Baker Hughes Company $BKR Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners sharply reduced its Baker Hughes position by 93% in the first quarter, selling 88,795 shares and retaining 6,667 shares valued at approximately $407,000.
• Baker Hughes remains heavily institutionally owned, with institutional investors and hedge funds holding 92.06% of outstanding shares. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $69.95.
• The company exceeded quarterly expectations, reporting $0.64 in EPS and $6.74 billion in revenue, while declaring a quarterly dividend of $0.23 per share, equivalent to a 1.5% yield.

Edgestream Partners L.P. cut its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 93.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,667 shares of the company's stock after selling 88,795 shares during the quarter. Edgestream Partners L.P.'s holdings in Baker Hughes were worth $407,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in BKR. State Street Corp boosted its position in Baker Hughes by 1.6% in the 4th quarter. State Street Corp now owns 61,409,438 shares of the company's stock valued at $2,796,586,000 after buying an additional 937,614 shares during the last quarter. Cardano Risk Management B.V. increased its position in shares of Baker Hughes by 1,005.1% during the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock worth $2,247,550,000 after acquiring an additional 44,887,481 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company's stock worth $1,189,194,000 after acquiring an additional 204,534 shares during the last quarter. Norges Bank acquired a new position in shares of Baker Hughes in the fourth quarter worth about $1,022,491,000. Finally, Capital International Investors lifted its stake in shares of Baker Hughes by 6.4% in the fourth quarter. Capital International Investors now owns 15,933,590 shares of the company's stock worth $725,616,000 after acquiring an additional 956,808 shares in the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on BKR. UBS Group set a $51.00 price objective on Baker Hughes in a research note on Tuesday, July 28th. Piper Sandler raised their price target on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Baker Hughes in a report on Thursday, July 9th. BMO Capital Markets raised their price objective on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Finally, Argus boosted their target price on shares of Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $69.95.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $61.67 on Thursday. The company has a market cap of $61.22 billion, a PE ratio of 19.89, a P/E/G ratio of 1.96 and a beta of 0.97. Baker Hughes Company has a fifty-two week low of $41.96 and a fifty-two week high of $70.41. The firm has a 50-day simple moving average of $59.12 and a 200 day simple moving average of $60.57. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its 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 net margin of 11.17% and a return on equity of 13.85%. The firm had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $6.54 billion. During the same quarter last year, the company posted $0.63 earnings per share. Baker Hughes's revenue was up 2.4% on a year-over-year basis. On average, sell-side analysts anticipate that Baker Hughes Company will post 2.46 EPS for the current year.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, August 7th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, August 7th. Baker Hughes's dividend payout ratio is presently 29.68%.

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the company's 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 completion of the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their position. The sale 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. Also, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the sale, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 367,910 shares of company stock worth $22,420,797. Company insiders own 0.19% of the company's stock.

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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