Bank of Nova Scotia Sells 38,750 Shares of Baker Hughes Company $BKR

Bank of Nova Scotia decreased its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 19.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 161,514 shares of the company’s stock after selling 38,750 shares during the period. Bank of Nova Scotia’s holdings in Baker Hughes were worth $9,861,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. State Street Corp lifted its stake in Baker Hughes by 1.6% during the 4th quarter. State Street Corp now owns 61,409,438 shares of the company’s stock valued at $2,796,586,000 after acquiring an additional 937,614 shares in the last quarter. Cardano Risk Management B.V. boosted its holdings in Baker Hughes by 1,005.1% during the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock worth $2,247,550,000 after purchasing an additional 44,887,481 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock worth $1,189,194,000 after purchasing an additional 204,534 shares during the last quarter. Norges Bank bought a new stake in Baker Hughes in the 4th quarter worth about $1,022,491,000. Finally, Capital International Investors grew its position in Baker Hughes by 6.4% in the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company’s stock worth $725,616,000 after purchasing an additional 956,808 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

Insider Buying and Selling

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were 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 of the company’s stock, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 worth $22,420,797 in the last ninety days. 0.19% of the stock is currently owned by insiders.

Baker Hughes Price Performance

BKR stock opened at $57.25 on Monday. The stock has a 50-day simple moving average of $60.00 and a two-hundred day simple moving average of $59.97. Baker Hughes Company has a twelve month low of $41.96 and a twelve month high of $70.41. The firm has a market capitalization of $56.80 billion, a PE ratio of 18.29, a PEG 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 (NASDAQ:BKR) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same period in the prior year, the firm posted $0.51 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts predict that Baker Hughes Company will post 2.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

BKR has been the topic of several recent analyst reports. Wolfe Research assumed coverage on shares of Baker Hughes in a research report on Wednesday, July 8th. They set an “outperform” rating and a $70.00 target price on the stock. UBS Group upped their target price on Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Susquehanna decreased their price target on Baker Hughes from $80.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. JPMorgan Chase & Co. lifted their price target on Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Capital One Financial boosted their price objective on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Eighteen 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.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.