HB Wealth Management LLC Acquires 13,839 Shares of Baker Hughes Company (NASDAQ:BKR)

Key Points

• HB Wealth Management LLC raised its holdings in Baker Hughes Company by 51.3%, owning 40,808 shares worth approximately $1.79 million.
• A range of large investors, including Capital Research and FMR LLC, have also increased their stakes in Baker Hughes, with 92.06% of the stock now owned by institutional investors.
• Baker Hughes announced a quarterly dividend of $0.23 per share, yielding around 2.01%, with the ex-dividend date set for August 5th.

HB Wealth Management LLC increased its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 51.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,808 shares of the company's stock after purchasing an additional 13,839 shares during the quarter. HB Wealth Management LLC's holdings in Baker Hughes were worth $1,794,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in BKR. Wayfinding Financial LLC acquired a new position in Baker Hughes in the 1st quarter valued at approximately $28,000. Golden State Wealth Management LLC increased its stake in Baker Hughes by 678.7% in the 1st quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after buying an additional 604 shares during the period. Grove Bank & Trust increased its stake in Baker Hughes by 76.2% in the 1st quarter. Grove Bank & Trust now owns 740 shares of the company's stock valued at $33,000 after buying an additional 320 shares during the period. Spire Wealth Management increased its stake in Baker Hughes by 132.9% in the 1st quarter. Spire Wealth Management now owns 815 shares of the company's stock valued at $36,000 after buying an additional 465 shares during the period. Finally, Tsfg LLC grew its position in Baker Hughes by 278.8% in the first quarter. Tsfg LLC now owns 1,485 shares of the company's stock worth $65,000 after acquiring an additional 1,093 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Price Performance

BKR traded down $0.22 during midday trading on Wednesday, hitting $45.53. The company had a trading volume of 12,431,894 shares, compared to its average volume of 8,136,622. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41. The company has a market capitalization of $45.11 billion, a PE ratio of 14.88, a P/E/G ratio of 5.76 and a beta of 0.91. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40. The firm's 50-day simple moving average is $39.23 and its 200-day simple moving average is $40.99.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.08. The company had revenue of $6.91 billion for the quarter, compared to analyst estimates of $6.64 billion. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The company's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 EPS. Equities research analysts predict that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Tuesday, August 5th. Baker Hughes's payout ratio is 30.07%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Morgan Stanley upped their price objective on shares of Baker Hughes from $45.00 to $55.00 and gave the stock an "overweight" rating in a report on Tuesday. Citigroup reduced their price target on shares of Baker Hughes from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. BMO Capital Markets increased their price target on shares of Baker Hughes from $46.00 to $53.00 and gave the company an "outperform" rating in a report on Wednesday. Royal Bank Of Canada reduced their price target on shares of Baker Hughes from $50.00 to $46.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Finally, Piper Sandler dropped their price objective on shares of Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.94.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 526,568 shares of Baker Hughes stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total transaction of $23,390,150.56. Following the transaction, the chief executive officer owned 667,593 shares of the company's stock, valued at $29,654,481.06. This trade represents a 44.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.27% of the stock is owned by insiders.

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.