Baker Hughes Company $BKR Shares Sold by Chevy Chase Trust Holdings LLC

Key Points

• Chevy Chase Trust cut its Baker Hughes stake by 3.9% (sold 20,204 shares) to 503,141 shares worth $24.5M, while other institutions like CalPERS increased positions, leaving institutional ownership at 92.06%.
• Baker Hughes posted an EPS beat of $0.78 vs. $0.67 consensus and revenue of $7.39B (vs. $7.09B expected), and analysts forecast ~2.59 EPS for the current year.
• Insiders sold 590,251 shares (about $35.3M) over the last quarter, including a notable sale by Maria Georgia Magno, leaving insiders with roughly 0.27% ownership.

Chevy Chase Trust Holdings LLC cut its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 503,141 shares of the company's stock after selling 20,204 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Baker Hughes worth $24,513,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. California Public Employees Retirement System lifted its holdings in shares of Baker Hughes by 12.1% in the 3rd quarter. California Public Employees Retirement System now owns 2,018,900 shares of the company's stock valued at $98,361,000 after purchasing an additional 218,538 shares during the last quarter. Bank of Nova Scotia grew its stake in Baker Hughes by 27.6% during the 3rd quarter. Bank of Nova Scotia now owns 120,341 shares of the company's stock worth $5,861,000 after buying an additional 26,018 shares during the last quarter. Boothbay Fund Management LLC purchased a new position in Baker Hughes during the 3rd quarter worth approximately $323,000. Aristotle Atlantic Partners LLC acquired a new position in Baker Hughes during the third quarter worth approximately $12,311,000. Finally, Creative Planning increased its position in Baker Hughes by 11.2% during the third quarter. Creative Planning now owns 100,467 shares of the company's stock worth $4,895,000 after buying an additional 10,104 shares during the period. Institutional investors and hedge funds own 92.06% of the company's stock.

Baker Hughes Trading Up 1.7%

Shares of BKR stock opened at $55.19 on Tuesday. The company has a market capitalization of $54.54 billion, a P/E ratio of 21.23, a price-to-earnings-growth ratio of 1.47 and a beta of 0.83. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28. The business's 50 day moving average is $57.43 and its two-hundred day moving average is $50.91. Baker Hughes Company has a twelve month low of $33.60 and a twelve month high of $67.00.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings results on Monday, January 26th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The business had revenue of $7.39 billion during the quarter, compared to analysts' expectations of $7.09 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The company's quarterly revenue was up .3% compared to the same quarter last year. Equities analysts forecast that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, February 17th. This represents a $0.92 dividend on an annualized basis and a yield of 1.7%. Baker Hughes's dividend payout ratio is presently 35.38%.

Insider Activity

In other news, insider Maria Georgia Magno sold 5,063 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the transaction, the insider directly owned 15,555 shares in the company, valued at $918,367.20. The trade was a 24.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Rebecca L. Charlton sold 843 shares of the stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $56.34, for a total transaction of $47,494.62. Following the transaction, the chief accounting officer directly owned 14,019 shares of the company's stock, valued at $789,830.46. This represents a 5.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 590,251 shares of company stock worth $35,311,023 over the last quarter. Insiders own 0.27% of the company's stock.

Analyst Ratings Changes

BKR has been the subject of several research analyst reports. Piper Sandler increased their price objective on Baker Hughes from $52.00 to $61.00 and gave the company an "overweight" rating in a report on Wednesday, January 28th. UBS Group lifted their target price on shares of Baker Hughes from $54.00 to $61.00 and gave the company a "neutral" rating in a report on Wednesday, January 28th. Weiss Ratings reiterated a "buy (b)" rating on shares of Baker Hughes in a research report on Monday, December 29th. Citigroup raised their price objective on shares of Baker Hughes from $61.00 to $64.00 and gave the stock a "buy" rating in a research report on Tuesday, January 27th. Finally, Capital One Financial lifted their price objective on shares of Baker Hughes from $53.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, January 27th. Twenty equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Baker Hughes presently has a consensus rating of "Moderate Buy" and an average price target of $59.61.

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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