Baker Hughes Company $BKR Shares Bought by Sterling Capital Management LLC

Sterling Capital Management LLC lifted its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 150.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 147,198 shares of the company’s stock after buying an additional 88,336 shares during the period. Sterling Capital Management LLC’s holdings in Baker Hughes were worth $8,986,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cardano Risk Management B.V. raised its stake in Baker Hughes by 1,005.1% during the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after acquiring an additional 44,887,481 shares in the last quarter. Norges Bank bought a new stake in shares of Baker Hughes during the fourth quarter valued at about $1,022,491,000. Capital International Investors acquired a new stake in Baker Hughes in the third quarter worth about $729,670,000. Price T Rowe Associates Inc. MD lifted its holdings in Baker Hughes by 58.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock worth $529,896,000 after purchasing an additional 4,278,573 shares during the period. Finally, Bessemer Group Inc. grew its position in Baker Hughes by 12,983.5% in the 4th quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock valued at $158,994,000 after buying an additional 3,464,637 shares in the last quarter. 92.06% of the stock is owned by institutional investors.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $56.56 on Friday. The company has a 50-day moving average of $63.56 and a 200-day moving average of $58.51. The firm has a market cap of $56.11 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 2.05 and a beta of 0.93. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a twelve month low of $37.67 and a twelve month high of $70.41.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. During the same period in the previous year, the firm earned $0.51 EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts forecast that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s dividend payout ratio is 29.39%.

Insiders Place Their Bets

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the business’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 sale, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 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 directly 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. Insiders have sold a total of 367,910 shares of company stock valued at $22,420,797 in the last quarter. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Piper Sandler raised their target price on shares of Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Barclays reiterated an “equal weight” rating and issued a $74.00 price objective (up from $62.00) on shares of Baker Hughes in a report on Thursday, May 7th. Argus raised their price objective on shares of Baker Hughes from $67.00 to $79.00 in a research note on Friday, May 1st. HSBC upped their target price on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $80.00 price target on shares of Baker Hughes in a research report on Sunday, April 26th. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.14.

Key Baker Hughes News

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

• Positive Sentiment: Baker Hughes won a new award to supply subsea production systems for Azule Energy’s Greater PAJ development in Angola, adding to its backlog and reinforcing demand for its offshore oilfield equipment and services. Article: Baker Hughes to Deliver Subsea Production Systems to Support Azule Energy’s Greater PAJ Development
• Positive Sentiment: The company also signed a deal with Mantle Reach Power to deliver up to 500 MW of geothermal capacity in North America, highlighting growth in Baker Hughes’ energy-transition business as electricity demand rises from AI and data centers. Article: Baker Hughes, Mantle Reach sign deal for 500 MW geothermal power in North America
• Positive Sentiment: Higher U.S. rig additions this week suggest improving activity in the North American energy market, which could support future demand for Baker Hughes’ drilling, completion, and equipment services. Article: US energy firms add most rigs in a week since June 2022, Baker Hughes says
• Neutral Sentiment: Baker Hughes announced it will report second-quarter results on July 26 and host a webcast on July 27, setting up the next major catalyst for the stock. Article: Baker Hughes Announces Dates for Second-Quarter Earnings Release and Webcast
• Neutral Sentiment: Commentary around Baker Hughes’ valuation and offshore-demand exposure may be helping investors frame the pullback, but it does not appear to be a direct operational catalyst. Article: Why Does Baker Hughes (NASDAQ) Benefit From Offshore Demand?
• Negative Sentiment: CEO Lorenzo Simonelli sold 181,411 shares under a pre-arranged trading plan, which can weigh on sentiment even if the sale was not unusual or discretionary. Article: Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli Sells 181,411 Shares

About Baker Hughes

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.