Baker Hughes Company $BKR Shares Purchased by Covea Finance

Covea Finance increased its position in shares of Baker Hughes Company (NASDAQ:BKR) by 128.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 387,500 shares of the company’s stock after buying an additional 217,700 shares during the quarter. Covea Finance’s holdings in Baker Hughes were worth $17,647,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Avior Wealth Management LLC purchased a new position in shares of Baker Hughes during the fourth quarter worth approximately $424,000. Catherine Avery Investment Management LLC increased its holdings in shares of Baker Hughes by 7.5% in the 4th quarter. Catherine Avery Investment Management LLC now owns 98,398 shares of the company’s stock valued at $4,481,000 after acquiring an additional 6,837 shares during the period. Park Avenue Securities LLC raised its position in Baker Hughes by 11.4% in the 4th quarter. Park Avenue Securities LLC now owns 29,223 shares of the company’s stock valued at $1,331,000 after purchasing an additional 2,980 shares during the last quarter. GoalVest Advisory LLC purchased a new stake in Baker Hughes in the 4th quarter valued at $1,604,000. Finally, GAMMA Investing LLC boosted its stake in Baker Hughes by 4.6% during the 4th quarter. GAMMA Investing LLC now owns 18,598 shares of the company’s stock worth $847,000 after purchasing an additional 810 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Stock Down 0.6%

BKR stock opened at $60.35 on Friday. The stock has a market capitalization of $59.64 billion, a PE ratio of 23.21, a price-to-earnings-growth ratio of 1.64 and a beta of 0.83. The company has a fifty day moving average of $58.17 and a 200-day moving average of $51.21. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.00 and a current ratio of 1.36. Baker Hughes Company has a one year low of $33.60 and a one year high of $67.00.

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

Baker Hughes Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Tuesday, February 17th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, February 17th. Baker Hughes’s dividend payout ratio (DPR) is currently 35.38%.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 272,594 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the transaction, the chief executive officer owned 866,444 shares of the company’s stock, valued at $50,938,242.76. This represents a 23.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Rebecca L. Charlton sold 843 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $56.34, for a total value of $47,494.62. Following the completion of the transaction, the chief accounting officer owned 14,019 shares of the company’s stock, valued at $789,830.46. The trade was a 5.67% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 590,251 shares of company stock valued at $35,311,023 in the last three months. 0.27% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on BKR. Jefferies Financial Group raised their price objective on shares of Baker Hughes from $59.00 to $67.00 and gave the stock a “buy” rating in a research report on Saturday, January 31st. Susquehanna increased their target price on shares of Baker Hughes from $58.00 to $65.00 and gave the stock a “positive” rating in a research note on Tuesday, January 27th. TD Cowen raised their price target on Baker Hughes from $55.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. iA Financial set a $60.00 price target on Baker Hughes in a research report on Tuesday, January 27th. Finally, Citigroup upped their price objective on Baker Hughes from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Twenty analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and an average price target of $59.61.

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.