Baker Hughes Company $BKR Shares Acquired by Castleark Management LLC

Castleark Management LLC lifted its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 629.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 387,190 shares of the company’s stock after purchasing an additional 334,110 shares during the period. Castleark Management LLC’s holdings in Baker Hughes were worth $23,638,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Bleakley Financial Group LLC increased its stake in Baker Hughes by 0.6% in the 1st quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company’s stock worth $1,556,000 after purchasing an additional 163 shares in the last quarter. Resolute Wealth Strategies LLC boosted its holdings in shares of Baker Hughes by 2.7% in the first quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company’s stock worth $403,000 after buying an additional 172 shares during the period. Deseret Mutual Benefit Administrators boosted its holdings in shares of Baker Hughes by 10.5% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock worth $86,000 after buying an additional 179 shares during the period. Krilogy Financial LLC increased its position in shares of Baker Hughes by 3.2% in the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock worth $261,000 after acquiring an additional 180 shares in the last quarter. Finally, 3Chopt Investment Partners LLC increased its position in shares of Baker Hughes by 0.5% in the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock worth $1,944,000 after acquiring an additional 203 shares in the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at $1,027,327.34. This trade represents a 24.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the sale, the chief executive officer owned 703,444 shares of the company’s stock, 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. Over the last ninety days, insiders sold 367,910 shares of company stock worth $22,420,797. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BKR. Susquehanna reduced their price target on shares of Baker Hughes from $80.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. Stifel Nicolaus lifted their price objective on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Evercore reissued an “outperform” rating and set a $76.00 target price on shares of Baker Hughes in a research note on Monday, April 27th. Jefferies Financial Group restated a “buy” rating on shares of Baker Hughes in a report on Thursday, July 9th. Finally, UBS Group raised their target price on Baker Hughes from $69.00 to $73.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.00.

Baker Hughes Price Performance

BKR stock opened at $57.25 on Monday. The company has a 50 day moving average of $60.00 and a two-hundred day moving average of $59.97. 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 Company has a 12-month low of $41.96 and a 12-month high of $70.41. The company has a market cap of $56.80 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.38 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.71 billion. During the same period last year, the company earned $0.51 earnings per share. Baker Hughes’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

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.