Baxter Bros Inc. Cuts Stock Position in Baker Hughes Company $BKR

Key Points

• Baxter Bros Inc. cut its stake in Baker Hughes by 46.6% in Q4, selling 16,675 shares and leaving 19,130 shares valued at about $871,000.
• Insider selling has been heavy: CEO Lorenzo Simonelli sold 272,594 shares (~$16.0M) and insiders sold 590,251 shares (~$35.3M) over the last 90 days, leaving insiders with just 0.19% ownership.
• Analysts remain generally positive — the stock has an average rating of Moderate Buy with a $61.30 price target — and Baker Hughes recently beat EPS and revenue estimates while paying a $0.23 quarterly dividend (1.5% yield).

Baxter Bros Inc. lowered its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 46.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,130 shares of the company's stock after selling 16,675 shares during the quarter. Baxter Bros Inc.'s holdings in Baker Hughes were worth $871,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Woodline Partners LP increased its holdings in shares of Baker Hughes by 40.8% in the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company's stock worth $3,676,000 after buying an additional 24,225 shares during the last quarter. Focus Partners Wealth lifted its stake in shares of Baker Hughes by 5.6% in the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company's stock valued at $812,000 after purchasing an additional 986 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Baker Hughes in the 2nd quarter valued at approximately $2,301,000. NewEdge Advisors LLC lifted its stake in shares of Baker Hughes by 4.0% in the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company's stock valued at $1,779,000 after purchasing an additional 1,768 shares during the last quarter. Finally, Nebula Research & Development LLC bought a new stake in shares of Baker Hughes in the 2nd quarter valued at approximately $1,014,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Rebecca L. Charlton sold 1,985 shares of Baker Hughes stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $55.77, for a total value of $110,703.45. Following the transaction, the chief accounting officer directly owned 12,052 shares in the company, valued at approximately $672,140.04. This trade represents a 14.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the transaction, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This represents a 23.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 590,251 shares of company stock valued at $35,311,023. 0.19% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on BKR. iA Financial set a $60.00 price objective on Baker Hughes in a research note on Tuesday, January 27th. Stifel Nicolaus raised their price objective on Baker Hughes from $58.00 to $63.00 and gave the company a "buy" rating in a research note on Monday, February 2nd. UBS Group raised their price objective on Baker Hughes from $61.00 to $69.00 and gave the company a "neutral" rating in a research note on Thursday, April 2nd. TD Cowen increased their price target on Baker Hughes from $55.00 to $64.00 and gave the stock a "buy" rating in a report on Tuesday, January 27th. Finally, Royal Bank Of Canada increased their price target on Baker Hughes from $63.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday. Twenty research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $61.30.

Baker Hughes Trading Up 0.9%

BKR opened at $60.60 on Friday. The stock's fifty day moving average is $61.06 and its two-hundred day moving average is $53.13. The company has a market capitalization of $59.89 billion, a P/E ratio of 23.31, a PEG ratio of 1.97 and a beta of 0.90. Baker Hughes Company has a 52 week low of $34.56 and a 52 week high of $67.00. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 0.28.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data on Monday, January 26th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.67 by $0.11. The company had revenue of $7.39 billion for the quarter, compared to the consensus estimate of $7.09 billion. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.Baker Hughes's quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business posted $0.70 EPS. Analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, February 17th. Baker Hughes's dividend payout ratio (DPR) is presently 35.38%.

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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