,411 Shares

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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