Foster Group Inc. Buys New Position in Baker Hughes Company $BKR

Foster Group Inc. bought a new stake in Baker Hughes Company (NASDAQ:BKR) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,097 shares of the company’s stock, valued at approximately $616,000.

Other institutional investors also recently added to or reduced their stakes in the company. EFG International AG acquired a new position in shares of Baker Hughes during the fourth quarter worth approximately $26,000. Cullen Frost Bankers Inc. grew its stake in shares of Baker Hughes by 344.1% in the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after acquiring an additional 468 shares during the last quarter. Quarry LP acquired a new stake in shares of Baker Hughes in the fourth quarter worth $31,000. MV Capital Management Inc. bought a new position in Baker Hughes during the fourth quarter worth $34,000. Finally, Acumen Wealth Advisors LLC bought a new position in Baker Hughes during the fourth quarter worth $35,000. 92.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. The trade was a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 367,910 shares of company stock valued at $22,420,797 in the last quarter. Corporate insiders own 0.19% of the company’s stock.

Baker Hughes Price Performance

NASDAQ:BKR opened at $62.75 on Friday. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The firm has a market cap of $62.29 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 1.96 and a beta of 0.97. Baker Hughes Company has a 12 month low of $41.96 and a 12 month high of $70.41. The company’s 50-day moving average price is $59.08 and its two-hundred day moving average price is $60.65.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. During the same period in the previous year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities analysts anticipate that Baker Hughes Company will post 2.46 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, August 7th will be given a dividend of $0.23 per share. The ex-dividend date is Friday, August 7th. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. Baker Hughes’s payout ratio is presently 29.68%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BKR. Wolfe Research began coverage on shares of Baker Hughes in a report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price target for the company. TD Cowen boosted their price objective on shares of Baker Hughes from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. upped their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Stifel Nicolaus increased their target price on shares of Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Baker Hughes in a research note on Thursday, July 9th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.95.

Baker Hughes Company Profile

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.