Hsbc Holdings PLC Acquires 201,874 Shares of Baker Hughes Company $BKR

Key Points

• HSBC Holdings PLC boosted its stake in Baker Hughes by 10.7% in the first quarter, buying 201,874 more shares and bringing its total holdings to about 2.09 million shares worth $128.0 million.
• Baker Hughes has broad institutional support, with 92.06% of shares owned by institutions, while analysts remain upbeat with an average rating of “Moderate Buy” and a mean price target of $70.
• The company recently beat earnings expectations, reporting $0.58 EPS versus the expected $0.49, though revenue came in slightly below forecasts at $6.59 billion; it also pays a quarterly dividend of $0.23 per share.

Hsbc Holdings PLC increased its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,093,975 shares of the company's stock after buying an additional 201,874 shares during the period. Hsbc Holdings PLC owned about 0.21% of Baker Hughes worth $128,022,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. EFG International AG acquired a new position in Baker Hughes in the 4th quarter valued at approximately $26,000. Cullen Frost Bankers Inc. lifted its holdings in shares of Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock worth $27,000 after purchasing an additional 468 shares during the period. Quarry LP bought a new stake in shares of Baker Hughes in the fourth quarter worth $31,000. MV Capital Management Inc. bought a new stake in shares of Baker Hughes in the fourth quarter worth $34,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Baker Hughes in the fourth quarter valued at $35,000. 92.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BKR has been the subject of several analyst reports. Royal Bank Of Canada raised their target price on Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. TD Cowen upped their price target on Baker Hughes from $75.00 to $77.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Jefferies Financial Group reissued a "buy" rating on shares of Baker Hughes in a research note on Thursday, July 9th. Wolfe Research initiated coverage on Baker Hughes in a research report on Wednesday, July 8th. They set an "outperform" rating and a $70.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their price objective on Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $70.00.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $55.95 on Friday. The company has a market capitalization of $55.51 billion, a PE ratio of 17.88, a P/E/G ratio of 2.32 and a beta of 0.96. 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 twelve month low of $38.97 and a twelve month high of $70.41. The firm has a fifty day simple moving average of $60.85 and a 200 day simple moving average of $59.53.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter in the prior year, the firm posted $0.51 earnings per share. The business's quarterly revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts forecast that Baker Hughes Company will post 2.27 EPS for the current year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes's payout ratio is currently 29.39%.

Insider Activity

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 that occurred on 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 completion of the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is owned by corporate 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.

Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR - Free Report).

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.