BI Asset Management Fondsmaeglerselskab A S Acquires 16,809 Shares of Baker Hughes Company $BKR

Key Points

• BI Asset Management Fondsmaeglerselskab A S increased its Baker Hughes stake by 9.8% in the fourth quarter, buying 16,809 shares and bringing its total holdings to 189,034 shares worth about $8.6 million.
• Baker Hughes reported better-than-expected quarterly earnings of $0.58 per share, topping estimates, while revenue came in at $6.59 billion and rose 2.5% year over year.
• Analysts remain broadly positive on the stock, with 18 Buy ratings and a consensus Moderate Buy target price of $69.14, even as several insiders sold shares during the quarter.

BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 189,034 shares of the company's stock after purchasing an additional 16,809 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Baker Hughes were worth $8,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of BKR. Cullen Frost Bankers Inc. lifted its holdings in shares of 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 purchasing an additional 468 shares in the last quarter. JFS Wealth Advisors LLC lifted its holdings in Baker Hughes by 45.1% in the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock valued at $37,000 after acquiring an additional 252 shares during the period. Wolff Wiese Magana LLC lifted its holdings in Baker Hughes by 55.6% in the fourth quarter. Wolff Wiese Magana LLC now owns 840 shares of the company's stock valued at $38,000 after acquiring an additional 300 shares during the period. Hilltop National Bank lifted its holdings in Baker Hughes by 26.7% in the fourth quarter. Hilltop National Bank now owns 1,423 shares of the company's stock valued at $65,000 after acquiring an additional 300 shares during the period. Finally, Harbour Investments Inc. lifted its holdings in Baker Hughes by 31.4% in the fourth quarter. Harbour Investments Inc. now owns 1,442 shares of the company's stock valued at $66,000 after acquiring an additional 345 shares during the period. 92.06% of the stock is owned by institutional investors.

Baker Hughes Stock Performance

Shares of BKR opened at $62.59 on Friday. 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 has a 50-day simple moving average of $63.91 and a two-hundred day simple moving average of $57.34. The stock has a market cap of $62.09 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 2.23 and a beta of 0.93. Baker Hughes Company has a 52 week low of $37.38 and a 52 week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.49 by $0.09. The business had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The business's quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.51 earnings per share. On average, analysts expect 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 given a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.5%. Baker Hughes's dividend payout ratio is presently 29.39%.

Insiders Place Their Bets

In other Baker Hughes news, insider Maria Georgia Magno sold 5,063 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the sale, the insider owned 15,555 shares in the company, valued at $918,367.20. This represents a 24.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Lorenzo Simonelli sold 272,594 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the sale, the chief executive officer owned 866,444 shares of the company's stock, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 282,745 shares of company stock worth $16,651,472 over the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. increased their target price on Baker Hughes from $60.00 to $74.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Johnson Rice assumed coverage on Baker Hughes in a report on Wednesday, February 25th. They issued a "buy" rating and a $68.00 target price on the stock. Argus increased their target price on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Susquehanna increased their target price on Baker Hughes from $70.00 to $80.00 and gave the company a "positive" rating in a report on Monday, April 27th. Finally, UBS Group increased their target price on Baker Hughes from $69.00 to $73.00 and gave the company a "neutral" rating in a report on Monday, April 27th. 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.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $69.14.

Baker Hughes 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.