KBC Group NV Buys 38,949 Shares of Baker Hughes Company $BKR

KBC Group NV boosted its position in shares of Baker Hughes Company (NASDAQ:BKR) by 46.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 122,581 shares of the company’s stock after buying an additional 38,949 shares during the quarter. KBC Group NV’s holdings in Baker Hughes were worth $7,484,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. EFG International AG bought a new stake in shares of Baker Hughes during the fourth quarter worth $26,000. Cullen Frost Bankers Inc. lifted its stake in shares of Baker Hughes by 344.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after acquiring an additional 468 shares during the period. Quarry LP bought a new position in Baker Hughes in the fourth quarter valued at about $31,000. MV Capital Management Inc. bought a new position in Baker Hughes in the fourth quarter valued at about $34,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Baker Hughes in the fourth quarter worth about $35,000. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Stock Up 0.4%

Shares of NASDAQ:BKR opened at $56.60 on Thursday. The company has a 50 day moving average price of $60.31 and a two-hundred day moving average price of $59.85. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The company has a market capitalization of $56.15 billion, a PE ratio of 18.08, a PEG ratio of 2.35 and a beta of 0.96. Baker Hughes Company has a 52 week low of $41.15 and a 52 week high of $70.41.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share 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 company had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.71 billion. During the same period last year, the firm posted $0.51 earnings per share. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. Analysts forecast that Baker Hughes Company will post 2.26 earnings per share for the current year.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the transaction, 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. In the last 90 days, insiders sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

BKR has been the subject of several recent research reports. Piper Sandler dropped their price objective on Baker Hughes from $72.00 to $71.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Capital One Financial lifted their price target on shares of Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Wolfe Research started coverage on shares of Baker Hughes in a research report on Wednesday, July 8th. They set an “outperform” rating and a $70.00 price target for the company. Weiss Ratings downgraded shares of Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Finally, Evercore restated an “outperform” rating and issued a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $70.00.

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.