Bank of New York Mellon Corp Has $301.44 Million Stake in Baker Hughes Company $BKR

Bank of New York Mellon Corp lifted its position in shares of Baker Hughes Company (NASDAQ:BKR) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,619,211 shares of the company’s stock after buying an additional 39,084 shares during the period. Bank of New York Mellon Corp’s holdings in Baker Hughes were worth $301,439,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cullen Frost Bankers Inc. boosted its position in shares of Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after buying an additional 468 shares during the period. JFS Wealth Advisors LLC boosted its position in shares of Baker Hughes by 45.1% during the fourth quarter. JFS Wealth Advisors LLC now owns 811 shares of the company’s stock worth $37,000 after buying an additional 252 shares during the period. Wolff Wiese Magana LLC boosted its position in shares of Baker Hughes by 55.6% during the fourth quarter. Wolff Wiese Magana LLC now owns 840 shares of the company’s stock worth $38,000 after buying an additional 300 shares during the period. Hilltop National Bank boosted its position in shares of Baker Hughes by 26.7% during the fourth quarter. Hilltop National Bank now owns 1,423 shares of the company’s stock worth $65,000 after buying an additional 300 shares during the period. Finally, Harbour Investments Inc. boosted its position in shares of Baker Hughes by 31.4% during the fourth quarter. Harbour Investments Inc. now owns 1,442 shares of the company’s stock worth $66,000 after buying an additional 345 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 272,594 shares of the firm’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 in the company, valued at $50,938,242.76. This trade represents a 23.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 282,745 shares of company stock worth $16,651,472. Company insiders own 0.19% of the company’s stock.

Baker Hughes Stock Performance

Shares of NASDAQ BKR opened at $66.11 on Friday. The stock has a 50 day moving average price of $63.91 and a 200 day moving average price of $57.31. Baker Hughes Company has a 52 week low of $37.08 and a 52 week high of $70.41. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The stock has a market capitalization of $65.59 billion, a PE ratio of 21.12, a price-to-earnings-growth ratio of 2.29 and a beta of 0.93.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.09. The firm 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%.The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 earnings per share. Analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were paid a dividend of $0.23 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. Baker Hughes’s dividend payout ratio (DPR) is 29.39%.

Wall Street Analyst Weigh In

BKR has been the subject of several recent research reports. Stifel Nicolaus upped their price objective on Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Piper Sandler upped their price objective on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Susquehanna upped their price objective on Baker Hughes from $70.00 to $80.00 and gave the stock a “positive” rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Baker Hughes in a research report on Friday, April 24th. Finally, Citigroup reduced their price objective on Baker Hughes from $80.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday. Eighteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average 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.