Baker Hughes Company (NASDAQ:BKR) Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI reduced its holdings in Baker Hughes Company by 35.5%, now owning about 0.08% of the company, valued at approximately $36.76 million.
• Insider activity revealed CEO Lorenzo Simonelli sold 526,568 shares, marking a 44.1% decrease in his position, following the trade.
• Baker Hughes recently reported quarterly earnings of $0.63 per share, exceeding expectations, with a revenue of $6.91 billion, which was higher than analysts' predictions of $6.64 billion.

National Bank of Canada FI lessened its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 35.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 836,427 shares of the company's stock after selling 460,749 shares during the period. National Bank of Canada FI owned about 0.08% of Baker Hughes worth $36,760,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its position in Baker Hughes by 2.8% during the first quarter. Envestnet Asset Management Inc. now owns 621,468 shares of the company's stock worth $27,314,000 after buying an additional 17,035 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in Baker Hughes by 51.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 24,455 shares of the company's stock worth $1,075,000 after buying an additional 8,351 shares during the last quarter. Stack Financial Management Inc acquired a new position in Baker Hughes during the first quarter worth $12,890,000. Principal Financial Group Inc. increased its position in Baker Hughes by 7.2% during the first quarter. Principal Financial Group Inc. now owns 1,239,175 shares of the company's stock worth $54,462,000 after buying an additional 82,706 shares during the last quarter. Finally, Johnson Investment Counsel Inc. acquired a new position in Baker Hughes during the first quarter worth $360,000. Institutional investors and hedge funds own 92.06% of the company's stock.

Insider Activity

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

Baker Hughes Stock Performance

Shares of Baker Hughes stock traded down $0.19 during midday trading on Tuesday, hitting $42.51. The company had a trading volume of 5,113,842 shares, compared to its average volume of 8,579,502. Baker Hughes Company has a 12-month low of $32.25 and a 12-month high of $49.40. The company has a fifty day simple moving average of $40.47 and a 200 day simple moving average of $40.82. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33. The stock has a market cap of $41.91 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.95 and a beta of 0.94.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share (EPS) 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 analyst estimates of $6.64 billion. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The business's revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. As a group, analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, August 5th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, August 5th. Baker Hughes's dividend payout ratio (DPR) is presently 30.07%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group set a $58.00 price target on Baker Hughes in a research report on Wednesday, July 30th. Susquehanna increased their target price on shares of Baker Hughes from $46.00 to $52.00 and gave the company a "positive" rating in a research note on Thursday, July 24th. TD Cowen raised their price target on shares of Baker Hughes from $52.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Royal Bank Of Canada cut their price target on shares of Baker Hughes from $50.00 to $46.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Evercore ISI raised their price target on shares of Baker Hughes from $53.00 to $55.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Three analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Baker Hughes presently has a consensus rating of "Moderate Buy" and an average price target of $51.47.

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.