National Pension Service Reduces Holdings in Baker Hughes Company $BKR

Key Points

• The National Pension Service reduced its stake in Baker Hughes Company by 5.4%, holding 1.2 million shares valued at approximately $53 million as of the latest SEC filing.
• Brokerages like TD Cowen and Susquehanna raised their price targets for Baker Hughes, with the consensus price target now at $51.47 and most analysts rating it a "Moderate Buy."
• CEO Lorenzo Simonelli sold over 526,000 shares of Baker Hughes stock, marking a 44.10% decrease in his position, signaling potential insider selling trends.

National Pension Service trimmed its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 5.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,208,077 shares of the company's stock after selling 69,278 shares during the quarter. National Pension Service owned about 0.12% of Baker Hughes worth $53,095,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BKR. Wayfinding Financial LLC purchased a new stake in Baker Hughes during the 1st quarter valued at approximately $28,000. Golden State Wealth Management LLC boosted its position in shares of Baker Hughes by 678.7% during the 1st quarter. Golden State Wealth Management LLC now owns 693 shares of the company's stock valued at $30,000 after acquiring an additional 604 shares during the last quarter. N.E.W. Advisory Services LLC bought a new position in shares of Baker Hughes during the 1st quarter valued at approximately $30,000. Grove Bank & Trust boosted its position in shares of Baker Hughes by 76.2% during the 1st quarter. Grove Bank & Trust now owns 740 shares of the company's stock valued at $33,000 after acquiring an additional 320 shares during the last quarter. Finally, Spire Wealth Management boosted its position in shares of Baker Hughes by 132.9% during the 1st quarter. Spire Wealth Management now owns 815 shares of the company's stock valued at $36,000 after acquiring an additional 465 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Baker Hughes

In related 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 transaction of $23,390,150.56. Following the completion of the sale, the chief executive officer owned 667,593 shares of the company's stock, valued at $29,654,481.06. The trade was a 44.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.27% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on BKR. Royal Bank Of Canada lowered their target price on Baker Hughes from $50.00 to $46.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Piper Sandler lowered their price target 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. UBS Group restated a "neutral" rating and issued a $46.00 price target (up from $43.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Jefferies Financial Group set a $58.00 price target on Baker Hughes in a research report on Wednesday, July 30th. Finally, Stifel Nicolaus 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 Wednesday, July 16th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Baker Hughes currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.47.

Baker Hughes Stock Up 0.2%

Shares of BKR stock traded up $0.07 during trading hours on Monday, reaching $42.87. 3,532,368 shares of the company's stock were exchanged, compared to its average volume of 7,903,138. Baker Hughes Company has a 1 year low of $32.25 and a 1 year high of $49.40. The stock has a market cap of $42.26 billion, a PE ratio of 14.01, a PEG ratio of 1.95 and a beta of 0.94. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The stock's fifty day moving average price is $40.90 and its two-hundred day moving average price is $40.80.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.08. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%. The business had revenue of $6.91 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The company's revenue was down 3.2% on a year-over-year basis. Research analysts predict 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 was paid on Friday, August 15th. Investors of record on Tuesday, August 5th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.1%. Baker Hughes's payout ratio is 30.07%.

Baker Hughes Company 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.