OP Asset Management Ltd Acquires Shares of 99,077 Baker Hughes Company $BKR

Key Points

• OP Asset Management opened a new position in Baker Hughes during the first quarter, buying 99,077 shares valued at about $6.05 million.
• Baker Hughes has been attracting large institutional interest, with several major investors significantly adding to or initiating stakes; 92.06% of the stock is now held by hedge funds and other institutional investors.
• The company has had a stream of positive developments, including a geothermal agreement with Mantle Reach Power and a subsea production systems award from Azule Energy, while analysts remain generally constructive with a Moderate Buy consensus.

OP Asset Management Ltd bought a new position in Baker Hughes Company (NASDAQ:BKR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 99,077 shares of the company's stock, valued at approximately $6,049,000.

Other large investors have also recently made changes to their positions in the company. Cardano Risk Management B.V. increased its stake in Baker Hughes by 1,005.1% in the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock worth $2,247,550,000 after buying an additional 44,887,481 shares during the period. Norges Bank purchased a new stake in Baker Hughes in the 4th quarter valued at about $1,022,491,000. Capital International Investors purchased a new stake in Baker Hughes in the 3rd quarter valued at about $729,670,000. Price T Rowe Associates Inc. MD grew its stake in Baker Hughes by 58.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company's stock worth $529,896,000 after acquiring an additional 4,278,573 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake in Baker Hughes by 12,983.5% in the 4th quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company's stock worth $158,994,000 after acquiring an additional 3,464,637 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes News Roundup

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes announced a strategic agreement with Mantle Reach Power to accelerate large-scale geothermal projects across North America, expanding its energy-transition exposure and creating a potential new growth avenue. Article Title
• Positive Sentiment: The company also secured a significant subsea production systems award from Azule Energy for Angola’s Greater PAJ development, reinforcing its backlog and core oilfield equipment/services pipeline. Article Title
• Positive Sentiment: Analyst commentary and valuation-focused coverage have remained constructive overall, with multiple firms previously raising price targets and the consensus still leaning “Moderate Buy,” which can support sentiment after the recent pullback. Article Title
• Neutral Sentiment: Short interest data showed no meaningful bearish positioning change, with reported short interest effectively at zero, so it does not appear to be a driver of the move.

Baker Hughes Price Performance

NASDAQ BKR opened at $56.94 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The firm's 50 day moving average price is $63.63 and its 200-day moving average price is $58.53. Baker Hughes Company has a 52-week low of $37.53 and a 52-week high of $70.41. The company has a market cap of $56.49 billion, a PE ratio of 18.19, a P/E/G ratio of 2.03 and a beta of 0.93.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.49 by $0.09. The company had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. Baker Hughes's revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 earnings per share. Sell-side analysts forecast that Baker Hughes Company will post 2.28 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were issued a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. Baker Hughes's dividend payout ratio (DPR) is currently 29.39%.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the sale, the chief executive officer owned 703,444 shares of the company's stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the transaction, the chief accounting officer owned 15,997 shares in the company, valued at $1,027,327.34. This trade represents a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 367,910 shares of company stock valued at $22,420,797. Corporate insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Argus lifted their price target on shares of Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Stifel Nicolaus increased their price objective on Baker Hughes from $63.00 to $74.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. Barclays restated an "equal weight" rating and set a $74.00 price objective (up from $62.00) on shares of Baker Hughes in a report on Thursday, May 7th. Wall Street Zen lowered Baker Hughes from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Finally, Evercore reiterated an "outperform" rating and issued a $76.00 target price on shares of Baker Hughes in a report on Monday, April 27th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Baker Hughes currently has a consensus rating of "Moderate Buy" and an average price target of $69.14.

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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