Baker Hughes Company $BKR Stock Position Cut by Fisher Asset Management LLC

Key Points

• Fisher Asset Management reduced its Baker Hughes stake by 6.4% in the fourth quarter, selling 45,851 shares and ending with 671,028 shares worth about $30.6 million.
• Wall Street sentiment remains positive, with several analysts raising price targets; the stock currently carries a “Moderate Buy” consensus and an average target price of $69.41.
• Baker Hughes reported better-than-expected quarterly earnings of $0.58 per share, though revenue of $6.59 billion came in below estimates, and the company also paid a quarterly dividend of $0.23 per share.

Fisher Asset Management LLC lessened its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 6.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 671,028 shares of the company's stock after selling 45,851 shares during the period. Fisher Asset Management LLC owned 0.07% of Baker Hughes worth $30,559,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BKR. Activest Wealth Management boosted its position in shares of Baker Hughes by 1,242.5% during the 3rd quarter. Activest Wealth Management now owns 537 shares of the company's stock valued at $26,000 after purchasing an additional 497 shares in the last quarter. Cullen Frost Bankers Inc. lifted its stake in Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock valued at $27,000 after buying an additional 468 shares in the last quarter. JFS Wealth Advisors LLC lifted its stake in Baker Hughes by 45.1% during the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock valued at $37,000 after buying an additional 252 shares in the last quarter. Wolff Wiese Magana LLC lifted its stake in Baker Hughes by 55.6% during the fourth quarter. Wolff Wiese Magana LLC now owns 840 shares of the company's stock valued at $38,000 after buying an additional 300 shares in the last quarter. Finally, Hilltop National Bank lifted its position in shares of Baker Hughes by 26.7% in the fourth quarter. Hilltop National Bank now owns 1,423 shares of the company's stock worth $65,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 92.06% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BKR shares. Stifel Nicolaus increased their price target on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Royal Bank Of Canada raised their price objective on shares of Baker Hughes from $68.00 to $71.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Baker Hughes in a research report on Friday, April 24th. Capital One Financial raised their price objective on shares of Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Finally, Piper Sandler raised their price objective on shares of Baker Hughes from $64.00 to $72.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Eighteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and an average target price of $69.41.

Baker Hughes Trading Up 1.0%

Shares of BKR stock opened at $66.73 on Wednesday. Baker Hughes Company has a 12 month low of $36.36 and a 12 month high of $70.41. 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 business's 50 day moving average is $63.25 and its two-hundred day moving average is $56.51. The company has a market cap of $66.20 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 2.35 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter last year, the company 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 EPS for the current year.

Baker Hughes Dividend Announcement

The business also recently declared 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 1.4%. The ex-dividend date was Tuesday, May 5th. Baker Hughes's dividend payout ratio (DPR) is 29.39%.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the transaction, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the transaction, the insider owned 15,555 shares in the company, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 550,250 shares of company stock worth $32,988,331. Corporate 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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