Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares

Baker Hughes Company (NASDAQ:BKR) CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction on 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 transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at $41,102,232.92. The trade was a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 shares were sold at an average price of $63.36, for a total transaction of $11,494,200.96.

Baker Hughes Trading Down 3.9%

Shares of BKR opened at $56.39 on Thursday. The company’s fifty day simple moving average is $63.72 and its 200-day simple moving average is $58.47. The company has a market cap of $55.94 billion, a P/E ratio of 18.01, a P/E/G ratio of 2.12 and a beta of 0.93. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a twelve month low of $37.46 and a twelve month high of $70.41.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. The firm had revenue of $6.59 billion during 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 firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.51 EPS. As a group, analysts expect that Baker Hughes Company will post 2.28 EPS for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s payout ratio is 29.39%.

Institutional Trading of Baker Hughes

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bleakley Financial Group LLC boosted its holdings in shares of Baker Hughes by 0.6% in the first quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company’s stock valued at $1,556,000 after purchasing an additional 163 shares during the period. Resolute Wealth Strategies LLC increased its holdings in Baker Hughes by 2.7% during the 1st quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company’s stock worth $403,000 after purchasing an additional 172 shares during the period. Deseret Mutual Benefit Administrators raised its position in Baker Hughes by 10.5% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock valued at $86,000 after purchasing an additional 179 shares in the last quarter. Krilogy Financial LLC raised its position in Baker Hughes by 3.2% during the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after purchasing an additional 180 shares in the last quarter. Finally, 3Chopt Investment Partners LLC lifted its holdings in shares of Baker Hughes by 0.5% in the 4th quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock worth $1,944,000 after buying an additional 203 shares during the period. Institutional investors own 92.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup reduced their price target on Baker Hughes from $80.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, June 3rd. Stifel Nicolaus upped their price objective on Baker Hughes from $63.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, April 27th. TD Cowen upped their price objective on Baker Hughes from $64.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, April 27th. UBS Group increased their target price on Baker Hughes from $69.00 to $73.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Finally, HSBC lifted their target price on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.14.

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.