Titan Wealth CI Ltd Invests $5.45 Million in Baker Hughes Company $BKR

Key Points

• Titan Wealth CI Ltd bought a new stake in Baker Hughes during the fourth quarter, purchasing 119,690 shares valued at about $5.45 million. The position makes Baker Hughes 2.1% of its portfolio and its 27th largest holding.
• Wall Street sentiment on Baker Hughes remains positive, with 18 analysts rating it a Buy and four a Hold. The consensus price target is $69.14, while several firms recently raised targets despite some mixed revisions.
• Baker Hughes reported quarterly earnings of $0.58 per share, topping estimates, and also paid a quarterly dividend of $0.23 per share for a 1.5% yield. Shares were trading around $61.52, below the recent analyst average target.

Titan Wealth CI Ltd bought a new stake in Baker Hughes Company (NASDAQ:BKR - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 119,690 shares of the company's stock, valued at approximately $5,451,000. Baker Hughes comprises 2.1% of Titan Wealth CI Ltd's holdings, making the stock its 27th largest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Cullen Frost Bankers Inc. grew its stake 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 acquiring an additional 468 shares in the last quarter. Quarry LP purchased a new position in Baker Hughes in the 4th quarter worth approximately $31,000. Acumen Wealth Advisors LLC acquired a new position in shares of Baker Hughes during the 4th quarter worth approximately $35,000. Golden State Wealth Management LLC grew its position in shares of Baker Hughes by 786.5% in the fourth quarter. Golden State Wealth Management LLC now owns 789 shares of the company's stock valued at $36,000 after purchasing an additional 700 shares in the last quarter. Finally, JFS Wealth Advisors LLC grew its position in shares of Baker Hughes by 45.1% in the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock valued at $37,000 after purchasing an additional 252 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Barclays reiterated an "equal weight" rating and set a $74.00 price objective (up from $62.00) on shares of Baker Hughes in a research report on Thursday, May 7th. Piper Sandler upped their target price on Baker Hughes from $64.00 to $72.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Citigroup cut their target price on Baker Hughes from $80.00 to $74.00 and set a "buy" rating for the company in a research note on Wednesday, June 3rd. Argus lifted their price target on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Finally, Jefferies Financial Group reissued a "buy" rating and set a $80.00 price target on shares of Baker Hughes in a research report on Sunday, April 26th. Eighteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Baker Hughes presently has an average rating of "Moderate Buy" and a consensus price target of $69.14.

Baker Hughes Trading Down 1.5%

Shares of Baker Hughes stock opened at $61.52 on Wednesday. The stock has a 50 day moving average of $64.18 and a 200 day moving average of $58.12. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The firm has a market capitalization of $61.03 billion, a price-to-earnings ratio of 19.65, a PEG ratio of 2.22 and a beta of 0.93. Baker Hughes Company has a fifty-two week low of $37.38 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its 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. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the previous year, the business earned $0.51 earnings per share. The company's revenue for the quarter was up 2.5% on a year-over-year basis. As a group, research analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, May 5th. Baker Hughes's payout ratio is 29.39%.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $63.36, for a total value of $11,494,200.96. Following the transaction, the chief executive officer owned 784,944 shares of the company's stock, valued at $49,734,051.84. This represents a 18.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following 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 position. 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. Corporate insiders own 0.19% of the company's stock.

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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