Quantitative Investment Management LLC Acquires 30,554 Shares of Baker Hughes Company $BKR

Quantitative Investment Management LLC raised its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 621.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,474 shares of the company's stock after buying an additional 30,554 shares during the quarter. Quantitative Investment Management LLC's holdings in Baker Hughes were worth $1,968,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of BKR. Cardano Risk Management B.V. raised its position in shares of Baker Hughes by 1,005.1% in the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock valued at $2,247,550,000 after purchasing an additional 44,887,481 shares during the period. Norges Bank bought a new position in Baker Hughes in the 4th quarter worth approximately $1,022,491,000. Price T Rowe Associates Inc. MD raised its holdings in Baker Hughes by 58.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company's stock valued at $529,896,000 after acquiring an additional 4,278,573 shares during the period. Bessemer Group Inc. lifted its position in shares of Baker Hughes by 12,983.5% during 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. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of Baker Hughes during the fourth quarter worth $144,262,000. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Price Performance

Baker Hughes stock opened at $63.55 on Tuesday. The stock has a market cap of $63.08 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 1.94 and a beta of 0.97. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The business has a 50-day simple moving average of $59.35 and a 200 day simple moving average of $61.49. Baker Hughes Company has a 52 week low of $43.92 and a 52 week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm had revenue of $6.74 billion for the quarter, compared to analysts' expectations of $6.54 billion. During the same quarter last year, the company posted $0.63 EPS. The business's quarterly revenue was up 2.4% on a year-over-year basis. On average, research analysts forecast that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Friday, August 7th. Baker Hughes's payout ratio is 29.68%.

Insider Buying and Selling

In related 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 transaction, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. The trade was a 20.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 367,910 shares of company stock worth $22,420,797 over the last ninety days. Insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BKR shares. UBS Group set a $51.00 price target on Baker Hughes in a research report on Tuesday, July 28th. Wolfe Research began coverage on Baker Hughes in a report on Wednesday, July 8th. They set an "outperform" rating and a $70.00 price objective on the stock. Morgan Stanley started coverage on Baker Hughes in a research note on Friday, August 7th. They issued an "overweight" rating and a $70.00 target price for the company. Zacks Research raised Baker Hughes from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Finally, Weiss Ratings cut Baker Hughes from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, July 13th. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $70.67.

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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