Empowered Funds LLC Purchases 28,129 Shares of Baker Hughes Company $BKR

Key Points

• Empowered Funds LLC increased its Baker Hughes position by 77.9% during the first quarter, purchasing 28,129 shares and bringing its holdings to 64,216 shares valued at approximately $3.92 million. Institutional investors collectively own 92.06% of the company.
• Baker Hughes beat quarterly earnings expectations, reporting $0.64 EPS versus the $0.51 consensus and revenue of $6.74 billion, up 2.4% year over year. The company also declared a quarterly dividend of $0.23 per share, representing a 1.5% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $69.95 price target versus the stock’s reported $60.49 price. However, insiders sold 367,910 shares worth approximately $22.4 million over the past three months.

Empowered Funds LLC boosted its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 77.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,216 shares of the company's stock after buying an additional 28,129 shares during the quarter. Empowered Funds LLC's holdings in Baker Hughes were worth $3,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. EFG International AG bought a new stake in shares of Baker Hughes in the 4th quarter worth approximately $26,000. Cullen Frost Bankers Inc. grew its holdings in shares of Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock valued at $27,000 after purchasing an additional 468 shares during the last quarter. Quarry LP bought a new position in shares of Baker Hughes during the 4th quarter valued at $31,000. MV Capital Management Inc. bought a new position in shares of Baker Hughes during the 4th quarter valued at $34,000. Finally, Acumen Wealth Advisors LLC purchased a new position in Baker Hughes in the 4th quarter worth $35,000. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Stock Performance

Shares of BKR opened at $60.49 on Monday. The stock has a market capitalization of $60.05 billion, a P/E ratio of 19.51, a PEG ratio of 1.92 and a beta of 0.97. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $59.36 and a two-hundred day simple moving average of $60.33. Baker Hughes Company has a twelve month low of $41.96 and a twelve month high of $70.41.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $6.54 billion. During the same quarter in the previous year, the company earned $0.63 earnings per share. The company's revenue for the quarter was up 2.4% compared to the same quarter last year. On average, research analysts anticipate that Baker Hughes Company will post 2.46 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. Baker Hughes's dividend payout ratio (DPR) is presently 29.68%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BKR. Jefferies Financial Group reissued a "buy" rating on shares of Baker Hughes in a research note on Thursday, July 9th. Argus raised their price objective on Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Susquehanna lifted their price objective on Baker Hughes from $70.00 to $72.00 and gave the stock a "positive" rating in a report on Tuesday, July 28th. UBS Group set a $51.00 target price on Baker Hughes in a research note on Tuesday, July 28th. Finally, HSBC increased their target price on Baker Hughes from $67.00 to $85.00 and gave the company a "buy" rating in a report on Monday, April 27th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Baker Hughes presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.95.

Insider Activity

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 367,910 shares of company stock worth $22,420,797 over the last three months. 0.19% of the stock is owned by insiders.

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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