Cibc World Market Inc. Boosts Stock Position in Baker Hughes Company $BKR

Key Points

• CIBC World Market Inc. increased its Baker Hughes stake by 5% in the fourth quarter, bringing its holdings to 870,912 shares valued at about $39.7 million.
• Baker Hughes posted stronger-than-expected quarterly earnings of $0.58 per share, though revenue came in slightly below estimates at $6.59 billion. Analysts remain largely positive, with a consensus Moderate Buy rating and average price target of $69.14.
• The stock was trading up 2.9% at $66.11, near its 52-week high of $70.41. Baker Hughes also paid a quarterly dividend of $0.23 per share, equal to a 1.4% annual yield.

Cibc World Market Inc. raised its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 870,912 shares of the company's stock after acquiring an additional 41,096 shares during the period. Cibc World Market Inc. owned about 0.09% of Baker Hughes worth $39,661,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BKR. Pinion Investment Advisors LLC bought a new position in shares of Baker Hughes in the fourth quarter worth approximately $778,000. Nordea Investment Management AB increased its position in shares of Baker Hughes by 12.7% during the fourth quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company's stock valued at $125,813,000 after buying an additional 309,996 shares during the period. Legal & General Group Plc raised its position in shares of Baker Hughes by 5.4% in the 3rd quarter. Legal & General Group Plc now owns 7,147,684 shares of the company's stock worth $348,234,000 after acquiring an additional 367,728 shares in the last quarter. Johnson Investment Counsel Inc. raised its holdings in Baker Hughes by 10,225.3% in the third quarter. Johnson Investment Counsel Inc. now owns 849,566 shares of the company's stock worth $41,391,000 after purchasing an additional 841,338 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Baker Hughes by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company's stock worth $6,035,924,000 after acquiring an additional 598,159 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on BKR shares. Piper Sandler lifted their price objective on Baker Hughes from $64.00 to $72.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Wall Street Zen downgraded shares of Baker Hughes from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Barclays reissued an "equal weight" rating and issued a $74.00 target price (up from $62.00) on shares of Baker Hughes in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price target on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $80.00 price objective on shares of Baker Hughes in a research note on Sunday, April 26th. Eighteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $69.14.

Baker Hughes Trading Up 2.9%

Shares of BKR opened at $66.11 on Friday. The firm has a market cap of $65.59 billion, a P/E ratio of 21.12, a price-to-earnings-growth ratio of 2.29 and a beta of 0.93. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes Company has a 1 year low of $37.08 and a 1 year high of $70.41. The company has a 50 day simple moving average of $63.91 and a two-hundred day simple moving average of $57.31.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping 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 the consensus estimate of $6.71 billion. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The company's quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities analysts expect that Baker Hughes Company will post 2.31 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes's dividend payout ratio is 29.39%.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes stock in a transaction that occurred on 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 sale, the chief executive officer owned 866,444 shares of the company's stock, valued at $50,938,242.76. The trade was a 23.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the sale, the insider directly owned 15,555 shares in the company, valued at $918,367.20. This trade represents a 24.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 282,745 shares of company stock valued at $16,651,472 in the last 90 days. Insiders own 0.19% of the company's stock.

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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