Baker Hughes Company $BKR Shares Purchased by Wellington Management Group LLP

Key Points

• Wellington Management increased its Baker Hughes stake by 15.8% in the second quarter, acquiring 154,053 additional shares and bringing its holdings to 1.13 million shares worth approximately $62.6 million. Institutional investors collectively own 92.06% of the company.
• Analyst sentiment remains positive, with 17 Buy ratings and four Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $70.67.
• Baker Hughes beat quarterly estimates with earnings of $0.64 per share and revenue of $6.74 billion, while reporting 2.4% year-over-year revenue growth. The company also pays a quarterly dividend of $0.23 per share, representing a 1.4% yield.

Wellington Management Group LLP boosted its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 15.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,127,975 shares of the company's stock after buying an additional 154,053 shares during the quarter. Wellington Management Group LLP owned approximately 0.11% of Baker Hughes worth $62,603,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Archer Investment Corp acquired a new position in shares of Baker Hughes in the second quarter worth about $94,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Baker Hughes during the 2nd quarter valued at about $356,000. Public Employees Retirement System of Ohio purchased a new position in shares of Baker Hughes in the 2nd quarter valued at about $16,312,000. Birmingham Capital Management Co. Inc. AL acquired a new position in Baker Hughes in the 2nd quarter worth about $971,000. Finally, Pointe Capital Management LLC acquired a new position in Baker Hughes in the 2nd quarter worth about $1,511,000. Hedge funds and other institutional investors own 92.06% of the company's stock.

Wall Street Analysts Forecast Growth

BKR has been the topic of several research analyst reports. Barclays dropped their price objective on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. Stifel Nicolaus upped their target price on Baker Hughes from $74.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Wall Street Zen lowered Baker Hughes from a "buy" rating to a "hold" rating in a research report on Wednesday, August 5th. Morgan Stanley started coverage on shares of Baker Hughes in a research note on Friday, August 7th. They issued an "overweight" rating and a $70.00 price target on the stock. Finally, UBS Group set a $51.00 price target on shares of Baker Hughes in a report on Tuesday, July 28th. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Baker Hughes has a consensus rating of "Moderate Buy" and an average price target of $70.67.

Baker Hughes Price Performance

Shares of Baker Hughes stock opened at $64.63 on Thursday. The stock has a market capitalization of $64.16 billion, a P/E ratio of 20.85, a PEG ratio of 2.85 and a beta of 0.96. The business has a 50 day simple moving average of $59.61 and a two-hundred day simple moving average of $61.53. Baker Hughes Company has a 12 month low of $43.92 and a 12 month high of $70.41. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.54 billion. During the same period in the previous year, the company posted $0.63 earnings per share. The business's revenue was up 2.4% on a year-over-year basis. As a group, analysts predict that Baker Hughes Company will post 2.51 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Friday, August 7th. Baker Hughes's payout ratio is 29.68%.

Insider Activity

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the company's stock in a transaction on Monday, June 22nd. The shares were 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 owned 703,444 shares of the company's stock, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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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