Baker Hughes Company (NASDAQ:BKR) Shares Purchased by Empower Advisory Group LLC

Key Points

• Empower Advisory Group LLC has increased its stake in Baker Hughes Company by 0.5%, now holding over 2 million shares valued at approximately $93 million.
• Several large investors have significantly raised their holdings in Baker Hughes, with Pacer Advisors increasing their stake by 2,585.6% and Neuberger Berman growing theirs by 2,527.6%.
• Analysts have been adjusting their price targets for Baker Hughes, with Piper Sandler lowering theirs from $53.00 to $50.00, while the stock maintains an average rating of "Moderate Buy" with a consensus target of $51.47.

Empower Advisory Group LLC grew its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 0.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,120,493 shares of the company's stock after purchasing an additional 9,524 shares during the period. Empower Advisory Group LLC owned 0.21% of Baker Hughes worth $93,196,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Wayfinding Financial LLC purchased a new position in shares of Baker Hughes during the 1st quarter valued at approximately $28,000. Golden State Wealth Management LLC boosted its stake in Baker Hughes by 678.7% during the 1st quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after acquiring an additional 604 shares during the last quarter. N.E.W. Advisory Services LLC acquired a new position in Baker Hughes during the 1st quarter worth $30,000. Grove Bank & Trust grew its holdings in Baker Hughes by 76.2% during the 1st quarter. Grove Bank & Trust now owns 740 shares of the company's stock worth $33,000 after acquiring an additional 320 shares in the last quarter. Finally, Spire Wealth Management increased its position in shares of Baker Hughes by 132.9% in the 1st quarter. Spire Wealth Management now owns 815 shares of the company's stock worth $36,000 after purchasing an additional 465 shares during the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the transaction, the chief executive officer owned 667,593 shares in the company, valued at $29,654,481.06. The trade was a 44.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.27% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BKR shares. Barclays raised their price target on Baker Hughes from $48.00 to $53.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Susquehanna boosted their price target on shares of Baker Hughes from $46.00 to $52.00 and gave the company a "positive" rating in a report on Thursday, July 24th. Seaport Res Ptn lowered shares of Baker Hughes from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 29th. Jefferies Financial Group set a $58.00 price objective on shares of Baker Hughes in a research report on Wednesday, July 30th. Finally, Citigroup decreased their target price on shares of Baker Hughes from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $51.47.

Baker Hughes Stock Down 0.9%

BKR traded down $0.39 during trading on Wednesday, hitting $43.43. The stock had a trading volume of 4,624,364 shares, compared to its average volume of 8,987,033. The stock has a 50 day simple moving average of $39.98 and a two-hundred day simple moving average of $40.94. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40. The company has a market capitalization of $42.82 billion, a PE ratio of 14.19, a PEG ratio of 5.39 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.55 by $0.08. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $6.64 billion. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The company's revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 5th. Baker Hughes's dividend payout ratio is 30.07%.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.