Ossiam Increases Stock Holdings in Baker Hughes Company $BKR

Key Points

• Ossiam increased its stake in Baker Hughes by 419.6% in Q3, buying an additional 168,763 shares to hold 208,984 shares worth about $10.18M.
• Company insiders have been net sellers, offloading 590,251 shares valued at $35.31M in the last 90 days, including CEO Lorenzo Simonelli's sale of 272,594 shares for about $16.03M.
• Baker Hughes beat quarterly estimates (EPS $0.78 vs. $0.67 expected; revenue $7.39B vs. $7.09B expected) and Wall Street is broadly positive with 20 Buy and 2 Hold ratings and a consensus target of $59.61.

Ossiam grew its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 419.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 208,984 shares of the company's stock after purchasing an additional 168,763 shares during the quarter. Ossiam's holdings in Baker Hughes were worth $10,182,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. iSAM Funds UK Ltd acquired a new position in shares of Baker Hughes in the 3rd quarter valued at $2,093,000. Wellington Management Group LLP raised its stake in Baker Hughes by 69.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,256,485 shares of the company's stock worth $61,216,000 after acquiring an additional 512,994 shares in the last quarter. NorthRock Partners LLC lifted its position in Baker Hughes by 5.5% in the third quarter. NorthRock Partners LLC now owns 14,336 shares of the company's stock valued at $698,000 after acquiring an additional 752 shares during the last quarter. Volterra Technologies LP lifted its position in Baker Hughes by 271.5% in the third quarter. Volterra Technologies LP now owns 19,300 shares of the company's stock valued at $940,000 after acquiring an additional 30,552 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its stake in Baker Hughes by 7.7% in the third quarter. Harvest Fund Management Co. Ltd now owns 60,605 shares of the company's stock valued at $2,951,000 after acquiring an additional 4,353 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company's stock.

Insider Buying and Selling

In other Baker Hughes news, Director William G. Beattie sold 18,023 shares of the business's stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total value of $1,032,537.67. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lorenzo Simonelli sold 272,594 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the transaction, the chief executive officer owned 866,444 shares of the company's stock, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 590,251 shares of company stock valued at $35,311,023 in the last ninety days. Company insiders own 0.27% of the company's stock.

Baker Hughes Stock Performance

NASDAQ BKR opened at $54.26 on Friday. The firm has a market cap of $53.62 billion, a P/E ratio of 20.87, a P/E/G ratio of 1.51 and a beta of 0.83. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $67.00. The business's 50-day moving average price is $57.31 and its 200 day moving average price is $50.75. The company has a quick ratio of 1.00, a current ratio of 1.36 and a debt-to-equity ratio of 0.28.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Monday, January 26th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.67 by $0.11. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The firm had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.09 billion. During the same period in the prior year, the business earned $0.70 EPS. The firm's revenue was up .3% compared to the same quarter last year. On average, equities research analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 17th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Tuesday, February 17th. Baker Hughes's dividend payout ratio is 35.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Jefferies Financial Group raised their price objective on Baker Hughes from $59.00 to $67.00 and gave the stock a "buy" rating in a report on Saturday, January 31st. Barclays upped their target price on Baker Hughes from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Tuesday, January 27th. BMO Capital Markets lifted their price target on Baker Hughes from $65.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. boosted their price objective on Baker Hughes from $53.00 to $60.00 and gave the company an "overweight" rating in a research note on Tuesday, January 27th. Finally, Johnson Rice started coverage on Baker Hughes in a report on Wednesday, February 25th. They issued a "buy" rating and a $68.00 price objective for the company. Twenty analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.61.

About Baker Hughes

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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