Wedge Capital Management L L P NC Has $11.43 Million Stock Holdings in Baker Hughes Company $BKR

Wedge Capital Management L L P NC decreased its stake in Baker Hughes Company (NASDAQ:BKR) by 3.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,956 shares of the company’s stock after selling 8,253 shares during the period. Wedge Capital Management L L P NC’s holdings in Baker Hughes were worth $11,431,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Insight Wealth Strategies LLC boosted its position in Baker Hughes by 5.0% during the second quarter. Insight Wealth Strategies LLC now owns 100,692 shares of the company’s stock valued at $5,419,000 after purchasing an additional 4,804 shares during the last quarter. Tema ETFs LLC increased its position in shares of Baker Hughes by 10.7% during the 2nd quarter. Tema ETFs LLC now owns 25,450 shares of the company’s stock worth $1,412,000 after purchasing an additional 2,465 shares during the last quarter. GoalVest Advisory LLC raised its stake in shares of Baker Hughes by 7.2% during the 2nd quarter. GoalVest Advisory LLC now owns 40,643 shares of the company’s stock worth $2,256,000 after purchasing an additional 2,729 shares in the last quarter. Oliver Luxxe Assets LLC raised its stake in shares of Baker Hughes by 0.8% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 156,744 shares of the company’s stock worth $8,699,000 after purchasing an additional 1,273 shares in the last quarter. Finally, Legacy Wealth Management LLC MS boosted its holdings in shares of Baker Hughes by 15.3% in the 2nd quarter. Legacy Wealth Management LLC MS now owns 6,484 shares of the company’s stock valued at $360,000 after buying an additional 858 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Price Performance

NASDAQ:BKR opened at $64.28 on Thursday. The company has a market cap of $63.81 billion, a P/E ratio of 20.74, a P/E/G ratio of 2.01 and a beta of 0.97. The firm’s fifty day moving average price is $59.06 and its two-hundred day moving average price is $60.95. Baker Hughes Company has a one year low of $41.96 and a one year high of $70.41. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The company had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. During the same quarter last year, the company posted $0.63 EPS. Baker Hughes’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities analysts expect that Baker Hughes Company will post 2.52 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, August 7th will be given a dividend of $0.23 per share. The ex-dividend date is Friday, August 7th. This represents a $0.92 annualized dividend and a yield of 1.4%. Baker Hughes’s dividend payout ratio (DPR) is 29.68%.

Analysts Set New Price Targets

Several research firms recently weighed in on BKR. Argus raised their target price on shares of Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. Wolfe Research assumed coverage on shares of Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price target for the company. Susquehanna lifted their price objective on shares of Baker Hughes from $70.00 to $72.00 and gave the company a “positive” rating in a research report on Tuesday, July 28th. Zacks Research upgraded shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Weiss Ratings lowered shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Eighteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Baker Hughes has a consensus rating of “Moderate Buy” and an average target price of $69.95.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction that occurred 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 owned 703,444 shares in the company, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. The trade was a 24.13% 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. Insiders have sold 367,910 shares of company stock valued at $22,420,797 over the last 90 days. Company insiders own 0.19% of the company’s stock.

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.