Truist Financial Corp Increases Stock Holdings in Baker Hughes Company $BKR

Key Points

• Truist Financial increased its Baker Hughes stake by 5.3% in Q4 to 400,006 shares (an additional 20,034 shares), valued at about $18.22 million.
• Insider selling: CEO Lorenzo Simonelli sold 272,594 shares for roughly $16.03 million on March 11, and insiders have sold 569,400 shares totaling about $34.12 million over the past three months, leaving insiders with ~0.19% ownership.
• Company performance and outlook: Baker Hughes beat EPS estimates ($0.58 vs. $0.49) on $6.59B revenue (slightly below estimates), declared a $0.23 quarterly dividend (1.4% yield), and holds a consensus "Moderate Buy" rating with a $69.18 price target.

Truist Financial Corp grew its position in Baker Hughes Company (NASDAQ:BKR - Free Report) by 5.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 400,006 shares of the company's stock after acquiring an additional 20,034 shares during the quarter. Truist Financial Corp's holdings in Baker Hughes were worth $18,216,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BKR. Woodline Partners LP boosted its holdings in shares of Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company's stock valued at $3,676,000 after acquiring an additional 24,225 shares during the period. Focus Partners Wealth boosted its holdings in shares of Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company's stock valued at $812,000 after acquiring an additional 986 shares during the period. Jump Financial LLC acquired a new stake in shares of Baker Hughes in the second quarter valued at approximately $2,301,000. NewEdge Advisors LLC boosted its holdings in shares of Baker Hughes by 4.0% in the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company's stock valued at $1,779,000 after acquiring an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC acquired a new stake in shares of Baker Hughes in the second quarter valued at approximately $1,014,000. 92.06% of the stock is owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of the firm's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the sale, the chief executive officer owned 866,444 shares of the company's stock, valued at approximately $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total value of $298,919.52. Following the completion of the sale, the insider directly owned 15,555 shares of the company's stock, valued at approximately $918,367.20. This trade represents a 24.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 569,400 shares of company stock valued at $34,120,287. 0.19% of the stock is owned by corporate insiders.

Baker Hughes Stock Performance

Shares of BKR opened at $66.67 on Thursday. Baker Hughes Company has a 1 year low of $35.83 and a 1 year 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 company's fifty day moving average is $62.09 and its two-hundred day moving average is $54.74. The stock has a market capitalization of $66.14 billion, a P/E ratio of 21.30, a P/E/G ratio of 2.46 and a beta of 0.97.

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, 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 during the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter last year, the company earned $0.51 earnings per share. Baker Hughes's quarterly revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts predict that Baker Hughes Company will post 2.32 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. Baker Hughes's dividend payout ratio (DPR) is 29.39%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a "buy (b)" rating on shares of Baker Hughes in a report on Friday, April 24th. Barclays downgraded Baker Hughes from an "overweight" rating to an "equal weight" rating and set a $74.00 price objective for the company. in a report on Thursday. Stifel Nicolaus increased their price target on Baker Hughes from $63.00 to $74.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Citigroup increased their price target on Baker Hughes from $69.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, April 27th. Finally, iA Financial set a $60.00 price objective on shares of Baker Hughes in a research note on Tuesday, January 27th. Eighteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Baker Hughes presently has an average rating of "Moderate Buy" and a consensus price target of $69.18.

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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