Panagora Asset Management Inc. Sells 157,855 Shares of Baker Hughes Company $BKR

Key Points

• Panagora Asset Management Inc. has decreased its stake in Baker Hughes by 11.4%, owning approximately 1.22 million shares valued at about $53.73 million following the sale of nearly 158,000 shares.
• CEO Lorenzo Simonelli sold over 526,000 shares for $23.39 million, a transaction reflecting a 44.1% decrease in their ownership of the stock.
• Brokerages have varied opinions on Baker Hughes, with Goldman Sachs lowering its price target to $41.00, while Evercore ISI increased theirs to $55.00, giving the company an overall consensus rating of "Moderate Buy."

Panagora Asset Management Inc. lowered its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,222,423 shares of the company's stock after selling 157,855 shares during the quarter. Panagora Asset Management Inc. owned 0.12% of Baker Hughes worth $53,725,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wayfinding Financial LLC purchased a new stake in shares of Baker Hughes during the 1st quarter valued at $28,000. Golden State Wealth Management LLC raised 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 buying an additional 604 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in shares of Baker Hughes during the 1st quarter valued at $30,000. Grove Bank & Trust raised 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 buying an additional 320 shares in the last quarter. Finally, Spire Wealth Management raised 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 buying an additional 465 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.

Wall Street Analysts Forecast Growth

BKR has been the topic of several research reports. BMO Capital Markets restated an "outperform" rating and set a $53.00 price objective (up previously from $46.00) on shares of Baker Hughes in a research report on Wednesday, July 30th. Evercore ISI upped their price target on shares of Baker Hughes from $53.00 to $55.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Industrial Alliance Securities set a $53.00 price objective on Baker Hughes in a research note on Wednesday, July 30th. Morgan Stanley raised their price objective on Baker Hughes from $45.00 to $55.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Barclays increased their target price on Baker Hughes from $48.00 to $53.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Twenty equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $52.29.

Baker Hughes Trading Down 0.8%

Shares of BKR stock traded down $0.36 during mid-day trading on Wednesday, reaching $45.00. The stock had a trading volume of 6,486,554 shares, compared to its average volume of 7,722,035. The stock's 50-day moving average price is $42.24 and its two-hundred day moving average price is $40.62. Baker Hughes Company has a 52-week low of $32.25 and a 52-week high of $49.40. The firm has a market capitalization of $44.36 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 2.07 and a beta of 1.01. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its quarterly earnings data 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. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The firm had revenue of $6.91 billion for the quarter, compared to analysts' expectations of $6.64 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. Baker Hughes has set its Q3 2025 guidance at EPS. FY 2025 guidance at EPS. Equities analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were paid 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 2.0%. Baker Hughes's payout ratio is presently 30.07%.

Insider Buying and Selling at Baker Hughes

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

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.