Congress Asset Management Co. Trims Stake in Baker Hughes Company $BKR

Key Points

• Congress Asset Management Co. significantly reduced its stake in Baker Hughes by 92.3% during Q2, decreasing its holdings to approximately 208,242 shares worth $7.98 million.
• A number of institutional investors, including Nuveen LLC and Pacer Advisors Inc., have recently increased their investments in Baker Hughes, reflecting a strong interest in the company, which now has 92.06% of its stock owned by institutional investors.
• Baker Hughes has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and a target price averaging $52.32, while recent quarterly earnings exceeded expectations with an EPS of $0.63 versus a forecasted $0.55.

Congress Asset Management Co. lowered its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 92.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 208,242 shares of the company's stock after selling 2,482,700 shares during the quarter. Congress Asset Management Co.'s holdings in Baker Hughes were worth $7,984,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BKR. Nuveen LLC purchased a new stake in Baker Hughes in the first quarter valued at $404,385,000. Pacer Advisors Inc. raised its position in Baker Hughes by 2,585.6% in the first quarter. Pacer Advisors Inc. now owns 3,856,915 shares of the company's stock valued at $169,511,000 after purchasing an additional 3,713,301 shares during the period. 1832 Asset Management L.P. purchased a new stake in Baker Hughes in the first quarter valued at $70,685,000. Strs Ohio purchased a new stake in Baker Hughes in the first quarter valued at $60,490,000. Finally, AQR Capital Management LLC raised its position in Baker Hughes by 27.8% in the first quarter. AQR Capital Management LLC now owns 5,457,164 shares of the company's stock valued at $234,958,000 after purchasing an additional 1,185,456 shares during the period. Hedge funds and other institutional investors own 92.06% of the company's stock.

Analyst Upgrades and Downgrades

BKR has been the topic of a number of research analyst reports. Melius initiated coverage on Baker Hughes in a research report on Wednesday, August 20th. They issued a "buy" rating and a $60.00 target price on the stock. Stifel Nicolaus cut their price objective on Baker Hughes from $50.00 to $49.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. BMO Capital Markets reiterated an "outperform" rating and issued a $53.00 price objective (up previously from $46.00) on shares of Baker Hughes in a report on Wednesday, July 30th. Evercore ISI boosted their price objective on Baker Hughes from $53.00 to $55.00 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group cut their price objective on Baker Hughes from $42.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, July 2nd. Twenty-one investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $52.32.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 1,000 shares of the company's stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total transaction of $50,000.00. Following the sale, the chief accounting officer owned 11,772 shares in the company, valued at $588,600. This represents a 7.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Lorenzo Simonelli sold 526,568 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total value of $23,390,150.56. Following the sale, the chief executive officer owned 667,593 shares in the company, valued at approximately $29,654,481.06. This trade represents a 44.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 553,068 shares of company stock worth $24,712,651 in the last quarter. 0.27% of the stock is owned by company insiders.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $50.52 on Friday. The stock's 50-day moving average is $45.13 and its two-hundred day moving average is $41.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. Baker Hughes Company has a 1-year low of $33.60 and a 1-year high of $50.93. The company has a market cap of $49.81 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 2.28 and a beta of 1.01.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.08. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%.The company had revenue of $6.91 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same quarter in the prior year, the business earned $0.57 EPS. Baker Hughes's revenue was down 3.2% on a year-over-year basis. Baker Hughes has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. Analysts forecast that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, August 5th. This represents a $0.92 annualized dividend and a yield of 1.8%. Baker Hughes's dividend payout ratio is 30.07%.

Baker Hughes Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.

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