Adams Natural Resources Fund Inc. Sells 151,000 Shares of Baker Hughes Company $BKR

Adams Natural Resources Fund Inc. cut its holdings in Baker Hughes Company (NASDAQ:BKR) by 40.1% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 225,900 shares of the company’s stock after selling 151,000 shares during the quarter. Baker Hughes makes up approximately 1.6% of Adams Natural Resources Fund Inc.’s holdings, making the stock its 17th biggest holding. Adams Natural Resources Fund Inc.’s holdings in Baker Hughes were worth $13,791,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. ABN AMRO Bank N.V. grew its holdings in shares of Baker Hughes by 6.5% during the 1st quarter. ABN AMRO Bank N.V. now owns 679,842 shares of the company’s stock valued at $41,625,000 after purchasing an additional 41,657 shares during the last quarter. Sterling Capital Management LLC lifted its stake in Baker Hughes by 150.1% in the 1st quarter. Sterling Capital Management LLC now owns 147,198 shares of the company’s stock valued at $8,986,000 after purchasing an additional 88,336 shares during the last quarter. VCI Wealth Management LLC acquired a new stake in Baker Hughes in the first quarter valued at approximately $893,000. OLD National Bancorp IN acquired a new stake in Baker Hughes in the first quarter valued at approximately $224,000. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Baker Hughes during the first quarter worth $7,039,000. Institutional investors own 92.06% of the company’s stock.

Trending Headlines about Baker Hughes

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy’s Greater PAJ Development
• Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
• Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
• Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
• Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
• Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction 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 transaction, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 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 in the company, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 367,910 shares of company stock valued at $22,420,797. Insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

BKR has been the subject of several research analyst reports. Piper Sandler upped their price target on shares of Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Argus raised their price objective on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Stifel Nicolaus boosted their price objective on Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. upped their target price on Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Finally, Evercore reiterated an “outperform” rating and issued a $76.00 target price on shares of Baker Hughes in a research report on Monday, April 27th. Eighteen investment 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 presently has an average rating of “Moderate Buy” and a consensus price target of $69.14.

Baker Hughes Stock Down 0.7%

Shares of NASDAQ:BKR opened at $56.56 on Friday. Baker Hughes Company has a 1 year low of $37.67 and a 1 year high of $70.41. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The business’s 50-day moving average is $63.56 and its 200-day moving average is $58.51. The company has a market capitalization of $56.11 billion, a price-to-earnings ratio of 18.07, a P/E/G ratio of 2.04 and a beta of 0.93.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.51 earnings per share. Equities research analysts predict that Baker Hughes Company will post 2.28 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. Baker Hughes’s dividend payout ratio (DPR) is 29.39%.

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.