Elwood Capital Partners LP Makes New $2.44 Million Investment in Baker Hughes Company $BKR

Key Points

• Elwood Capital Partners LP acquired 50,000 shares of Baker Hughes in Q3 valued at about $2.44 million, making the stock its 14th largest position (≈1.5% of the firm's holdings).
• Baker Hughes beat quarterly estimates with $0.78 EPS vs. $0.67 expected and $7.39B revenue vs. $7.09B expected, spurring several analyst price-target increases and a MarketBeat consensus rating of "Moderate Buy" (avg. target $59.61).
• The company pays a quarterly dividend of $0.23 (annualized $0.92, ~1.7% yield), while insiders have sold ~590,251 shares (≈$35.3M) in the past 90 days amid ~92% institutional ownership.

Elwood Capital Partners LP acquired a new stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 50,000 shares of the company's stock, valued at approximately $2,436,000. Baker Hughes accounts for about 1.5% of Elwood Capital Partners LP's holdings, making the stock its 14th biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BKR. Activest Wealth Management lifted its position in Baker Hughes by 1,242.5% during the 3rd quarter. Activest Wealth Management now owns 537 shares of the company's stock valued at $26,000 after acquiring an additional 497 shares during the period. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Baker Hughes by 104.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company's stock valued at $32,000 after purchasing an additional 337 shares in the last quarter. Twin Peaks Wealth Advisors LLC bought a new position in shares of Baker Hughes during the second quarter valued at approximately $36,000. Rothschild Investment LLC lifted its holdings in shares of Baker Hughes by 66.6% during the second quarter. Rothschild Investment LLC now owns 1,241 shares of the company's stock valued at $48,000 after purchasing an additional 496 shares during the last quarter. Finally, Spire Wealth Management boosted its position in shares of Baker Hughes by 357.8% in the 3rd quarter. Spire Wealth Management now owns 1,021 shares of the company's stock worth $50,000 after purchasing an additional 798 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Stock Performance

Shares of NASDAQ BKR opened at $54.26 on Friday. Baker Hughes Company has a 12-month low of $33.60 and a 12-month high of $67.00. The firm has a market capitalization of $53.62 billion, a price-to-earnings ratio of 20.87, a price-to-earnings-growth ratio of 1.47 and a beta of 0.83. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $57.31 and a 200 day moving average of $50.80.

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

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th were given a $0.23 dividend. The ex-dividend date was Tuesday, February 17th. This represents a $0.92 dividend on an annualized basis and a yield of 1.7%. Baker Hughes's dividend payout ratio is presently 35.38%.

Insider Buying and Selling

In other news, CAO Rebecca L. Charlton sold 1,985 shares of Baker Hughes stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $55.77, for a total transaction of $110,703.45. Following the transaction, the chief accounting officer directly owned 12,052 shares of the company's stock, valued at $672,140.04. The trade was a 14.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William G. Beattie sold 18,023 shares of the business's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total value of $1,032,537.67. The disclosure for this sale is available in the SEC filing. Insiders sold 590,251 shares of company stock worth $35,311,023 over the last ninety days. 0.27% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BKR has been the subject of a number of recent research reports. Citigroup lifted their price objective on Baker Hughes from $61.00 to $64.00 and gave the company a "buy" rating in a research note on Tuesday, January 27th. UBS Group increased their price objective on shares of Baker Hughes from $54.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, January 28th. Capital One Financial lifted their target price on shares of Baker Hughes from $53.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, January 27th. Argus upped their target price on shares of Baker Hughes from $55.00 to $67.00 in a research note on Tuesday, January 27th. Finally, Susquehanna increased their price target on shares of Baker Hughes from $58.00 to $65.00 and gave the company a "positive" rating in a report on Tuesday, January 27th. Twenty research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Baker Hughes currently has a consensus rating of "Moderate Buy" and an average target price of $59.61.

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.