STF Management LP Reduces Position in Baker Hughes Company $BKR

STF Management LP cut its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 59.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,903 shares of the company’s stock after selling 8,640 shares during the quarter. STF Management LP’s holdings in Baker Hughes were worth $269,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in BKR. Capital International Investors purchased a new stake in Baker Hughes during the third quarter valued at about $729,670,000. Bessemer Group Inc. lifted its holdings in Baker Hughes by 12,983.5% during the fourth quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock valued at $158,994,000 after purchasing an additional 3,464,637 shares during the last quarter. Capital World Investors lifted its holdings in Baker Hughes by 7.1% during the third quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock valued at $2,316,462,000 after purchasing an additional 3,153,709 shares during the last quarter. PFA Pension Forsikringsaktieselskab purchased a new stake in Baker Hughes during the fourth quarter valued at about $119,078,000. Finally, First Trust Advisors LP lifted its holdings in Baker Hughes by 25.7% during the third quarter. First Trust Advisors LP now owns 9,325,417 shares of the company’s stock valued at $454,334,000 after purchasing an additional 1,906,384 shares during the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on BKR. Zephirin Group upped their price objective on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “hold” rating in a report on Monday, January 26th. Evercore reaffirmed an “outperform” rating and set a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Baker Hughes in a research report on Friday, April 24th. Barclays reiterated an “equal weight” rating and set a $74.00 price target (up from $62.00) on shares of Baker Hughes in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.18.

Baker Hughes Stock Performance

NASDAQ BKR opened at $64.12 on Friday. 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 current ratio of 2.13 and a quick ratio of 1.77. The stock has a market capitalization of $63.61 billion, a PE ratio of 20.49, a P/E/G ratio of 2.33 and a beta of 0.97. The company’s 50 day simple moving average is $62.16 and its two-hundred day simple moving average is $55.54.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping 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 net margin of 11.17% and a return on equity of 14.17%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 EPS. Analysts predict that Baker Hughes Company will post 2.32 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s dividend payout ratio (DPR) is currently 29.39%.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 272,594 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the sale, the chief executive officer directly owned 866,444 shares of the company’s stock, valued at $50,938,242.76. This trade represents a 23.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Maria Georgia Magno sold 5,063 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the completion of the sale, the insider directly owned 15,555 shares in the company, valued at $918,367.20. This represents a 24.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 550,250 shares of company stock worth $32,988,331 over the last ninety days. 0.19% of the stock is currently 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.