Baker Hughes Company $BKR Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. decreased its holdings in Baker Hughes Company (NASDAQ:BKR) by 10.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,454 shares of the company’s stock after selling 39,316 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Baker Hughes were worth $15,760,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in BKR. Norges Bank purchased a new stake in Baker Hughes in the second quarter valued at about $862,722,000. First Trust Advisors LP raised its position in shares of Baker Hughes by 76.0% in the 2nd quarter. First Trust Advisors LP now owns 7,419,033 shares of the company’s stock valued at $284,446,000 after purchasing an additional 3,203,942 shares during the last quarter. Sei Investments Co. boosted its stake in Baker Hughes by 247.5% in the 2nd quarter. Sei Investments Co. now owns 3,134,494 shares of the company’s stock worth $120,177,000 after purchasing an additional 2,232,394 shares in the last quarter. American Century Companies Inc. boosted its stake in Baker Hughes by 38.0% in the 2nd quarter. American Century Companies Inc. now owns 7,602,803 shares of the company’s stock worth $291,492,000 after purchasing an additional 2,094,079 shares in the last quarter. Finally, Invesco Ltd. grew its position in Baker Hughes by 18.9% during the 2nd quarter. Invesco Ltd. now owns 12,834,534 shares of the company’s stock worth $492,076,000 after purchasing an additional 2,044,402 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Price Performance

Shares of BKR opened at $53.95 on Monday. The business’s 50-day moving average is $48.46 and its two-hundred day moving average is $46.61. The company has a market capitalization of $53.23 billion, a P/E ratio of 18.60, a P/E/G ratio of 1.70 and a beta of 0.89. Baker Hughes Company has a fifty-two week low of $33.60 and a fifty-two week high of $55.31. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.41.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, October 23rd. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.06. The firm had revenue of $7.01 billion for the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a return on equity of 14.22% and a net margin of 10.43%.The company’s revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.67 earnings per share. Research analysts predict that Baker Hughes Company will post 2.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

BKR has been the subject of several research reports. Susquehanna lifted their price objective on shares of Baker Hughes from $56.00 to $58.00 and gave the stock a “positive” rating in a research note on Wednesday, January 7th. Piper Sandler lifted their price target on Baker Hughes from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Evercore ISI set a $54.00 price target on Baker Hughes in a research note on Monday, October 27th. Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price objective on shares of Baker Hughes in a research note on Thursday, January 15th. Finally, Stifel Nicolaus lifted their target price on Baker Hughes from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday. Twenty-one research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

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.