Buckland Partners Management Co LLC Invests $1.67 Million in Baker Hughes Company $BKR

Key Points

• Buckland Partners Management purchased 30,000 Baker Hughes shares worth approximately $1.67 million in the second quarter. Institutional investors and hedge funds collectively own 92.06% of the company.
• Baker Hughes exceeded quarterly expectations, reporting $0.64 earnings per share versus the $0.51 consensus estimate and $6.74 billion in revenue, up 2.4% year over year.
• Insiders sold 367,910 shares worth about $22.4 million over the past 90 days, while analysts maintain a “Moderate Buy” consensus with an average price target of $69.95; the company also pays a quarterly dividend of $0.23 per share.

Buckland Partners Management Co LLC purchased a new stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 30,000 shares of the company's stock, valued at approximately $1,665,000.

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

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 703,444 shares in the company, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their position. 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 90 days, insiders sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by corporate insiders.

Baker Hughes Price Performance

Shares of BKR opened at $64.90 on Tuesday. The stock has a market cap of $64.42 billion, a P/E ratio of 20.94, a price-to-earnings-growth ratio of 2.02 and a beta of 0.97. Baker Hughes Company has a 1 year low of $42.30 and a 1 year high of $70.41. The stock's 50-day moving average price is $59.05 and its two-hundred day moving average price is $61.14. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.13. The business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. Baker Hughes's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 EPS. On average, equities analysts predict that Baker Hughes Company will post 2.51 earnings per share for the current year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, August 7th were given a $0.23 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. Baker Hughes's dividend payout ratio is currently 29.68%.

Analysts Set New Price Targets

Several research firms have commented on BKR. Barclays cut their price target on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. JPMorgan Chase & Co. boosted their price objective on Baker Hughes from $60.00 to $74.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Weiss Ratings lowered Baker Hughes from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, July 13th. Citigroup raised their target price on Baker Hughes from $74.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Finally, UBS Group set a $51.00 price target on shares of Baker Hughes in a report on Tuesday, July 28th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $69.95.

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.

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