Allstate Corp Buys 41,232 Shares of Baker Hughes Company $BKR

Allstate Corp lifted its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 116.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,633 shares of the company’s stock after acquiring an additional 41,232 shares during the quarter. Allstate Corp’s holdings in Baker Hughes were worth $3,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Baker Hughes by 0.5% during the third quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock worth $6,035,924,000 after acquiring an additional 598,159 shares during the last quarter. Capital World Investors increased its holdings in Baker Hughes by 7.1% in the third quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock worth $2,316,462,000 after purchasing an additional 3,153,709 shares in the last quarter. Capital Research Global Investors increased its holdings in Baker Hughes by 7.1% in the third quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock worth $1,262,033,000 after purchasing an additional 1,728,016 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in Baker Hughes by 3.8% in the third quarter. Artisan Partners Limited Partnership now owns 17,316,358 shares of the company’s stock worth $843,653,000 after purchasing an additional 638,640 shares in the last quarter. Finally, Capital International Investors bought a new stake in Baker Hughes in the third quarter worth approximately $729,670,000. 92.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BKR has been the subject of a number of research reports. Barclays reissued an “equal weight” rating and issued a $74.00 price objective (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Stifel Nicolaus raised their price objective on Baker Hughes from $63.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, April 27th. UBS Group raised their price objective on Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Royal Bank Of Canada raised their price objective on Baker Hughes from $68.00 to $71.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. lifted their target price on Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and an average price target of $69.41.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $63.20 on Thursday. The business’s fifty day simple moving average is $63.41 and its 200 day simple moving average is $56.62. The firm has a market capitalization of $62.70 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 2.38 and a beta of 0.97. Baker Hughes Company has a 12 month low of $36.53 and a 12 month high of $70.41. 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 (NASDAQ:BKR) last issued 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 business had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share. As a group, analysts anticipate that Baker Hughes Company will post 2.31 EPS for the current year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were paid a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.5%. Baker Hughes’s payout ratio is presently 29.39%.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, insider Maria Georgia Magno sold 5,063 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the sale, the insider directly owned 15,555 shares in the company, valued at $918,367.20. The trade was a 24.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lorenzo Simonelli sold 272,594 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the sale, the chief executive officer owned 866,444 shares in the company, valued at approximately $50,938,242.76. The trade was a 23.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 550,250 shares of company stock worth $32,988,331. Corporate insiders own 0.19% of the company’s stock.

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.