Tidal Investments LLC Lowers Position in Baker Hughes Company $BKR

Key Points

• Tidal Investments cut its Baker Hughes position by 37.8% in the second quarter, selling 58,459 shares and retaining 96,215 shares valued at approximately $5.34 million. Institutional investors collectively own 92.06% of the company.
• Baker Hughes reported stronger-than-expected quarterly results, with EPS of $0.64 versus the $0.51 consensus estimate and revenue of $6.74 billion, up 2.4% year over year.
• The company pays a quarterly dividend of $0.23 per share, equal to an annualized $0.92 dividend and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $71.71.

Tidal Investments LLC trimmed its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 37.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,215 shares of the company's stock after selling 58,459 shares during the period. Tidal Investments LLC's holdings in Baker Hughes were worth $5,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in BKR. Bleakley Financial Group LLC lifted its position in shares of Baker Hughes by 0.6% in the 1st quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company's stock worth $1,556,000 after purchasing an additional 163 shares during the period. Resolute Wealth Strategies LLC raised its stake in Baker Hughes by 2.7% in the first quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company's stock worth $403,000 after buying an additional 172 shares in the last quarter. Deseret Mutual Benefit Administrators raised its stake in Baker Hughes by 10.5% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company's stock worth $86,000 after buying an additional 179 shares in the last quarter. 3Chopt Investment Partners LLC lifted its holdings in Baker Hughes by 0.5% during the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company's stock worth $1,944,000 after buying an additional 203 shares during the period. Finally, Evolve Private Wealth LLC lifted its holdings in Baker Hughes by 2.4% during the first quarter. Evolve Private Wealth LLC now owns 8,663 shares of the company's stock worth $529,000 after buying an additional 203 shares during the period. Hedge funds and other institutional investors own 92.06% of the company's stock.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction dated Monday, June 22nd. The stock was 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. This represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.19% of the company's stock.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $59.06 on Monday. The firm's 50 day simple moving average is $60.65 and its two-hundred day simple moving average is $61.56. The firm has a market capitalization of $58.63 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 2.64 and a beta of 0.96. Baker Hughes Company has a 12-month low of $43.92 and a 12-month high of $70.41. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The business had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.54 billion. During the same period in the previous year, the firm posted $0.63 earnings per share. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. Analysts predict that Baker Hughes Company will post 2.51 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, August 7th. Baker Hughes's payout ratio is presently 29.68%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Stifel Nicolaus lifted their price target on Baker Hughes from $74.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Piper Sandler upped their price objective on Baker Hughes from $71.00 to $73.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 28th. UBS Group dropped their price objective on Baker Hughes from $71.00 to $70.00 and set a "neutral" rating on the stock in a research report on Thursday. Morgan Stanley began coverage on Baker Hughes in a research note on Friday, August 7th. They issued an "overweight" rating and a $70.00 target price on the stock. Finally, Zacks Research upgraded shares of Baker Hughes from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.71.

About Baker Hughes

Baker Hughes Company NASDAQ: BKR is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company's portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.

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