Peapack Gladstone Financial Corp Has $9.51 Million Holdings in Baker Hughes Company $BKR

Peapack Gladstone Financial Corp lifted its holdings in Baker Hughes Company (NASDAQ:BKR) by 5.7% during the 4th quarter, Holdings Channel reports. The fund owned 208,731 shares of the company’s stock after acquiring an additional 11,220 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Baker Hughes were worth $9,505,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Baker Hughes by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock worth $6,035,924,000 after acquiring an additional 598,159 shares in the last quarter. Capital World Investors boosted its holdings in shares of Baker Hughes by 7.1% in the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock worth $2,316,462,000 after acquiring an additional 3,153,709 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Baker Hughes by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock worth $1,189,194,000 after acquiring an additional 204,534 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Baker Hughes by 7.1% in the 3rd quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock worth $1,262,033,000 after acquiring an additional 1,728,016 shares in the last quarter. Finally, Norges Bank acquired a new position in Baker Hughes during the 4th quarter worth $1,022,491,000. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $62.97 on Tuesday. The firm has a fifty day moving average of $63.74 and a two-hundred day moving average of $56.95. The stock has a market capitalization of $62.47 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.27 and a beta of 0.97. Baker Hughes Company has a 52 week low of $36.82 and a 52 week high of $70.41. 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 (NASDAQ:BKR) last issued its earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.51 EPS. As a group, equities research analysts predict that Baker Hughes Company will post 2.31 EPS for the current year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a $0.23 dividend. The ex-dividend date was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. Baker Hughes’s dividend payout ratio is currently 29.39%.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 272,594 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $58.79, for a total value of $16,025,801.26. Following the completion of the sale, the chief executive officer owned 866,444 shares in the company, valued at $50,938,242.76. This represents a 23.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Maria Georgia Magno sold 5,063 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the completion of the sale, the insider owned 15,555 shares of the company’s stock, valued at approximately $918,367.20. This represents a 24.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 550,250 shares of company stock valued at $32,988,331. 0.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BKR has been the topic of several research reports. Piper Sandler upped their price objective on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Zacks Research downgraded Baker Hughes from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 28th. Argus upped their price objective on Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Evercore reaffirmed an “outperform” rating and set a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Finally, Susquehanna upped their price objective on Baker Hughes from $70.00 to $80.00 and gave the stock a “positive” rating in a report on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $69.41.

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.