Baker Hughes Company $BKR Shares Sold by Lombard Odier Asset Management USA Corp

Key Points

• Lombard Odier Asset Management USA Corp cut its Baker Hughes stake by 59.5% in the fourth quarter, selling 45,499 shares and leaving it with 31,001 shares valued at about $1.41 million.
• Insider selling was notable, with CEO Lorenzo Simonelli selling 181,411 shares for about $11.5 million and CAO Rebecca L. Charlton selling 5,088 shares under pre-arranged 10b5-1 plans.
• Analysts remain generally positive on Baker Hughes, with 18 Buy ratings and 4 Hold ratings, though the consensus target price is $69.14 and the stock was down 1.5% to $61.52 in recent trading.

Lombard Odier Asset Management USA Corp reduced its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 59.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,001 shares of the company's stock after selling 45,499 shares during the period. Lombard Odier Asset Management USA Corp's holdings in Baker Hughes were worth $1,412,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. raised its position in shares of Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock valued at $27,000 after acquiring an additional 468 shares in the last quarter. Quarry LP acquired a new stake in shares of Baker Hughes during the 4th quarter valued at approximately $31,000. Acumen Wealth Advisors LLC acquired a new stake in Baker Hughes in the fourth quarter worth $35,000. Golden State Wealth Management LLC increased its position in Baker Hughes by 786.5% in the fourth quarter. Golden State Wealth Management LLC now owns 789 shares of the company's stock worth $36,000 after buying an additional 700 shares during the period. Finally, JFS Wealth Advisors LLC increased its position in Baker Hughes by 45.1% in the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock worth $37,000 after buying an additional 252 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $63.36, for a total value of $11,494,200.96. Following the completion of the transaction, the chief executive officer owned 784,944 shares of the company's stock, valued at approximately $49,734,051.84. This represents a 18.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the transaction, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their position. 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. Corporate insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BKR shares. Wall Street Zen lowered Baker Hughes from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Johnson Rice started coverage on Baker Hughes in a research report on Wednesday, February 25th. They issued a "buy" rating and a $68.00 target price on the stock. Evercore reaffirmed an "outperform" rating and issued a $76.00 target price on shares of Baker Hughes in a research report on Monday, April 27th. Citigroup dropped their target price on Baker Hughes from $80.00 to $74.00 and set a "buy" rating on the stock in a research report on Wednesday, June 3rd. Finally, Argus increased their target price on Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Baker Hughes currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.14.

Baker Hughes Trading Down 1.5%

NASDAQ:BKR opened at $61.52 on Wednesday. Baker Hughes Company has a 1 year low of $37.38 and a 1 year high of $70.41. The stock has a market cap of $61.03 billion, a price-to-earnings ratio of 19.65, a PEG ratio of 2.22 and a beta of 0.93. The business has a fifty day moving average of $64.18 and a 200-day moving average of $58.12. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter in the prior year, the business posted $0.51 earnings per share. The company's revenue for the quarter was up 2.5% compared to the same quarter last year. Equities analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. Baker Hughes's dividend payout ratio is presently 29.39%.

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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