Fulcrum Asset Management LLP Sells 21,915 Shares of Baker Hughes Company $BKR

Key Points

• Fulcrum Asset Management LLP reduced its Baker Hughes stake by 16.1% in the fourth quarter, selling 21,915 shares and leaving it with 113,786 shares valued at about $5.24 million.
• Baker Hughes recently beat earnings expectations with $0.58 EPS versus $0.49 expected, though revenue of $6.59 billion came in slightly below estimates.
• Analysts remain broadly positive, with 18 Buy ratings and an average price target of $69.18, while the company also declared a quarterly dividend of $0.23 per share.

Fulcrum Asset Management LLP cut its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 16.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,786 shares of the company's stock after selling 21,915 shares during the quarter. Baker Hughes comprises about 0.8% of Fulcrum Asset Management LLP's holdings, making the stock its 23rd largest position. Fulcrum Asset Management LLP's holdings in Baker Hughes were worth $5,244,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BKR. Woodline Partners LP raised its stake in shares of Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company's stock valued at $3,676,000 after buying an additional 24,225 shares during the period. Focus Partners Wealth raised its stake in shares of Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company's stock valued at $812,000 after buying an additional 986 shares during the period. Jump Financial LLC bought a new stake in shares of Baker Hughes in the second quarter valued at $2,301,000. NewEdge Advisors LLC raised its stake in shares of Baker Hughes by 4.0% in the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company's stock valued at $1,779,000 after buying an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC bought a new stake in shares of Baker Hughes in the second quarter valued at $1,014,000. 92.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BKR. Johnson Rice began coverage on Baker Hughes in a research note on Wednesday, February 25th. They issued a "buy" rating and a $68.00 target price on the stock. Citigroup lifted their price target on Baker Hughes from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Argus lifted their price target on Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. iA Financial set a $60.00 price target on Baker Hughes in a research report on Tuesday, January 27th. Finally, JPMorgan Chase & Co. lifted their price target on Baker Hughes from $60.00 to $74.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Eighteen 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 stock. According to MarketBeat.com, Baker Hughes currently has an average rating of "Moderate Buy" and an average price target of $69.18.

Baker Hughes Trading Down 1.2%

NASDAQ BKR opened at $64.61 on Friday. Baker Hughes Company has a 1-year low of $35.83 and a 1-year high of $70.41. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The stock has a 50-day moving average of $62.09 and a 200-day moving average of $55.48. The firm has a market cap of $64.10 billion, a PE ratio of 20.64, a price-to-earnings-growth ratio of 2.38 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the previous year, the company posted $0.51 EPS. Baker Hughes's revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts forecast that Baker Hughes Company will post 2.32 EPS for the current year.

Baker Hughes Announces Dividend

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

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 866,444 shares of the company's stock, valued at $50,938,242.76. This represents a 23.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the transaction, the insider directly owned 15,555 shares of the company's stock, valued at $918,367.20. The trade was a 24.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 550,250 shares of company stock valued at $32,988,331. 0.19% of the stock is currently owned by corporate insiders.

About Baker Hughes

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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