AMF Tjanstepension AB Purchases 34,094 Shares of Baker Hughes Company $BKR

AMF Tjanstepension AB boosted its holdings in Baker Hughes Company (NASDAQ:BKR) by 4.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 729,153 shares of the company’s stock after buying an additional 34,094 shares during the period. AMF Tjanstepension AB’s holdings in Baker Hughes were worth $44,515,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinion Investment Advisors LLC purchased a new stake in Baker Hughes in the fourth quarter valued at $778,000. Nordea Investment Management AB boosted its stake in Baker Hughes by 12.7% in the fourth quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company’s stock valued at $125,813,000 after acquiring an additional 309,996 shares in the last quarter. USA Financial Formulas purchased a new position in shares of Baker Hughes during the fourth quarter worth about $830,000. OP Asset Management Ltd purchased a new position in shares of Baker Hughes during the first quarter worth about $6,049,000. Finally, Ninety One UK Ltd increased its position in shares of Baker Hughes by 28.6% during the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock worth $21,373,000 after purchasing an additional 104,428 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

Baker Hughes Price Performance

Shares of Baker Hughes stock opened at $57.56 on Monday. The company has a market cap of $57.10 billion, a P/E ratio of 18.39, a PEG ratio of 2.06 and a beta of 0.96. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. Baker Hughes Company has a one year low of $38.37 and a one year high of $70.41. The firm has a fifty day moving average of $61.78 and a two-hundred day moving average of $59.22.

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 the consensus estimate of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 earnings per share. On average, analysts forecast that Baker Hughes Company will post 2.29 earnings per share for the current year.

Baker Hughes Announces Dividend

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

Baker Hughes News Summary

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

• Positive Sentiment: Baker Hughes won EU antitrust approval for its $13.6 billion acquisition of Chart Industries after agreeing to divest certain LNG technology assets, removing a key regulatory hurdle for the deal. Baker Hughes wins conditional EU nod for $13.6 billion Chart deal
• Positive Sentiment: The company also secured substantial equipment and services awards for Cheniere’s Sabine Pass LNG facility, including liquefaction equipment and turbine upgrades, reinforcing growth in its LNG infrastructure business. Baker Hughes Secures Substantial Equipment and Services Awards for Cheniere’s Sabine Pass LNG Facility
• Positive Sentiment: Reuters reported that U.S. energy firms added rigs for a fourth straight week, which can signal steadier upstream activity and support demand for Baker Hughes’ oilfield services. US energy firms add rigs for fourth week in a row, says Baker Hughes
• Positive Sentiment: Wolfe Research initiated coverage with an “outperform” rating and a $70 price target, suggesting additional upside versus recent trading levels. The Fly coverage note
• Neutral Sentiment: Brokerage sentiment remains constructive overall, with Baker Hughes receiving an average “Moderate Buy” rating from analysts.
• Neutral Sentiment: Short-interest data showed no meaningful change in shares sold short, so it does not appear to be a major trading driver today.
• Negative Sentiment: One article noted Baker Hughes is closing a facility and laying off employees, which could raise restructuring concerns, though the impact appears secondary to the stronger LNG and deal-related headlines. HBJ: Baker Hughes closing facility, laying off employees

Insider Activity at Baker Hughes

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer 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 SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the transaction, the chief executive officer directly owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 367,910 shares of company stock valued at $22,420,797 over the last three months. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. TD Cowen boosted their target price on Baker Hughes from $75.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Wolfe Research started coverage on Baker Hughes in a research report on Wednesday. They set an “outperform” rating and a $70.00 price target on the stock. Citigroup boosted their price objective on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Finally, BMO Capital Markets lifted their target price on shares of Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.14.

Baker Hughes 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.