Pictet Asset Management Holding SA Sells 55,030 Shares of Baker Hughes Company $BKR

Pictet Asset Management Holding SA cut its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 10.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 491,331 shares of the company’s stock after selling 55,030 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Baker Hughes were worth $29,993,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinion Investment Advisors LLC bought a new position in shares of Baker Hughes in the 4th quarter worth approximately $778,000. Nordea Investment Management AB grew its position in Baker Hughes by 12.7% during the fourth quarter. Nordea Investment Management AB now owns 2,755,743 shares of the company’s stock valued at $125,813,000 after buying an additional 309,996 shares during the period. Legal & General Group Plc increased its holdings in Baker Hughes by 5.4% during the third quarter. Legal & General Group Plc now owns 7,147,684 shares of the company’s stock valued at $348,234,000 after buying an additional 367,728 shares during the last quarter. USA Financial Formulas purchased a new stake in Baker Hughes during the fourth quarter valued at approximately $830,000. Finally, Ninety One UK Ltd raised its position in Baker Hughes by 28.6% in the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock worth $21,373,000 after acquiring an additional 104,428 shares during the period. 92.06% of the stock is owned by institutional investors.

Insider Activity

In related news, 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 transaction of $326,751.36. Following the sale, the chief accounting officer owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the transaction, the chief executive officer directly owned 703,444 shares in the company, 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 sold 367,910 shares of company stock worth $22,420,797 over the last 90 days. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BKR shares. Stifel Nicolaus boosted their price objective on shares of Baker Hughes from $63.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Royal Bank Of Canada raised their target price on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Wall Street Zen downgraded Baker Hughes from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. JPMorgan Chase & Co. upped their price target on Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Finally, Capital One Financial raised their price objective on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $69.14.

Baker Hughes Stock Performance

Shares of NASDAQ BKR opened at $55.50 on Wednesday. The stock has a market cap of $55.06 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 2.03 and a beta of 0.93. Baker Hughes Company has a 1 year low of $37.76 and a 1 year high of $70.41. The firm has a fifty day moving average price of $63.39 and a 200-day moving average price of $58.70. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The company had revenue of $6.59 billion for 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%. Baker Hughes’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.51 EPS. Equities analysts anticipate that Baker Hughes Company will post 2.28 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Tuesday, May 5th. Baker Hughes’s payout ratio is presently 29.39%.

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.