Plato Investment Management Ltd Purchases New Holdings in Baker Hughes Company $BKR

Key Points

• Plato Investment Management bought 77,033 Baker Hughes shares in the second quarter, worth approximately $4.25 million. Institutional investors collectively own 92.06% of the company.
• Analysts remain broadly positive, with 18 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $69.95.
• Baker Hughes exceeded quarterly expectations with $0.64 in EPS and $6.74 billion in revenue, while declaring a quarterly dividend of $0.23 per share, equivalent to a 1.4% yield.

Plato Investment Management Ltd purchased a new position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 77,033 shares of the company's stock, valued at approximately $4,250,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BKR. Woodline Partners LP increased its holdings in shares of Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company's stock valued at $3,676,000 after purchasing an additional 24,225 shares in the last quarter. Focus Partners Wealth increased its position in Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company's stock worth $812,000 after purchasing an additional 986 shares during the period. Jump Financial LLC acquired a new position in Baker Hughes during the 2nd quarter valued at about $2,301,000. NewEdge Advisors LLC lifted its position in Baker Hughes by 4.0% during the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company's stock valued at $1,779,000 after purchasing an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC bought a new position in shares of Baker Hughes in the 2nd quarter valued at about $1,014,000. Institutional investors and hedge funds own 92.06% of the company's stock.

Analyst Ratings Changes

BKR has been the subject of a number of analyst reports. Citigroup lifted their target price on shares of Baker Hughes from $74.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Morgan Stanley started coverage on Baker Hughes in a research note on Friday, August 7th. They set an "overweight" rating and a $70.00 price objective for the company. Evercore reiterated an "outperform" rating and issued a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Capital One Financial raised their target price on Baker Hughes from $66.00 to $71.00 and gave the stock an "overweight" rating in a report on Thursday, May 21st. Finally, Barclays decreased their target price on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. 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, the company currently has an average rating of "Moderate Buy" and a consensus price target of $69.95.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the business'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 completion of the transaction, the chief executive officer owned 703,444 shares of the company's stock, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer directly owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 367,910 shares of company stock worth $22,420,797. Insiders own 0.19% of the company's stock.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $64.82 on Monday. The stock has a market capitalization of $64.34 billion, a price-to-earnings ratio of 20.91, a PEG ratio of 2.02 and a beta of 0.97. The business has a 50-day moving average of $59.05 and a 200-day moving average of $61.08. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76. Baker Hughes Company has a fifty-two week low of $42.30 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The company had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $6.54 billion. During the same quarter in the prior year, the business posted $0.63 EPS. The business's revenue was up 2.4% compared to the same quarter last year. As a group, sell-side analysts predict that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be paid a $0.23 dividend. The ex-dividend date is Friday, August 7th. This represents a $0.92 annualized dividend and a yield of 1.4%. Baker Hughes's payout ratio is 29.68%.

Baker Hughes Company 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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