KBC Group NV Has $7.48 Million Position in Baker Hughes Company $BKR

Key Points

• KBC Group NV increased its Baker Hughes stake by 46.6% in the first quarter, ending with 122,581 shares valued at about $7.48 million.
• Insider selling was notable: CEO Lorenzo Simonelli and CAO Rebecca L. Charlton sold shares in recent transactions, and insiders sold 367,910 shares over the last three months.
• Analysts remain generally constructive on Baker Hughes, with 18 Buy ratings and 4 Hold ratings; the stock’s consensus target price is $70, above its Thursday open of $56.60.

KBC Group NV raised its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 46.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,581 shares of the company's stock after buying an additional 38,949 shares during the quarter. KBC Group NV's holdings in Baker Hughes were worth $7,484,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BKR. EFG International AG acquired a new stake in shares of Baker Hughes during the 4th quarter valued at about $26,000. Cullen Frost Bankers Inc. raised its position in Baker Hughes by 344.1% in 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 in the last quarter. Quarry LP bought a new position in Baker Hughes during the fourth quarter worth about $31,000. MV Capital Management Inc. bought a new position in Baker Hughes during the fourth quarter worth about $34,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Baker Hughes during the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 92.06% of the company's stock.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the business's stock in a transaction 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 transaction, the chief accounting officer 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 firm's stock in a transaction 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 sale, the chief executive officer owned 703,444 shares of the company's stock, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 367,910 shares of company stock worth $22,420,797. Insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Susquehanna lowered their price objective on Baker Hughes from $80.00 to $70.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Wall Street Zen lowered Baker Hughes from a "buy" rating to a "hold" rating in a research note on Monday. UBS Group upped their price target on Baker Hughes from $69.00 to $73.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. TD Cowen increased their price objective on Baker Hughes from $75.00 to $77.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Finally, Citigroup lifted their price objective on Baker Hughes from $74.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and a consensus target price of $70.00.

Baker Hughes Stock Performance

NASDAQ BKR opened at $56.60 on Thursday. Baker Hughes Company has a 1-year low of $41.15 and a 1-year high of $70.41. The company has a 50 day moving average of $60.31 and a 200-day moving average of $59.85. 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 firm has a market cap of $56.15 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 2.35 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.58 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 the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes's revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 EPS. On average, equities analysts forecast that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

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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