Gabelli Funds LLC Has $16.39 Million Stock Holdings in Baker Hughes Company $BKR

Gabelli Funds LLC boosted its position in shares of Baker Hughes Company (NASDAQ:BKR) by 4.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 268,400 shares of the company’s stock after purchasing an additional 11,300 shares during the period. Gabelli Funds LLC’s holdings in Baker Hughes were worth $16,386,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. EFG International AG purchased a new stake in shares of Baker Hughes during the 4th quarter worth about $26,000. Cullen Frost Bankers Inc. increased its holdings in Baker Hughes by 344.1% in 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 last quarter. Quarry LP bought a new position in Baker Hughes during the fourth quarter valued at approximately $31,000. MV Capital Management Inc. bought a new position in Baker Hughes during the fourth quarter valued at approximately $34,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Baker Hughes in the fourth quarter valued at approximately $35,000. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Trading Up 2.1%

Shares of BKR opened at $57.25 on Friday. The firm has a market capitalization of $56.80 billion, a price-to-earnings ratio of 18.29, a P/E/G ratio of 2.38 and a beta of 0.96. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a 12-month low of $41.96 and a 12-month high of $70.41. The stock’s 50-day moving average price is $60.00 and its 200 day moving average price is $59.89.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share 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 analyst estimates of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.51 EPS. As a group, research analysts predict that Baker Hughes Company will post 2.26 earnings per share for the current year.

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 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 completion of the sale, 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. In the last quarter, insiders sold 367,910 shares of company stock valued at $22,420,797. Corporate insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

BKR has been the topic of a number of recent research reports. Zacks Research upgraded shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Citigroup upped their price objective on shares of Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Wolfe Research began coverage on Baker Hughes in a report on Wednesday, July 8th. They set an “outperform” rating and a $70.00 target price on the stock. Evercore reissued an “outperform” rating and set a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Finally, Susquehanna reduced their target price on Baker Hughes from $80.00 to $70.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. Eighteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Baker Hughes currently has an average rating of “Moderate Buy” and an average price target of $70.00.

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.