Baker Hughes Company $BKR Shares Purchased by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System increased its Baker Hughes stake by 4.4% in the first quarter, bringing its holdings to 2,062,399 shares worth about $125.9 million.
• Insiders have been selling shares, including CEO Lorenzo Simonelli and CAO Rebecca L. Charlton; total insider sales over the past 90 days reached 367,910 shares valued at about $22.4 million.
• Analysts remain generally positive on Baker Hughes, with multiple firms raising price targets and the stock carrying a “Moderate Buy” consensus rating and a consensus target price of $70.00.

California Public Employees Retirement System raised its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 4.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,062,399 shares of the company's stock after purchasing an additional 87,353 shares during the period. California Public Employees Retirement System owned 0.21% of Baker Hughes worth $125,909,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EFG International AG purchased a new position in shares of Baker Hughes in the 4th quarter valued at $26,000. Cullen Frost Bankers Inc. raised its stake in Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock worth $27,000 after acquiring an additional 468 shares in the last quarter. Quarry LP purchased a new stake in Baker Hughes in the fourth quarter valued at $31,000. MV Capital Management Inc. purchased a new stake in Baker Hughes in the fourth quarter valued at $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Baker Hughes in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 92.06% of the company's stock.

Insider Buying and Selling

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 703,444 shares of the company's stock, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. 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.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. TD Cowen raised their price objective on Baker Hughes from $75.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Royal Bank Of Canada upped their target price on Baker Hughes from $68.00 to $71.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. BMO Capital Markets raised their price target on Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Piper Sandler cut their price target on Baker Hughes from $72.00 to $71.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 14th. Finally, Argus boosted their price objective on Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.00.

Baker Hughes Trading Down 1.0%

NASDAQ BKR opened at $55.95 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The firm has a market cap of $55.51 billion, a PE ratio of 17.88, a P/E/G ratio of 2.32 and a beta of 0.96. Baker Hughes Company has a one year low of $38.97 and a one year high of $70.41. The firm's fifty day moving average is $60.85 and its two-hundred day moving average is $59.53.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the prior year, the firm earned $0.51 earnings per share. The business's quarterly revenue was up 2.5% compared to the same quarter last year. Analysts expect that Baker Hughes Company will post 2.27 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.6%. Baker Hughes's dividend payout ratio is currently 29.39%.

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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