Sterling Capital Management LLC Increases Stock Holdings in Baker Hughes Company $BKR

Key Points

• Sterling Capital Management boosted its Baker Hughes stake by 150.1% in the first quarter, while institutional investors overall now hold about 92.06% of the company’s shares.
• Baker Hughes reported Q1 earnings of $0.58 per share, beating Wall Street estimates, though revenue of $6.59 billion came in slightly below expectations.
• Analysts remain generally bullish: multiple firms raised price targets, and the stock currently carries a Moderate Buy consensus with an average target of $69.14.

Sterling Capital Management LLC increased its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 150.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 147,198 shares of the company's stock after acquiring an additional 88,336 shares during the period. Sterling Capital Management LLC's holdings in Baker Hughes were worth $8,986,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. EFG International AG acquired a new position in shares of Baker Hughes during the fourth quarter worth $26,000. Cullen Frost Bankers Inc. grew its holdings in Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company's stock valued at $27,000 after purchasing an additional 468 shares in the last quarter. Quarry LP purchased a new stake in Baker Hughes during the 4th quarter worth $31,000. MV Capital Management Inc. acquired a new position in Baker Hughes in the 4th quarter worth $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in Baker Hughes in the 4th quarter worth $35,000. Institutional investors and hedge funds own 92.06% of the company's stock.

Baker Hughes Stock Down 0.7%

Shares of Baker Hughes stock opened at $56.56 on Friday. The business has a 50-day moving average price of $63.56 and a 200 day moving average price of $58.51. Baker Hughes Company has a fifty-two week low of $37.67 and a fifty-two week high of $70.41. The firm has a market cap of $56.11 billion, a P/E ratio of 18.07, a P/E/G ratio of 2.05 and a beta of 0.93. The company has a quick ratio of 1.77, a current ratio of 2.13 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 EPS for the quarter, topping analysts' consensus estimates of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes's quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 EPS. On average, sell-side analysts forecast that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes's dividend payout ratio is currently 29.39%.

Insider Transactions at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes 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 transaction, the chief accounting officer directly 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 position. The transaction was disclosed in a filing with the SEC, which is accessible 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 Baker Hughes stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares of the company's stock, valued at approximately $41,102,232.92. The trade was a 20.50% 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. Over the last 90 days, insiders sold 367,910 shares of company stock worth $22,420,797. Insiders own 0.19% of the company's stock.

Baker Hughes News Roundup

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy's Greater PAJ Development
• Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
• Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
• Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
• Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
• Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes NASDAQ: BKR CEO Lorenzo Simonelli Sells 181,411 Shares

Wall Street Analysts Forecast Growth

BKR has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on Baker Hughes from $60.00 to $74.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. TD Cowen increased their price target on Baker Hughes from $64.00 to $75.00 and gave the company a "buy" rating in a report on Monday, April 27th. Jefferies Financial Group restated a "buy" rating and set a $80.00 price objective on shares of Baker Hughes in a research note on Sunday, April 26th. Argus upped their target price on Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Finally, Evercore reiterated an "outperform" rating and set a $76.00 target price on shares of Baker Hughes in a research note on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Baker Hughes currently has a consensus rating of "Moderate Buy" and an average price target of $69.14.

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.

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.