Prevail Innovative Wealth Advisors LLC Acquires New Stake in Baker Hughes Company $BKR

Key Points

• Prevail Innovative Wealth Advisors LLC initiated a new position in Baker Hughes, buying 139,535 shares valued at about $6.35 million in the fourth quarter. The stake represents 1.1% of its portfolio and ranks as its 19th largest holding.
• Insider selling was significant, led by CEO Lorenzo Simonelli, who sold 272,594 shares for roughly $16.0 million. Over the last 90 days, insiders have sold 550,250 shares worth about $33.0 million.
• Analysts remain generally bullish on Baker Hughes, with 18 Buy ratings and an average price target of $69.18. The stock recently traded at $66.79, after the company beat quarterly EPS estimates and paid a $0.23 quarterly dividend.

Prevail Innovative Wealth Advisors LLC acquired a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 139,535 shares of the company's stock, valued at approximately $6,354,000. Baker Hughes accounts for 1.1% of Prevail Innovative Wealth Advisors LLC's investment portfolio, making the stock its 19th largest position.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital International Investors acquired a new stake in Baker Hughes during the 3rd quarter worth about $729,670,000. Bessemer Group Inc. grew its holdings in Baker Hughes by 12,983.5% during 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 during the period. Capital World Investors grew its holdings in Baker Hughes by 7.1% during the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company's stock worth $2,316,462,000 after acquiring an additional 3,153,709 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new stake in Baker Hughes during the 4th quarter worth about $119,078,000. Finally, First Trust Advisors LP grew its holdings in Baker Hughes by 25.7% during the 3rd quarter. First Trust Advisors LP now owns 9,325,417 shares of the company's stock worth $454,334,000 after acquiring an additional 1,906,384 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Lorenzo Simonelli sold 272,594 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value 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. This trade represents a 23.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the completion of the transaction, the insider directly owned 15,555 shares in the company, valued at approximately $918,367.20. The trade was a 24.56% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 550,250 shares of company stock worth $32,988,331. 0.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BKR shares. Barclays reiterated an "equal weight" rating and set a $74.00 price target (up from $62.00) on shares of Baker Hughes in a report on Thursday, May 7th. BMO Capital Markets increased their price objective on shares of Baker Hughes from $70.00 to $80.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Jefferies Financial Group reissued a "buy" rating and set a $80.00 price objective on shares of Baker Hughes in a research report on Sunday, April 26th. UBS Group increased their price objective on shares of Baker Hughes from $69.00 to $73.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Eighteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $69.18.

Baker Hughes Price Performance

BKR stock opened at $66.79 on Thursday. The stock has a market capitalization of $66.26 billion, a PE ratio of 21.34, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97. The company's 50-day moving average is $62.53 and its 200-day moving average is $55.99. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes Company has a 1 year low of $35.83 and a 1 year high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter last year, the firm earned $0.51 EPS. The firm's revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts expect that Baker Hughes Company will post 2.31 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.4%. Baker Hughes's dividend payout ratio (DPR) is presently 29.39%.

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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