Baker Hughes Company $BKR Shares Acquired by Saudi Central Bank

Saudi Central Bank raised its holdings in Baker Hughes Company (NASDAQ:BKR) by 90.6% during the second quarter, Holdings Channel reports. The institutional investor owned 69,423 shares of the company’s stock after buying an additional 33,000 shares during the period. Saudi Central Bank’s holdings in Baker Hughes were worth $3,853,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. State Street Corp lifted its position in Baker Hughes by 1.6% in the fourth quarter. State Street Corp now owns 61,409,438 shares of the company’s stock valued at $2,796,586,000 after acquiring an additional 937,614 shares during the last quarter. Cardano Risk Management B.V. lifted its stake in shares of Baker Hughes by 1,005.1% in the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock worth $2,247,550,000 after acquiring an additional 44,887,481 shares during the period. Geode Capital Management LLC boosted its holdings in Baker Hughes by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock valued at $1,189,194,000 after purchasing an additional 204,534 shares in the last quarter. Norges Bank purchased a new stake in shares of Baker Hughes in the fourth quarter valued at approximately $1,022,491,000. Finally, Capital International Investors boosted its position in shares of Baker Hughes by 6.4% during the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company’s stock worth $725,616,000 after purchasing an additional 956,808 shares in the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is currently owned by insiders.

Baker Hughes Price Performance

Shares of Baker Hughes stock opened at $63.50 on Monday. The business has a 50-day moving average of $59.89 and a 200-day moving average of $61.56. Baker Hughes Company has a 1-year low of $43.92 and a 1-year high of $70.41. The company has a market capitalization of $63.03 billion, a PE ratio of 20.48, a P/E/G ratio of 2.84 and a beta of 0.96. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Sunday, July 26th. The company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.51 by $0.13. The company had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business’s revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. As a group, equities analysts forecast that Baker Hughes Company will post 2.51 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Friday, August 7th. Baker Hughes’s payout ratio is 29.68%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BKR shares. Susquehanna boosted their price target on Baker Hughes from $70.00 to $72.00 and gave the stock a “positive” rating in a research note on Tuesday, July 28th. Capital One Financial raised their price target on shares of Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Royal Bank Of Canada lifted their price objective on Baker Hughes from $71.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Zacks Research raised shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Baker Hughes in a research note on Thursday, July 9th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.67.

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.