Key Points
- Baker Hughes CEO Lorenzo Simonelli sold 181,411 shares on June 12 at an average price of $63.36, totaling about $11.5 million. After the sale, he still owned 784,944 shares, and the transaction was made under a pre-arranged Rule 10b5-1 trading plan.
- The company recently reported stronger-than-expected earnings, posting $0.58 EPS versus the $0.49 consensus estimate. Revenue came in at $6.59 billion, slightly below expectations but still up 2.5% year over year.
- Wall Street remains broadly positive on BKR, with 18 analysts rating it a Buy and the consensus standing at “Moderate Buy.” The average target price is $69.14, above the stock’s recent opening price of $61.52.
Baker Hughes Company (NASDAQ:BKR - Get Free Report) CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $63.36, for a total transaction of $11,494,200.96. Following the completion of the transaction, the chief executive officer owned 784,944 shares of the company's stock, valued at $49,734,051.84. This trade represents a 18.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Baker Hughes Stock Performance
BKR stock opened at $61.52 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The company has a 50 day moving average price of $64.18 and a 200 day moving average price of $58.12. Baker Hughes Company has a fifty-two week low of $37.38 and a fifty-two week high of $70.41. The stock has a market capitalization of $61.03 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 2.22 and a beta of 0.93.
Baker Hughes (NASDAQ:BKR - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $6.71 billion. During the same quarter in the previous year, the company posted $0.51 EPS. Baker Hughes's revenue was up 2.5% on a year-over-year basis. Analysts forecast that Baker Hughes Company will post 2.31 EPS 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 given 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%.
Hedge Funds Weigh In On Baker Hughes
Several institutional investors and hedge funds have recently made changes to their positions in the company. Rathbones Group PLC grew its holdings in shares of Baker Hughes by 99.2% in the 1st quarter. Rathbones Group PLC now owns 17,969 shares of the company's stock valued at $1,097,000 after buying an additional 8,950 shares during the period. Parallel Advisors LLC grew its holdings in shares of Baker Hughes by 15.2% in the 1st quarter. Parallel Advisors LLC now owns 13,421 shares of the company's stock valued at $819,000 after buying an additional 1,772 shares during the period. NewEdge Advisors LLC boosted its stake in Baker Hughes by 54.9% in the 1st quarter. NewEdge Advisors LLC now owns 59,390 shares of the company's stock worth $3,626,000 after purchasing an additional 21,047 shares during the period. Groupama Asset Managment boosted its stake in Baker Hughes by 0.6% in the 1st quarter. Groupama Asset Managment now owns 1,932,305 shares of the company's stock worth $117,967,000 after purchasing an additional 11,297 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new position in Baker Hughes in the 1st quarter worth $356,000. Institutional investors and hedge funds own 92.06% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the stock. Johnson Rice assumed coverage on shares of Baker Hughes in a research report on Wednesday, February 25th. They issued a "buy" rating and a $68.00 price objective for the company. Jefferies Financial Group restated a "buy" rating and issued a $80.00 price objective on shares of Baker Hughes in a research report on Sunday, April 26th. Susquehanna upped their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the company a "positive" rating in a research report on Monday, April 27th. Citigroup dropped their target price on shares of Baker Hughes from $80.00 to $74.00 and set a "buy" rating for the company in a research report on Wednesday, June 3rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Baker Hughes in a research report on Friday, April 24th. Eighteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $69.14.
Check Out Our Latest Report on BKR
About Baker Hughes
(
Get Free Report)
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.
Further Reading
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