Baker Hughes Company $BKR Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. cut its Baker Hughes stake by 95.5% in the fourth quarter, selling more than 3.16 million shares and leaving it with 149,300 shares worth about $6.8 million.
• Insider selling was also notable: CAO Rebecca L. Charlton and CEO Lorenzo Simonelli both sold shares in June through pre-arranged Rule 10b5-1 plans, with Simonelli’s sale totaling about $11.5 million.
• Baker Hughes reported better-than-expected EPS of $0.58 in its latest quarter, while revenue came in slightly below estimates; the company also pays a quarterly dividend of $0.23 per share and Wall Street currently holds a Moderate Buy consensus rating.

Pacer Advisors Inc. lowered its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 95.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 149,300 shares of the company's stock after selling 3,165,770 shares during the period. Pacer Advisors Inc.'s holdings in Baker Hughes were worth $6,799,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. EFG International AG acquired a new position in Baker Hughes during the 4th quarter valued at about $26,000. Cullen Frost Bankers Inc. increased its stake in shares of Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock valued at $27,000 after purchasing an additional 468 shares during the period. Quarry LP acquired a new stake in shares of Baker Hughes in the fourth quarter valued at approximately $31,000. MV Capital Management Inc. bought a new stake in shares of Baker Hughes during the fourth quarter valued at approximately $34,000. Finally, Acumen Wealth Advisors LLC bought a new stake in shares of Baker Hughes during the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 92.06% of the company's stock.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The transaction 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 firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $63.36, for a total transaction 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. The trade was a 18.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is currently owned by corporate insiders.

Baker Hughes Stock Performance

BKR opened at $58.41 on Monday. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The firm has a market cap of $57.95 billion, a PE ratio of 18.66, a P/E/G ratio of 2.11 and a beta of 0.93. The business has a fifty day simple moving average of $64.02 and a 200-day simple moving average of $58.31. Baker Hughes Company has a fifty-two week low of $37.38 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $6.71 billion. During the same period in the previous year, the firm earned $0.51 earnings per share. Baker Hughes's revenue for the quarter was up 2.5% compared to the same quarter last year. As a group, equities analysts predict that Baker Hughes Company will post 2.28 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date was Tuesday, May 5th. Baker Hughes's payout ratio is presently 29.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. HSBC increased their price objective on Baker Hughes from $67.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Piper Sandler lifted their target price on Baker Hughes from $64.00 to $72.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Barclays reissued an "equal weight" rating and issued a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Citigroup lowered their price target on Baker Hughes from $80.00 to $74.00 and set a "buy" rating on the stock in a report on Wednesday, June 3rd. Finally, Jefferies Financial Group restated a "buy" rating and set a $80.00 price objective on shares of Baker Hughes in a research note on Sunday, April 26th. Eighteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Baker Hughes presently has an average rating of "Moderate Buy" and an average price target of $69.14.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.