Baker Hughes Company $BKR Shares Sold by Janus Henderson Group PLC

Key Points

• Janus Henderson Group reduced its Baker Hughes stake by 12.6% in the first quarter, selling 215,489 shares and retaining 1.49 million shares valued at approximately $90.9 million. Institutional investors collectively own 92.06% of BKR.
• Baker Hughes insiders also sold shares, including CEO Lorenzo Simonelli’s sale of 181,411 shares for about $10.6 million; insiders sold $22.4 million worth of stock over the past quarter.
• Baker Hughes reported stronger-than-expected quarterly results, with $0.64 in EPS and $6.74 billion in revenue, while analysts maintain a “Moderate Buy” consensus and an average price target of $69.95. The company also announced a quarterly dividend of $0.23 per share.

Janus Henderson Group PLC reduced its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 12.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,488,408 shares of the company's stock after selling 215,489 shares during the period. Janus Henderson Group PLC owned approximately 0.15% of Baker Hughes worth $90,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BKR. EFG International AG acquired a new position in shares of Baker Hughes during the fourth quarter valued at about $26,000. Cullen Frost Bankers Inc. grew its position 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 purchasing an additional 468 shares during the last quarter. Quarry LP purchased a new stake in Baker Hughes during the 4th quarter worth approximately $31,000. MV Capital Management Inc. acquired a new position in Baker Hughes during the 4th quarter valued at approximately $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Baker Hughes during the 4th quarter valued at approximately $35,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 703,444 shares of the company's stock, valued at $41,102,232.92. This represents a 20.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the sale, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 367,910 shares of company stock valued at $22,420,797. Company insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BKR shares. JPMorgan Chase & Co. lifted their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Capital One Financial upped their target price on Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. BMO Capital Markets raised their target price on Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Susquehanna lifted their price target on Baker Hughes from $70.00 to $72.00 and gave the stock a "positive" rating in a research report on Tuesday. Finally, Citigroup boosted their price target on Baker Hughes from $74.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, July 8th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Baker Hughes has a consensus rating of "Moderate Buy" and an average price target of $69.95.

Baker Hughes Price Performance

NASDAQ:BKR opened at $60.49 on Friday. The firm's fifty day moving average is $59.36 and its two-hundred day moving average is $60.25. The firm has a market cap of $60.05 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 1.90 and a beta of 0.96. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.77 and a current ratio of 2.09. Baker Hughes Company has a one year low of $41.96 and a one year high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, beating 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 business had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.54 billion. During the same quarter last year, the business posted $0.63 EPS. The company's revenue was up 2.4% on a year-over-year basis. Research analysts expect that Baker Hughes Company will post 2.46 EPS for the current year.

Baker Hughes Announces Dividend

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

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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