Rockefeller Capital Management L.P. Buys 31,161 Shares of Baker Hughes Company $BKR

Rockefeller Capital Management L.P. increased its stake in Baker Hughes Company (NASDAQ:BKR) by 60.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 83,059 shares of the company’s stock after buying an additional 31,161 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Baker Hughes were worth $3,783,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Woodline Partners LP lifted its stake in Baker Hughes by 40.8% during the first quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock worth $3,676,000 after purchasing an additional 24,225 shares during the last quarter. Focus Partners Wealth boosted its holdings in Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after acquiring an additional 986 shares in the last quarter. Jump Financial LLC bought a new position in shares of Baker Hughes in the second quarter worth approximately $2,301,000. NewEdge Advisors LLC raised its position in Baker Hughes by 4.0% in the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock worth $1,779,000 after buying an additional 1,768 shares during the last quarter. Finally, Nebula Research & Development LLC bought a new position in Baker Hughes in the second quarter valued at about $1,014,000. 92.06% of the stock is owned by institutional investors.

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the company’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 completion of the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s 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 sale, the chief executive officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 367,910 shares of company stock valued at $22,420,797 over the last ninety days. 0.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Baker Hughes in a research note on Friday, April 24th. Zacks Research upgraded shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. BMO Capital Markets increased their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Susquehanna lifted 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. Finally, Piper Sandler upped their target price on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Eighteen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Baker Hughes has a consensus rating of “Moderate Buy” and a consensus target price of $69.14.

Key Baker Hughes News

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

• Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy’s Greater PAJ Development
• Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
• Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
• Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
• Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
• Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares

Baker Hughes Price Performance

BKR stock opened at $56.56 on Friday. Baker Hughes Company has a 12-month low of $37.67 and a 12-month high of $70.41. The business’s fifty day moving average price is $63.56 and its 200 day moving average price is $58.51. The company has a market capitalization of $56.11 billion, a PE ratio of 18.07, a P/E/G ratio of 2.04 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.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating 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 net margin of 11.17% and a return on equity of 14.17%. The company’s revenue was up 2.5% on a year-over-year basis. During the same period last year, the business earned $0.51 EPS. On average, sell-side analysts anticipate that Baker Hughes Company will post 2.28 EPS for the current year.

Baker Hughes Announces Dividend

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

Baker Hughes 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.