Sanctuary Advisors LLC Raises Stock Holdings in Baker Hughes Company $BKR

Key Points

• Sanctuary Advisors LLC increased its Baker Hughes stake by 38.1% in the first quarter, buying 18,464 more shares and bringing its total to 66,937 shares valued at about $4.09 million.
• Baker Hughes continues to draw strong institutional interest, with 92.06% of shares held by hedge funds and other institutions; several large investors also boosted positions during the period.
• Analyst sentiment remains favorable, with 18 Buy ratings and an average “Moderate Buy” rating, while the stock also reported a recent earnings beat of $0.58 EPS versus expectations of $0.49.

Sanctuary Advisors LLC increased its stake in Baker Hughes Company (NASDAQ:BKR - Free Report) by 38.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,937 shares of the company's stock after purchasing an additional 18,464 shares during the period. Sanctuary Advisors LLC's holdings in Baker Hughes were worth $4,086,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of BKR. State Street Corp increased its holdings in shares of Baker Hughes by 1.6% in the 4th quarter. State Street Corp now owns 61,409,438 shares of the company's stock worth $2,796,586,000 after buying an additional 937,614 shares during the last quarter. Cardano Risk Management B.V. lifted its holdings in shares of Baker Hughes by 1,005.1% during the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company's stock worth $2,247,550,000 after acquiring an additional 44,887,481 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Baker Hughes by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company's stock worth $1,189,194,000 after acquiring an additional 204,534 shares during the last quarter. Norges Bank purchased a new position in Baker Hughes in the fourth quarter worth $1,022,491,000. Finally, Capital International Investors increased its stake in Baker Hughes by 6.4% in the fourth quarter. Capital International Investors now owns 15,933,590 shares of the company's stock valued at $725,616,000 after acquiring an additional 956,808 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BKR has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price target on Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Jefferies Financial Group reiterated a "buy" rating on shares of Baker Hughes in a research report on Thursday, July 9th. Evercore reissued an "outperform" rating and set a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Zacks Research upgraded Baker Hughes from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. Finally, Capital One Financial increased their price target on shares of Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $70.00.

Insider Activity at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction 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 represents a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% 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 sold 367,910 shares of company stock valued at $22,420,797 in the last quarter. Corporate insiders own 0.19% of the company's stock.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $55.95 on Monday. The stock's 50-day moving average price is $60.85 and its 200-day moving average price is $59.63. Baker Hughes Company has a 12-month low of $38.97 and a 12-month high of $70.41. The stock has a market capitalization of $55.51 billion, a P/E ratio of 17.88, a price-to-earnings-growth ratio of 2.32 and a beta of 0.96. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.49 by $0.09. The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.51 EPS. On average, equities analysts anticipate that Baker Hughes Company will post 2.27 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were given a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.6%. Baker Hughes's payout ratio 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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