1,184,425 Shares in Baker Hughes Company $BKR Bought by Advent International L.P.

Advent International L.P. acquired a new position in Baker Hughes Company (NASDAQ:BKR) during the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 1,184,425 shares of the company’s stock, valued at approximately $72,309,000. Baker Hughes makes up 1.7% of Advent International L.P.’s investment portfolio, making the stock its 10th biggest position.

A number of other large investors have also recently made changes to their positions in BKR. Woodline Partners LP increased its holdings in shares of Baker Hughes by 40.8% in 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 stake in Baker Hughes by 5.6% during the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock valued at $812,000 after buying an additional 986 shares during the last quarter. Jump Financial LLC purchased a new position in Baker Hughes during the 2nd quarter valued at approximately $2,301,000. NewEdge Advisors LLC grew its holdings in Baker Hughes by 4.0% during the 2nd quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock valued at $1,779,000 after buying an additional 1,768 shares in the last quarter. Finally, Nebula Research & Development LLC bought a new stake in Baker Hughes in the 2nd quarter worth approximately $1,014,000. 92.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on BKR shares. Piper Sandler lowered their price objective on shares of Baker Hughes from $72.00 to $71.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Capital One Financial boosted their target price on shares of Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Weiss Ratings cut shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. Evercore reaffirmed an “outperform” rating and issued a $76.00 price target on shares of Baker Hughes in a report on Monday, April 27th. Finally, Royal Bank Of Canada lifted their price target on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.00.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the business’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 owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their position. The transaction was disclosed in a document filed 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. Also, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was 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 trade 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 367,910 shares of company stock worth $22,420,797 over the last three months. Corporate insiders own 0.19% of the company’s stock.

Baker Hughes Stock Performance

Shares of NASDAQ:BKR opened at $57.25 on Monday. The firm has a 50 day moving average of $60.00 and a 200 day moving average of $59.97. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $56.80 billion, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. Baker Hughes Company has a 52 week low of $41.96 and a 52 week high of $70.41.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same quarter in the previous year, the firm earned $0.51 EPS. Baker Hughes’s revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts predict that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

Baker Hughes Company 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.