Rakuten Investment Management Inc. Has $8.31 Million Position in Baker Hughes Company $BKR

Key Points

• Rakuten Investment Management dramatically increased its Baker Hughes stake by 990.1% in Q4, ending with 183,034 shares valued at about $8.31 million.
• Baker Hughes reported better-than-expected earnings of $0.58 per share for the quarter, though revenue of $6.59 billion came in slightly below estimates; analysts still expect $2.31 EPS for the full year.
• The company recently paid a $0.23 quarterly dividend and has also seen analyst price targets rise, with the stock carrying a consensus Moderate Buy rating and average target of $69.14.

Rakuten Investment Management Inc. boosted its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 990.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,034 shares of the company's stock after acquiring an additional 166,243 shares during the quarter. Rakuten Investment Management Inc.'s holdings in Baker Hughes were worth $8,306,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BKR. Pinion Investment Advisors LLC acquired a new stake in Baker Hughes in the 4th quarter valued at about $778,000. Nordea Investment Management AB increased its position in Baker Hughes by 12.7% in the 4th quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company's stock valued at $125,813,000 after acquiring an additional 309,996 shares in the last quarter. Legal & General Group Plc increased its position in Baker Hughes by 5.4% in the 3rd quarter. Legal & General Group Plc now owns 7,147,684 shares of the company's stock valued at $348,234,000 after acquiring an additional 367,728 shares in the last quarter. Vanguard Group Inc. increased its position in Baker Hughes by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company's stock valued at $6,035,924,000 after acquiring an additional 598,159 shares in the last quarter. Finally, Nkcfo LLC acquired a new stake in Baker Hughes in the 3rd quarter valued at about $2,967,000. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Baker Hughes Trading Down 1.5%

NASDAQ BKR opened at $61.52 on Wednesday. The firm has a market cap of $61.03 billion, a P/E ratio of 19.65, a P/E/G ratio of 2.22 and a beta of 0.93. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The stock's 50-day moving average is $64.18 and its 200-day moving average is $58.12. Baker Hughes Company has a one year low of $37.38 and a one year high of $70.41.

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

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.5%. Baker Hughes's payout ratio is presently 29.39%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on BKR shares. Piper Sandler upped their price target on Baker Hughes from $64.00 to $72.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. Royal Bank Of Canada upped their price target on Baker Hughes from $68.00 to $71.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Susquehanna upped their price target on Baker Hughes from $70.00 to $80.00 and gave the company a "positive" rating in a research note on Monday, April 27th. BMO Capital Markets upped their price target on Baker Hughes from $70.00 to $80.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Finally, Barclays reaffirmed an "equal weight" rating and issued a $74.00 price objective (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Eighteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $69.14.

Insider Buying and Selling

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, 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 that occurred on Friday, June 12th. The shares were sold at an average price of $63.36, for a total transaction of $11,494,200.96. Following the completion of the transaction, the chief executive officer directly owned 784,944 shares in the company, valued at approximately $49,734,051.84. The trade was a 18.77% decrease in their position. 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 own 0.19% of the company's stock.

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.

Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.