Adage Capital Partners GP L.L.C. Lowers Position in Baker Hughes Company $BKR

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in Baker Hughes Company by 20.3%, selling 75,900 shares and leaving it with 298,602 shares valued at approximately $13.12 million.
• CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes at an average price of $44.42, significantly reducing his ownership by 44.10%.
• Baker Hughes has announced a quarterly dividend of $0.23 per share, resulting in an annualized dividend yield of 2.0%.

Adage Capital Partners GP L.L.C. decreased its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 20.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 298,602 shares of the company's stock after selling 75,900 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Baker Hughes were worth $13,124,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BKR. Vanguard Group Inc. boosted its holdings in shares of Baker Hughes by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 122,118,216 shares of the company's stock valued at $5,367,096,000 after acquiring an additional 924,501 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Baker Hughes by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 11,727,973 shares of the company's stock valued at $515,367,000 after purchasing an additional 175,495 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Baker Hughes by 2.7% during the first quarter. Invesco Ltd. now owns 10,790,132 shares of the company's stock worth $474,226,000 after purchasing an additional 283,454 shares during the last quarter. Nuveen LLC acquired a new position in shares of Baker Hughes in the first quarter valued at approximately $404,385,000. Finally, Deutsche Bank AG grew its holdings in Baker Hughes by 5.3% during the 1st quarter. Deutsche Bank AG now owns 8,181,944 shares of the company's stock worth $359,596,000 after acquiring an additional 411,396 shares during the last quarter. Institutional investors own 92.06% of the company's stock.

Wall Street Analyst Weigh In

BKR has been the subject of a number of analyst reports. TD Cowen raised their price objective on Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Morgan Stanley upped their price objective on shares of Baker Hughes from $45.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Jefferies Financial Group set a $58.00 target price on shares of Baker Hughes in a research note on Wednesday, July 30th. UBS Group reaffirmed a "neutral" rating and set a $46.00 price target (up previously from $43.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $53.00 price objective (up from $46.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Twenty research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and an average target price of $52.29.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the completion of the sale, the chief executive officer directly owned 667,593 shares in the company, valued at $29,654,481.06. This represents a 44.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.27% of the stock is owned by corporate insiders.

Baker Hughes Stock Down 0.4%

Baker Hughes stock traded down $0.19 during midday trading on Tuesday, reaching $45.45. The stock had a trading volume of 3,338,098 shares, compared to its average volume of 4,864,728. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The company has a fifty day moving average price of $42.98 and a two-hundred day moving average price of $40.59. Baker Hughes Company has a 12 month low of $32.25 and a 12 month high of $49.40. The company has a market capitalization of $44.81 billion, a P/E ratio of 14.85, a PEG ratio of 2.08 and a beta of 1.01.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.55 by $0.08. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The firm had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same period in the previous year, the firm earned $0.57 EPS. The business's revenue for the quarter was down 3.2% compared to the same quarter last year. Baker Hughes has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, equities analysts expect that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $0.92 annualized dividend and a yield of 2.0%. Baker Hughes's payout ratio is currently 30.07%.

About Baker Hughes

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.