Envestnet Asset Management Inc. Reduces Stake in Baker Hughes Company $BKR

Envestnet Asset Management Inc. lowered its position in Baker Hughes Company (NASDAQ:BKR) by 35.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 345,823 shares of the company’s stock after selling 190,746 shares during the period. Envestnet Asset Management Inc.’s holdings in Baker Hughes were worth $16,849,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Activest Wealth Management raised its holdings in shares of Baker Hughes by 1,242.5% in the third quarter. Activest Wealth Management now owns 537 shares of the company’s stock worth $26,000 after acquiring an additional 497 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Baker Hughes by 104.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock valued at $32,000 after acquiring an additional 337 shares during the last quarter. Harbour Investments Inc. increased its position in Baker Hughes by 61.7% during the 2nd quarter. Harbour Investments Inc. now owns 854 shares of the company’s stock worth $33,000 after purchasing an additional 326 shares in the last quarter. LFA Lugano Financial Advisors SA acquired a new position in Baker Hughes in the 2nd quarter valued at about $36,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in Baker Hughes in the 2nd quarter valued at about $36,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BKR. Barclays raised their target price on shares of Baker Hughes from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 27th. Susquehanna increased their target price on Baker Hughes from $58.00 to $65.00 and gave the stock a “positive” rating in a research report on Tuesday, January 27th. Stifel Nicolaus boosted their target price on shares of Baker Hughes from $58.00 to $63.00 and gave the company a “buy” rating in a report on Monday, February 2nd. TD Cowen upped their price objective on Baker Hughes from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Finally, iA Financial set a $60.00 price target on Baker Hughes in a research report on Tuesday, January 27th. Twenty analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus price target of $58.78.

Baker Hughes Price Performance

BKR opened at $61.20 on Monday. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $51.17 and a 200 day simple moving average of $48.33. The firm has a market cap of $60.48 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 1.65 and a beta of 0.89. Baker Hughes Company has a twelve month low of $33.60 and a twelve month high of $62.27.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Monday, January 26th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.11. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The company had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.09 billion. During the same period last year, the business earned $0.70 EPS. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Equities research analysts expect that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Tuesday, February 17th will be paid a dividend of $0.23 per share. The ex-dividend date is Tuesday, February 17th. This represents a $0.92 annualized dividend and a yield of 1.5%. Baker Hughes’s dividend payout ratio (DPR) is 35.38%.

Insiders Place Their Bets

In other news, insider Maria Georgia Magno sold 19,150 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $59.11, for a total transaction of $1,131,956.50. Following the completion of the transaction, the insider directly owned 14,588 shares of the company’s stock, valued at approximately $862,296.68. This represents a 56.76% 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. Also, CAO Rebecca L. Charlton sold 843 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $56.34, for a total value of $47,494.62. Following the transaction, the chief accounting officer owned 14,019 shares of the company’s stock, valued at $789,830.46. This represents a 5.67% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 40,001 shares of company stock valued at $2,322,692. Company insiders own 0.27% of the company’s stock.

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.