Bank of Nova Scotia Has $9.86 Million Stock Holdings in Baker Hughes Company $BKR

Bank of Nova Scotia decreased its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 19.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,514 shares of the company's stock after selling 38,750 shares during the period. Bank of Nova Scotia's holdings in Baker Hughes were worth $9,861,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their price target on Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Weiss Ratings lowered shares of Baker Hughes from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, July 13th. Wall Street Zen downgraded shares of Baker Hughes from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Royal Bank Of Canada boosted their target price on shares of Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Finally, Susquehanna decreased their price target on shares of Baker Hughes from $80.00 to $70.00 and set a "positive" rating for the company in a research report on Wednesday, July 8th. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $70.00.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares of the company's stock, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 owned 15,997 shares in the company, valued at approximately $1,027,327.34. This represents a 24.13% 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 quarter, insiders sold 367,910 shares of company stock worth $22,420,797. Corporate insiders own 0.19% of the company's stock.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $57.25 on Monday. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $56.80 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.38 and a beta of 0.96. The firm has a fifty day simple moving average of $60.00 and a two-hundred day simple moving average of $59.97. Baker Hughes Company has a 12 month low of $41.96 and a 12 month high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the prior year, the business earned $0.51 earnings per share. The business's quarterly revenue was up 2.5% compared to the same quarter last year. Analysts expect that Baker Hughes Company will post 2.26 EPS for the current fiscal year.

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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