Victory Capital Management Inc. Trims Stock Holdings in Baker Hughes Company $BKR

Key Points

• Victory Capital Management cut its Baker Hughes stake by 12.8% in the fourth quarter, selling 1.13 million shares and ending with 7.7 million shares valued at about $350.7 million.
• Baker Hughes reported better-than-expected quarterly earnings of $0.58 per share, though revenue of $6.59 billion came in slightly below Wall Street estimates.
• Analysts remain generally upbeat on the stock, with a consensus “Moderate Buy” rating and an average target price of $69.14; the company also pays a quarterly dividend of $0.23 per share.

Victory Capital Management Inc. trimmed its holdings in Baker Hughes Company (NASDAQ:BKR - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,701,257 shares of the company's stock after selling 1,126,512 shares during the quarter. Victory Capital Management Inc. owned approximately 0.78% of Baker Hughes worth $350,715,000 at the end of the most recent quarter.

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

Baker Hughes Stock Down 0.5%

Shares of NASDAQ BKR opened at $63.14 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $62.64 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 2.26 and a beta of 0.93. The stock's fifty day simple moving average is $64.12 and its two-hundred day simple moving average is $57.88. Baker Hughes Company has a 12-month low of $37.38 and a 12-month high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The business's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 EPS. As a group, analysts expect that Baker Hughes Company will post 2.31 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were given a $0.23 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Baker Hughes's dividend payout ratio (DPR) is presently 29.39%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Argus increased their price objective on Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Jefferies Financial Group reissued a "buy" rating and issued a $80.00 price objective on shares of Baker Hughes in a research note on Sunday, April 26th. UBS Group increased their target price on Baker Hughes from $69.00 to $73.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Evercore reaffirmed an "outperform" rating and set a $76.00 target price on shares of Baker Hughes in a research report on Monday, April 27th. Finally, BMO Capital Markets increased their target price on Baker Hughes from $70.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.14.

Insider Buying and Selling at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the firm'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 completion of the sale, the chief accounting officer owned 15,997 shares of the company's stock, valued at $1,027,327.34. This trade represents a 24.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is owned by insiders.

About Baker Hughes

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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