Eurizon Capital SGR S.p.A. Invests $144.26 Million in Baker Hughes Company $BKR

Key Points

• Eurizon Capital SGR S.p.A. disclosed a new fourth-quarter stake in Baker Hughes, buying 3,161,998 shares worth about $144.3 million. The position represents roughly 0.32% of the company.
• Baker Hughes reported stronger-than-expected quarterly earnings, with EPS of $0.58 versus the $0.49 estimate, though revenue of $6.59 billion came in slightly below forecasts. Revenue still rose 2.5% year over year.
• Analyst sentiment remains positive, with several firms raising price targets and the stock carrying a consensus rating of “Moderate Buy” and an average target price of $69.41. Meanwhile, the company paid a quarterly dividend of $0.23 per share, equal to a 1.4% annualized yield.

Eurizon Capital SGR S.p.A. bought a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,161,998 shares of the company's stock, valued at approximately $144,262,000. Eurizon Capital SGR S.p.A. owned about 0.32% of Baker Hughes as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Pinion Investment Advisors LLC bought a new position in Baker Hughes in the fourth quarter valued at $778,000. Nordea Investment Management AB increased its stake in Baker Hughes by 12.7% in the fourth quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company's stock valued at $125,813,000 after acquiring an additional 309,996 shares during the last quarter. Legal & General Group Plc increased its stake in Baker Hughes by 5.4% in the third quarter. Legal & General Group Plc now owns 7,147,684 shares of the company's stock valued at $348,234,000 after acquiring an additional 367,728 shares during the last quarter. Cibc World Market Inc. increased its stake in Baker Hughes by 13.6% in the third quarter. Cibc World Market Inc. now owns 829,816 shares of the company's stock valued at $40,429,000 after acquiring an additional 99,314 shares during the last quarter. Finally, Johnson Investment Counsel Inc. increased its stake 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 valued at $41,391,000 after acquiring an additional 841,338 shares during the last quarter. Institutional investors own 92.06% of the company's stock.

Baker Hughes Stock Performance

NASDAQ BKR opened at $63.88 on Friday. The company has a 50-day simple moving average of $63.69 and a two-hundred day simple moving average of $56.79. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a 12-month low of $36.53 and a 12-month high of $70.41. The firm has a market cap of $63.37 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 2.30 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating 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 business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same period in the prior year, the business posted $0.51 earnings per share. The company's revenue was up 2.5% on a year-over-year basis. On average, equities analysts forecast that Baker Hughes Company will post 2.31 EPS for the current year.

Baker Hughes Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms recently commented on BKR. BMO Capital Markets increased their target price on Baker Hughes from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. 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 note on Thursday, May 7th. Royal Bank Of Canada increased their target price on Baker Hughes from $68.00 to $71.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Citigroup upped their price target on shares of Baker Hughes from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Baker Hughes in a research report on Friday, April 24th. Eighteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.41.

Insider Transactions at Baker Hughes

In other news, insider Maria Georgia Magno sold 5,063 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the completion of the sale, the insider directly owned 15,555 shares in the company, valued at approximately $918,367.20. This represents a 24.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Lorenzo Simonelli sold 272,594 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the sale, the chief executive officer owned 866,444 shares of the company's stock, valued at approximately $50,938,242.76. This represents a 23.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 550,250 shares of company stock valued at $32,988,331. 0.19% of the stock is currently owned by company insiders.

Baker Hughes Company 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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