Bank of America Corp DE Has $234.29 Million Stock Position in Baker Hughes Company $BKR

Key Points

• Bank of America increased its Baker Hughes stake by 5.1% in the first quarter, holding 3.84 million shares worth approximately $234.3 million, or 0.39% of the company. Institutional investors collectively own 92.06% of Baker Hughes.
• Baker Hughes reported quarterly adjusted earnings of $0.64 per share and revenue of $6.74 billion, exceeding analyst expectations; revenue rose 2.4% year over year.
• Analyst sentiment remains positive, with 17 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $69.95. The company also declared a quarterly dividend of $0.23 per share.

Bank of America Corp DE increased its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 5.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,837,618 shares of the company's stock after buying an additional 184,897 shares during the period. Bank of America Corp DE owned 0.39% of Baker Hughes worth $234,287,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Oddo BHF Asset Management Sas bought a new stake in shares of Baker Hughes in the 1st quarter valued at $1,143,000. Amundi increased its stake in Baker Hughes by 28.2% in the first quarter. Amundi now owns 10,946,464 shares of the company's stock valued at $668,282,000 after purchasing an additional 2,409,978 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Baker Hughes by 36.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 11,736 shares of the company's stock worth $717,000 after purchasing an additional 3,146 shares in the last quarter. Talon Private Wealth LLC acquired a new stake in shares of Baker Hughes in the 1st quarter valued at about $2,991,000. Finally, Royal Bank of Canada increased its position in Baker Hughes by 5.4% in the 1st quarter. Royal Bank of Canada now owns 1,776,730 shares of the company's stock valued at $108,469,000 after buying an additional 91,357 shares in the last quarter. Institutional investors own 92.06% of the company's stock.

Insider Activity at Baker Hughes

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the firm's stock in a transaction on Wednesday, June 3rd. The shares were 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 $1,027,327.34. This trade represents a 24.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the business's stock in a transaction on 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 transaction, the chief executive officer owned 703,444 shares of the company's stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BKR has been the subject of a number of research reports. Barclays reduced their price objective on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating for the company in a research note on Thursday, July 16th. Zacks Research upgraded shares of Baker Hughes from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. JPMorgan Chase & Co. boosted their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. HSBC upped their target price on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Finally, UBS Group set a $51.00 price target on shares of Baker Hughes in a research report on Tuesday, July 28th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and an average target price of $69.95.

Baker Hughes Stock Performance

NASDAQ BKR opened at $60.81 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. The company has a market capitalization of $60.36 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 1.92 and a beta of 0.97. Baker Hughes Company has a 52-week low of $41.96 and a 52-week high of $70.41. The company has a 50-day simple moving average of $59.25 and a 200 day simple moving average of $60.42.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings results on Sunday, July 26th. The company reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.13. The company had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. Baker Hughes's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 EPS. On average, research analysts predict that Baker Hughes Company will post 2.46 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Friday, August 7th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, August 7th. Baker Hughes's dividend payout ratio (DPR) 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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