Lorenzo Simonelli Sells 181,411 Shares of Baker Hughes (NASDAQ:BKR) Stock

Baker Hughes Company (NASDAQ:BKR) 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 $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Lorenzo Simonelli also recently made the following trade(s):

• On Friday, June 12th, Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock. The shares were sold at an average price of $63.36, for a total transaction of $11,494,200.96.

Baker Hughes Trading Up 1.0%

Shares of NASDAQ BKR opened at $56.94 on Friday. Baker Hughes Company has a 1-year low of $37.53 and a 1-year high of $70.41. The company has a market cap of $56.49 billion, a PE ratio of 18.19, a P/E/G ratio of 2.03 and a beta of 0.93. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The company has a 50-day moving average of $63.63 and a two-hundred day moving average of $58.53.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. Baker Hughes’s revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.51 earnings per share. As a group, equities analysts expect that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.6%. Baker Hughes’s dividend payout ratio is currently 29.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Susquehanna boosted their target price 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 reiterated a “buy (b)” rating on shares of Baker Hughes in a report on Friday, April 24th. TD Cowen lifted their price objective on Baker Hughes from $64.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. HSBC boosted their price objective on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $74.00 target price (up from $62.00) on shares of Baker Hughes in a research note on Thursday, May 7th. Eighteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $69.14.

Hedge Funds Weigh In On Baker Hughes

Several institutional investors have recently modified their holdings of the stock. Bleakley Financial Group LLC boosted its stake in Baker Hughes by 0.6% during the 1st quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company’s stock worth $1,556,000 after acquiring an additional 163 shares during the last quarter. Resolute Wealth Strategies LLC increased its stake in Baker Hughes by 2.7% in the first quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company’s stock valued at $403,000 after purchasing an additional 172 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in Baker Hughes by 10.5% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock valued at $86,000 after purchasing an additional 179 shares in the last quarter. Krilogy Financial LLC raised its holdings in Baker Hughes by 3.2% in the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock worth $261,000 after purchasing an additional 180 shares during the period. Finally, 3Chopt Investment Partners LLC raised its holdings in Baker Hughes by 0.5% in the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock worth $1,944,000 after purchasing an additional 203 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Baker Hughes

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes announced a strategic agreement with Mantle Reach Power to accelerate large-scale geothermal projects across North America, expanding its energy-transition exposure and creating a potential new growth avenue. Article Title
• Positive Sentiment: The company also secured a significant subsea production systems award from Azule Energy for Angola’s Greater PAJ development, reinforcing its backlog and core oilfield equipment/services pipeline. Article Title
• Positive Sentiment: Analyst commentary and valuation-focused coverage have remained constructive overall, with multiple firms previously raising price targets and the consensus still leaning “Moderate Buy,” which can support sentiment after the recent pullback. Article Title
• Neutral Sentiment: Short interest data showed no meaningful bearish positioning change, with reported short interest effectively at zero, so it does not appear to be a driver of the move.

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.