Sei Investments Co. Sells 78,177 Shares of Baker Hughes Company $BKR

Key Points

• Sei Investments Co. trimmed its Baker Hughes stake by 2.1% in the first quarter, selling 78,177 shares and leaving it with 3.59 million shares worth about $219 million.
• Insider selling has been notable, including sales by CAO Rebecca L. Charlton and CEO Lorenzo Simonelli; insiders have sold 367,910 shares over the past 90 days.
• Wall Street remains cautiously positive on Baker Hughes, with a consensus rating of “Moderate Buy” and an average price target of $70, despite some recent target cuts and rating adjustments.

Sei Investments Co. lowered its position in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 2.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,587,271 shares of the company's stock after selling 78,177 shares during the quarter. Sei Investments Co. owned 0.36% of Baker Hughes worth $219,003,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of BKR. EFG International AG purchased a new position in shares of Baker Hughes during the 4th quarter valued at $26,000. Cullen Frost Bankers Inc. increased its stake in Baker Hughes by 344.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock worth $27,000 after buying an additional 468 shares in the last quarter. Quarry LP purchased a new stake in Baker Hughes in the 4th quarter worth $31,000. MV Capital Management Inc. bought a new stake in Baker Hughes during the fourth quarter valued at about $34,000. Finally, Acumen Wealth Advisors LLC bought a new stake in Baker Hughes during the fourth quarter valued at about $35,000. 92.06% of the stock is currently owned by institutional investors.

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the firm's stock in a transaction 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 completion of the transaction, the chief accounting officer directly 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 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 business'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 completion of the sale, 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 have 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.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BKR shares. Weiss Ratings lowered Baker Hughes from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, July 13th. Barclays decreased their target price on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 16th. Wolfe Research assumed coverage on Baker Hughes in a report on Wednesday, July 8th. They issued an "outperform" rating and a $70.00 price target on the stock. Royal Bank Of Canada upped 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. Finally, BMO Capital Markets increased their price objective on shares of Baker Hughes from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.00.

Baker Hughes Price Performance

NASDAQ:BKR opened at $56.60 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $56.15 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.35 and a beta of 0.96. Baker Hughes Company has a 12 month low of $41.15 and a 12 month high of $70.41. The business's 50-day moving average is $60.31 and its 200 day moving average is $59.85.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS 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%.The firm's revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.51 earnings per share. On average, equities research analysts forecast that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

Baker Hughes 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.

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