Allspring Global Investments Holdings LLC Has $534.40 Million Position in Baker Hughes Company $BKR

Allspring Global Investments Holdings LLC lessened its holdings in Baker Hughes Company (NASDAQ:BKR) by 4.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,856,455 shares of the company’s stock after selling 433,194 shares during the quarter. Baker Hughes accounts for approximately 0.9% of Allspring Global Investments Holdings LLC’s investment portfolio, making the stock its 11th biggest position. Allspring Global Investments Holdings LLC owned about 0.89% of Baker Hughes worth $534,398,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BKR. Pinion Investment Advisors LLC bought a new stake in shares of Baker Hughes during the 4th quarter valued at about $778,000. Nordea Investment Management AB increased its holdings in Baker Hughes by 12.7% in the fourth quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company’s stock worth $125,813,000 after purchasing an additional 309,996 shares in the last quarter. OP Asset Management Ltd acquired a new position in Baker Hughes in the first quarter valued at approximately $6,049,000. USA Financial Formulas acquired a new position in Baker Hughes in the fourth quarter valued at approximately $830,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Baker Hughes by 17.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 484,310 shares of the company’s stock worth $22,055,000 after buying an additional 72,714 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares of the company’s stock, valued at approximately $41,102,232.92. This represents a 20.50% 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. Insiders have sold a total of 367,910 shares of company stock valued at $22,420,797 in the last ninety days. Insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Citigroup upped their price objective on shares of Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Stifel Nicolaus raised their target price on Baker Hughes from $63.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Evercore reaffirmed an “outperform” rating and set a $76.00 price target on shares of Baker Hughes in a research note on Monday, April 27th. Jefferies Financial Group reiterated a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Finally, Wolfe Research began coverage on Baker Hughes in a report on Wednesday, July 8th. They set an “outperform” rating and a $70.00 price objective for the company. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Baker Hughes presently has an average rating of “Moderate Buy” and a consensus target price of $70.00.

Baker Hughes Trading Down 1.2%

Shares of Baker Hughes stock opened at $56.54 on Friday. Baker Hughes Company has a 1 year low of $38.47 and a 1 year high of $70.41. The firm has a market cap of $56.09 billion, a PE ratio of 18.06, a P/E/G ratio of 2.08 and a beta of 0.96. The stock has a fifty day moving average price of $61.01 and a 200-day moving average price of $59.56. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion during 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%. Baker Hughes’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 EPS. Equities research analysts anticipate that Baker Hughes Company will post 2.27 EPS for the current year.

Baker Hughes Dividend Announcement

The business 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 yield of 1.6%. Baker Hughes’s dividend payout ratio (DPR) is currently 29.39%.

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.