Insider Selling: Baker Hughes Company (NASDAQ:BKR) CEO Sells 526,568 Shares of Stock

Key Points

• Lorenzo Simonelli, CEO of Baker Hughes Company, sold 526,568 shares of stock at an average price of $44.42, totaling approximately $23.39 million, representing a 44.10% decrease in his position.
• Baker Hughes reported a $0.63 EPS for the last quarter, beating expectations, with revenue of $6.91 billion, though this was down 3.2% year-over-year.
• The company will pay a quarterly dividend of $0.23 per share on August 15th, equating to an annual yield of 2.00% and a dividend payout ratio of 30.07%.

Baker Hughes Company (NASDAQ:BKR - Get Free Report) CEO Lorenzo Simonelli sold 526,568 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $44.42, for a total value of $23,390,150.56. Following the sale, the chief executive officer owned 667,593 shares in the company, valued at $29,654,481.06. The trade was a 44.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Baker Hughes Trading Up 0.7%

Shares of BKR stock traded up $0.33 on Friday, hitting $46.05. 5,858,032 shares of the stock traded hands, compared to its average volume of 8,067,868. The firm's 50-day moving average price is $38.72 and its two-hundred day moving average price is $40.95. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.93 and a current ratio of 1.41. The stock has a market capitalization of $45.62 billion, a PE ratio of 15.05, a PEG ratio of 5.60 and a beta of 0.91. Baker Hughes Company has a twelve month low of $32.25 and a twelve month high of $49.40.

Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.08. Baker Hughes had a net margin of 11.04% and a return on equity of 14.56%. The company had revenue of $6.91 billion for the quarter, compared to analysts' expectations of $6.64 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. Baker Hughes's revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, analysts anticipate that Baker Hughes Company will post 2.59 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 2.00%. Baker Hughes's dividend payout ratio (DPR) is presently 30.07%.

Wall Street Analyst Weigh In

BKR has been the topic of a number of research analyst reports. Morgan Stanley dropped their price target on Baker Hughes from $55.00 to $45.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Barclays upped their target price on Baker Hughes from $48.00 to $53.00 and gave the company an "overweight" rating in a research report on Thursday. Piper Sandler dropped their target price on Baker Hughes from $53.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 24th. Evercore ISI dropped their target price on Baker Hughes from $52.00 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, TD Cowen upped their target price on Baker Hughes from $52.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, Baker Hughes has a consensus rating of "Moderate Buy" and a consensus target price of $49.50.

Institutional Trading of Baker Hughes

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Prosperity Consulting Group LLC increased its stake in Baker Hughes by 2.7% during the first quarter. Prosperity Consulting Group LLC now owns 10,533 shares of the company's stock worth $463,000 after purchasing an additional 278 shares during the period. V Square Quantitative Management LLC increased its stake in shares of Baker Hughes by 1.4% during the second quarter. V Square Quantitative Management LLC now owns 21,758 shares of the company's stock worth $834,000 after buying an additional 292 shares during the period. Greenleaf Trust increased its stake in shares of Baker Hughes by 2.2% during the first quarter. Greenleaf Trust now owns 13,852 shares of the company's stock worth $609,000 after buying an additional 293 shares during the period. Moody National Bank Trust Division increased its stake in shares of Baker Hughes by 5.9% during the second quarter. Moody National Bank Trust Division now owns 5,351 shares of the company's stock worth $205,000 after buying an additional 296 shares during the period. Finally, City Center Advisors LLC increased its stake in shares of Baker Hughes by 3.6% during the second quarter. City Center Advisors LLC now owns 8,486 shares of the company's stock worth $325,000 after buying an additional 298 shares during the period. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.

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