Strs Ohio Trims Holdings in Baker Hughes Company $BKR

Key Points

• Strs Ohio cut its Baker Hughes stake by 2.1% in the first quarter, selling 19,035 shares and ending with 884,721 shares valued at about $54.0 million.
• Baker Hughes reported better-than-expected quarterly earnings of $0.58 per share, beating estimates, while revenue rose 2.5% year over year to $6.59 billion.
• Analysts remain mostly upbeat on the stock, with 17 Buy ratings and an average target price of $70.57, even as CEO Lorenzo Simonelli recently sold shares in a pre-arranged transaction.

Strs Ohio reduced its stake in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 2.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 884,721 shares of the company's stock after selling 19,035 shares during the quarter. Strs Ohio owned approximately 0.09% of Baker Hughes worth $54,012,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp lifted its holdings in Baker Hughes by 1.6% during the 4th quarter. State Street Corp now owns 61,409,438 shares of the company's stock valued at $2,796,586,000 after buying an additional 937,614 shares in the last quarter. Cardano Risk Management B.V. grew its stake in Baker Hughes by 1,005.1% in 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 in the last quarter. Capital World Investors grew its stake in Baker Hughes by 7.1% in the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company's stock worth $2,316,462,000 after acquiring an additional 3,153,709 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Baker Hughes by 0.8% during the fourth 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 period. Finally, Capital Research Global Investors increased its position in shares of Baker Hughes by 7.1% during the third quarter. Capital Research Global Investors now owns 25,903,241 shares of the company's stock worth $1,262,033,000 after acquiring an additional 1,728,016 shares during the period. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Price Performance

Shares of BKR stock opened at $52.78 on Friday. The stock's 50-day moving average is $63.14 and its 200 day moving average is $58.79. Baker Hughes Company has a 1-year low of $38.37 and a 1-year high of $70.41. 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 company has a market cap of $52.36 billion, a P/E ratio of 16.86, a PEG ratio of 1.93 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced 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. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. During the same period in the previous year, the company posted $0.51 earnings per share. The firm's revenue was up 2.5% on a year-over-year basis. Research analysts predict that Baker Hughes Company will post 2.29 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Tuesday, May 5th. Baker Hughes's payout ratio is 29.39%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Evercore restated an "outperform" rating and issued a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Jefferies Financial Group reissued a "buy" rating and set a $80.00 target price on shares of Baker Hughes in a research report on Sunday, April 26th. Capital One Financial boosted their price target on shares of Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a report on Thursday, May 21st. HSBC upped their price target on shares of Baker Hughes from $67.00 to $85.00 and gave the stock a "buy" rating in a research report on Monday, April 27th. Finally, Stifel Nicolaus lifted their price objective on shares of Baker Hughes from $63.00 to $74.00 and gave the company a "buy" rating in a report on Monday, April 27th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $70.57.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction 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 transaction, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the company's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is currently owned by company insiders.

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.

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