Hsbc Holdings PLC Has $86.23 Million Stake in Baker Hughes Company $BKR

Key Points

• HSBC Holdings PLC increased its Baker Hughes stake by 2.0% in the fourth quarter, ending with 1.89 million shares valued at about $86.23 million.
• Baker Hughes reported solid quarterly results, posting EPS of $0.58 versus the $0.49 estimate and revenue of $6.59 billion, while revenue still grew 2.5% year over year.
• Wall Street remains broadly positive on the stock, with 18 Buy ratings and 4 Hold ratings and a consensus price target of $69.14; meanwhile, CEO Lorenzo Simonelli and CAO Rebecca L. Charlton recently sold shares under pre-arranged trading plans.

Hsbc Holdings PLC grew its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,892,101 shares of the company's stock after purchasing an additional 37,473 shares during the quarter. Hsbc Holdings PLC owned approximately 0.19% of Baker Hughes worth $86,230,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of BKR. Strategic Investment Solutions Inc. IL lifted its holdings in Baker Hughes by 1,142.9% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 2,175 shares of the company's stock valued at $99,000 after buying an additional 2,000 shares during the period. Groupama Asset Managment grew its holdings in Baker Hughes by 32.8% during the 4th quarter. Groupama Asset Managment now owns 1,921,008 shares of the company's stock worth $87,483,000 after acquiring an additional 474,583 shares during the period. Alpine Global Management LLC bought a new position in shares of Baker Hughes in the 4th quarter worth about $251,000. Sonoma Allocations LLC raised its position in shares of Baker Hughes by 72.0% in the 4th quarter. Sonoma Allocations LLC now owns 8,063 shares of the company's stock worth $367,000 after acquiring an additional 3,376 shares in the last quarter. Finally, MV Capital Management Inc. acquired a new position in shares of Baker Hughes in the 4th quarter valued at about $34,000. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $58.41 on Monday. Baker Hughes Company has a one year low of $37.38 and a one year high of $70.41. The firm has a market capitalization of $57.95 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 2.11 and a beta of 0.93. The business has a 50-day simple moving average of $64.02 and a 200 day simple moving average of $58.31. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company's quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 earnings per share. On average, research analysts anticipate that Baker Hughes Company will post 2.28 earnings per share for the current fiscal 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 given a dividend of $0.23 per share. 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 dividend payout ratio is presently 29.39%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Evercore restated an "outperform" rating and set a $76.00 price target on shares of Baker Hughes in a report on Monday, April 27th. HSBC lifted their price objective on shares of Baker Hughes from $67.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, April 27th. TD Cowen boosted their target price on shares of Baker Hughes from $64.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Baker Hughes in a research note on Friday, April 24th. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $69.14.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $63.36, for a total value of $11,494,200.96. Following the transaction, the chief executive officer directly owned 784,944 shares in the company, valued at $49,734,051.84. This trade represents a 18.77% 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, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is owned by company 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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