Royal Bank of Canada Buys 91,357 Shares of Baker Hughes Company $BKR

Key Points

• Royal Bank of Canada increased its Baker Hughes stake by 5.4%, purchasing 91,357 shares to reach 1.78 million shares valued at approximately $108.5 million. Institutional investors collectively own 92.06% of the company.
• Baker Hughes reported quarterly earnings of $0.64 per share, exceeding analysts’ $0.51 estimate, while revenue rose 2.4% year over year to $6.74 billion.
• Insiders sold 367,910 shares worth $22.4 million over the past three months, while the company declared a quarterly dividend of $0.23 per share. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $69.95.

Royal Bank of Canada increased its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 5.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,776,730 shares of the company's stock after buying an additional 91,357 shares during the quarter. Royal Bank of Canada owned about 0.18% of Baker Hughes worth $108,469,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BKR. Pinion Investment Advisors LLC bought a new stake in Baker Hughes in the 4th quarter valued at $778,000. OP Asset Management Ltd bought a new position in shares of Baker Hughes during the 1st quarter valued at about $6,049,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Baker Hughes by 17.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 484,310 shares of the company's stock valued at $22,055,000 after purchasing an additional 72,714 shares during the last quarter. Ninety One UK Ltd grew its position in shares of Baker Hughes by 28.6% during the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company's stock valued at $21,373,000 after purchasing an additional 104,428 shares in the last quarter. Finally, National Pension Service grew its position in shares of Baker Hughes by 5.1% during the fourth quarter. National Pension Service now owns 1,317,478 shares of the company's stock valued at $59,998,000 after purchasing an additional 64,323 shares in the last quarter. Institutional investors own 92.06% of the company's stock.

Insider Buying and Selling

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the company's stock in a transaction on 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 directly owned 703,444 shares of the company's stock, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, the chief accounting officer owned 15,997 shares of the company's stock, valued at approximately $1,027,327.34. This trade represents a 24.13% 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. Insiders have sold 367,910 shares of company stock valued at $22,420,797 in the last three months. 0.19% of the stock is currently owned by corporate insiders.

Baker Hughes Price Performance

Shares of BKR stock opened at $59.90 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.77. The company has a market capitalization of $59.42 billion, a P/E ratio of 19.32, a P/E/G ratio of 2.30 and a beta of 0.96. The company's 50-day simple moving average is $59.47 and its two-hundred day simple moving average is $60.25. Baker Hughes Company has a one year low of $41.96 and a one year high of $70.41.

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

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 7th. Baker Hughes's payout ratio is 29.68%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Citigroup upped their price objective on Baker Hughes from $74.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Piper Sandler raised their target price on shares of Baker Hughes from $71.00 to $73.00 and gave the company an "overweight" rating in a report on Tuesday. Wall Street Zen upgraded shares of Baker Hughes from a "hold" rating to a "buy" rating in a research report on Tuesday. Jefferies Financial Group reiterated a "buy" rating on shares of Baker Hughes in a research report on Thursday, July 9th. Finally, Argus lifted their price objective on shares of Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.95.

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.