Tredje AP fonden Invests $50.93 Million in Baker Hughes Company $BKR

Key Points

• Tredje AP fonden opened a new position in Baker Hughes, buying 1,118,446 shares worth about $50.93 million in the fourth quarter, according to its latest 13F filing.
• Wall Street sentiment remains positive, with multiple analysts raising price targets; Baker Hughes has an average rating of “Moderate Buy” and an average price target of $69.18.
• The company reported stronger-than-expected quarterly earnings, posting $0.58 EPS versus estimates of $0.49, while its stock was trading up about 3.3% and recently paid a quarterly dividend of $0.23 per share.

Tredje AP fonden acquired a new position in Baker Hughes Company (NASDAQ:BKR - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,118,446 shares of the company's stock, valued at approximately $50,934,000. Tredje AP fonden owned approximately 0.11% of Baker Hughes at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Krilogy Financial LLC increased its stake in shares of Baker Hughes by 3.2% in the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company's stock worth $261,000 after purchasing an additional 180 shares in the last quarter. Formidable Asset Management LLC increased its stake in shares of Baker Hughes by 3.2% in the 4th quarter. Formidable Asset Management LLC now owns 7,341 shares of the company's stock worth $358,000 after purchasing an additional 225 shares in the last quarter. CoreCap Advisors LLC increased its stake in shares of Baker Hughes by 16.4% in the 4th quarter. CoreCap Advisors LLC now owns 1,619 shares of the company's stock worth $74,000 after purchasing an additional 228 shares in the last quarter. AMG National Trust Bank increased its stake in shares of Baker Hughes by 3.7% in the 3rd quarter. AMG National Trust Bank now owns 6,831 shares of the company's stock worth $333,000 after purchasing an additional 246 shares in the last quarter. Finally, JFS Wealth Advisors LLC increased its stake in shares of Baker Hughes by 45.1% in the 4th quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock worth $37,000 after purchasing an additional 252 shares in the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BKR. Royal Bank Of Canada upped their price objective on Baker Hughes from $68.00 to $71.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Piper Sandler upped their price objective on Baker Hughes from $64.00 to $72.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Jefferies Financial Group restated a "buy" rating and issued a $80.00 price objective on shares of Baker Hughes in a research note on Sunday, April 26th. Wall Street Zen lowered Baker Hughes from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Baker Hughes in a research note on Friday, April 24th. Eighteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Baker Hughes has an average rating of "Moderate Buy" and an average price target of $69.18.

Baker Hughes Trading Up 3.3%

Shares of BKR stock opened at $66.21 on Tuesday. Baker Hughes Company has a 52-week low of $35.83 and a 52-week high of $70.41. 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 $65.68 billion, a PE ratio of 21.15, a PEG ratio of 2.33 and a beta of 0.97. The stock has a fifty day simple moving average of $62.28 and a two-hundred day simple moving average of $55.74.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the prior year, the business posted $0.51 EPS. Baker Hughes's revenue for the quarter was up 2.5% compared to the same quarter last year. On average, analysts predict that Baker Hughes Company will post 2.32 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Tuesday, May 5th. Baker Hughes's dividend payout ratio is presently 29.39%.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 272,594 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the completion of the transaction, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the transaction, the insider owned 15,555 shares of the company's stock, valued at approximately $918,367.20. The trade was a 24.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 550,250 shares of company stock valued at $32,988,331 in the last quarter. 0.19% of the stock is currently owned by company insiders.

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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