Park National Corp OH Makes New $2.83 Million Investment in Baker Hughes Company $BKR

Key Points

• Park National Corp OH bought a new stake in Baker Hughes in the first quarter, purchasing 46,303 shares worth about $2.83 million.
• Institutional ownership in Baker Hughes remains very high at 92.06%, with several large funds recently adding to or initiating positions in the company.
• Insiders have been selling shares recently, including CEO Lorenzo Simonelli, who sold 181,411 shares in a pre-arranged Rule 10b5-1 trade.

Park National Corp OH purchased a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 46,303 shares of the company's stock, valued at approximately $2,827,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cardano Risk Management B.V. grew its stake in shares of 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 valued at $2,247,550,000 after buying an additional 44,887,481 shares during the period. Norges Bank acquired a new position in Baker Hughes during the 4th quarter worth approximately $1,022,491,000. Capital International Investors acquired a new position in Baker Hughes during the 3rd quarter worth approximately $729,670,000. Price T Rowe Associates Inc. MD boosted its holdings in Baker Hughes by 58.2% in the fourth 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. boosted its holdings in Baker Hughes by 12,983.5% in the fourth 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 institutional investors.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction on Friday, June 12th. The stock was sold at an average price of $63.36, for a total transaction of $11,494,200.96. Following the transaction, the chief executive officer directly owned 784,944 shares in the company, valued at $49,734,051.84. This represents a 18.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BKR shares. Citigroup decreased their price objective on Baker Hughes from $80.00 to $74.00 and set a "buy" rating for the company in a report on Wednesday, June 3rd. Wall Street Zen lowered Baker Hughes from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Piper Sandler increased their target price on Baker Hughes from $64.00 to $72.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Capital One Financial lifted their price target on shares of Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Finally, BMO Capital Markets boosted their price target on shares of Baker Hughes from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $69.14.

Baker Hughes Price Performance

BKR stock opened at $58.41 on Monday. 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 business has a 50-day simple moving average of $64.02 and a two-hundred day simple moving average of $58.31. The company has a market capitalization of $57.95 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 2.11 and a beta of 0.93. Baker Hughes Company has a 52-week low of $37.38 and a 52-week high of $70.41.

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 the consensus estimate of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. During the same period in the prior year, the business posted $0.51 earnings per share. The company's quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts expect that Baker Hughes Company will post 2.28 EPS for the current fiscal year.

Baker Hughes Announces Dividend

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

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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