Drake & Associates LLC Has $1.88 Million Holdings in Baker Hughes Company $BKR

Drake & Associates LLC trimmed its position in Baker Hughes Company (NASDAQ:BKR) by 31.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,309 shares of the company’s stock after selling 19,019 shares during the quarter. Drake & Associates LLC’s holdings in Baker Hughes were worth $1,881,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BKR. EFG International AG bought a new stake in Baker Hughes in the 4th quarter valued at $26,000. Cullen Frost Bankers Inc. lifted its holdings in shares of Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock worth $27,000 after acquiring an additional 468 shares during the period. Quarry LP acquired a new stake in shares of Baker Hughes during the 4th quarter valued at about $31,000. MV Capital Management Inc. acquired a new stake in shares of Baker Hughes during the 4th quarter valued at about $34,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Baker Hughes during the 4th quarter valued at about $35,000. 92.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction on Friday, June 12th. The stock was sold at an average price of $63.36, for a total value of $11,494,200.96. Following the completion of the transaction, the chief executive officer owned 784,944 shares in the company, valued at approximately $49,734,051.84. The trade was a 18.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business’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 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. Company insiders own 0.19% of the company’s stock.

Baker Hughes Trading Down 2.8%

Shares of Baker Hughes stock opened at $58.41 on Friday. Baker Hughes Company has a 12-month low of $37.38 and a 12-month high of $70.41. The stock has a market capitalization of $57.95 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 2.14 and a beta of 0.93. The company has a 50-day simple moving average of $64.11 and a 200 day simple moving average of $58.25. 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 released its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating 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 analyst estimates of $6.71 billion. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 earnings per share. Research analysts expect that Baker Hughes Company will post 2.31 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a 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%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BKR. Johnson Rice began coverage on shares of Baker Hughes in a research report on Wednesday, February 25th. They issued a “buy” rating and a $68.00 price target for the company. Piper Sandler lifted their price objective on Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Baker Hughes in a research note on Friday, April 24th. Citigroup dropped their target price on Baker Hughes from $80.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, June 3rd. Finally, BMO Capital Markets raised their target price on Baker Hughes from $70.00 to $80.00 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 assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.14.

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.