Key Points
- Baker Hughes CEO Lorenzo Simonelli sold 181,411 shares on June 22 at an average price of $58.43, a transaction worth about $10.6 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- The trade reduced Simonelli’s direct ownership by 20.5%, leaving him with 703,444 shares valued at roughly $41.1 million. He also sold the same number of shares on June 12 at a higher average price of $63.36.
- Baker Hughes shares were trading down 3.9% at $56.39, even as the company posted better-than-expected quarterly EPS of $0.58 and maintained a quarterly dividend of $0.23 per share. Analysts currently rate the stock a Moderate Buy with an average target price of $69.14.
Baker Hughes Company (NASDAQ:BKR - Get Free Report) CEO Lorenzo Simonelli sold 181,411 shares of the company's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the sale, the chief executive officer directly owned 703,444 shares of the company's stock, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Lorenzo Simonelli also recently made the following trade(s):
- On Friday, June 12th, Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock. The stock was sold at an average price of $63.36, for a total transaction of $11,494,200.96.
Baker Hughes Trading Down 3.9%
NASDAQ BKR opened at $56.39 on Thursday. Baker Hughes Company has a one year low of $37.46 and a one 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 has a market capitalization of $55.94 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 2.12 and a beta of 0.93. The company's 50-day simple moving average is $63.72 and its two-hundred day simple moving average is $58.47.
Baker Hughes (NASDAQ:BKR - Get Free Report) last announced its quarterly earnings results 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 prior year, the company earned $0.51 EPS. The company's revenue was up 2.5% compared to the same quarter last year. Equities analysts forecast that Baker Hughes Company will post 2.28 EPS for the current fiscal year.
Baker Hughes Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.6%. Baker Hughes's dividend payout ratio is currently 29.39%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on BKR. TD Cowen lifted their price target on Baker Hughes from $64.00 to $75.00 and gave the company a "buy" rating in a report on Monday, April 27th. Capital One Financial raised their price objective on Baker Hughes from $66.00 to $71.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Zacks Research upgraded Baker Hughes from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th. Barclays reiterated an "equal weight" rating and issued a $74.00 target price (up from $62.00) on shares of Baker Hughes in a report on Thursday, May 7th. Finally, Stifel Nicolaus increased their price target on shares of Baker Hughes from $63.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Baker Hughes presently has a consensus rating of "Moderate Buy" and an average target price of $69.14.
Read Our Latest Research Report on BKR
Institutional Trading of Baker Hughes
Hedge funds and other institutional investors have recently made changes to their positions in the business. Bleakley Financial Group LLC boosted its position in shares of Baker Hughes by 0.6% in the 1st quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company's stock worth $1,556,000 after purchasing an additional 163 shares in the last quarter. Resolute Wealth Strategies LLC increased its position in Baker Hughes by 2.7% during the 1st quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company's stock valued at $403,000 after buying an additional 172 shares in the last quarter. Deseret Mutual Benefit Administrators raised its stake in Baker Hughes by 10.5% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company's stock valued at $86,000 after buying an additional 179 shares during the last quarter. Krilogy Financial LLC raised its stake in Baker Hughes by 3.2% in the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company's stock valued at $261,000 after buying an additional 180 shares during the last quarter. Finally, 3Chopt Investment Partners LLC boosted its holdings in Baker Hughes by 0.5% in the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company's stock worth $1,944,000 after acquiring an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company's stock.
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.
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