Baker Hughes Company (NASDAQ:BKR) Shares Acquired by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Baker Hughes by 25.7%, purchasing an additional 73,128 shares to own a total of 357,505 shares valued at approximately $15.7 million as of the end of the last quarter.
• In the latest analyst reports, Goldman Sachs and Piper Sandler both lowered their price targets for Baker Hughes, while Evercore ISI raised theirs, resulting in an average target price of $50.94 and a consensus rating of "Moderate Buy".
• CEO Lorenzo Simonelli sold over 526,000 shares of Baker Hughes, marking a 44.10% decrease in his ownership, with the total transaction value around $23.4 million.

Mackenzie Financial Corp lifted its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 25.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 357,505 shares of the company's stock after acquiring an additional 73,128 shares during the period. Mackenzie Financial Corp's holdings in Baker Hughes were worth $15,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 526,568 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $44.42, for a total value of $23,390,150.56. Following the transaction, the chief executive officer owned 667,593 shares in the company, valued at $29,654,481.06. The trade was a 44.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.27% of the company's stock.

Analyst Upgrades and Downgrades

BKR has been the topic of several recent research reports. Evercore ISI upped their price target on Baker Hughes from $53.00 to $55.00 and gave the stock an "outperform" rating in a report on Wednesday. TD Securities decreased their target price on Baker Hughes from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. BMO Capital Markets reissued an "outperform" rating and issued a $53.00 target price (up from $46.00) on shares of Baker Hughes in a research report on Wednesday. Piper Sandler decreased their price objective on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Finally, Industrial Alliance Securities set a $53.00 target price on Baker Hughes in a research note on Wednesday. Three 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 a consensus price target of $51.47.

Baker Hughes Trading Down 3.4%

Baker Hughes stock traded down $1.54 during midday trading on Friday, reaching $43.51. The stock had a trading volume of 7,323,705 shares, compared to its average volume of 8,645,018. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40. The stock has a market capitalization of $42.90 billion, a PE ratio of 17.33, a price-to-earnings-growth ratio of 5.35 and a beta of 0.94. 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 stock's 50-day simple moving average is $39.71 and its 200 day simple moving average is $41.01.

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

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th will be paid a $0.23 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 2.1%. Baker Hughes's dividend payout ratio is 30.07%.

About Baker Hughes

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.