Baker Hughes Company $BKR Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in Baker Hughes Company (NASDAQ:BKR) by 367.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 199,621 shares of the company’s stock after buying an additional 156,881 shares during the period. Fifth Third Bancorp’s holdings in Baker Hughes were worth $12,187,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in BKR. State Street Corp raised its position in Baker Hughes by 1.6% during the fourth quarter. State Street Corp now owns 61,409,438 shares of the company’s stock worth $2,796,586,000 after acquiring an additional 937,614 shares during the last quarter. Cardano Risk Management B.V. lifted its holdings in shares of Baker Hughes by 1,005.1% in the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after purchasing an additional 44,887,481 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Baker Hughes by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock valued at $1,189,194,000 after purchasing an additional 204,534 shares during the last quarter. Norges Bank acquired a new stake in shares of Baker Hughes in the fourth quarter valued at approximately $1,022,491,000. Finally, Capital International Investors increased its stake in shares of Baker Hughes by 6.4% during the 4th quarter. Capital International Investors now owns 15,933,590 shares of the company’s stock worth $725,616,000 after purchasing an additional 956,808 shares in the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. TD Cowen upped their target price on Baker Hughes from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Wall Street Zen raised Baker Hughes from a “hold” rating to a “buy” rating in a research report on Sunday. HSBC boosted their price target on Baker Hughes from $67.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Susquehanna reduced their price objective on Baker Hughes from $80.00 to $70.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. Finally, Wolfe Research began coverage on Baker Hughes in a research note on Wednesday, July 8th. They set an “outperform” rating and a $70.00 price objective on the stock. Eighteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $70.09.

Baker Hughes Trading Up 0.2%

Shares of BKR stock opened at $57.78 on Wednesday. The firm’s 50-day simple moving average is $61.34 and its 200-day simple moving average is $59.39. 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 Company has a 1-year low of $38.37 and a 1-year high of $70.41. The firm has a market cap of $57.32 billion, a P/E ratio of 18.46, a PEG ratio of 2.07 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last released its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.09. The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate 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 was up 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.51 earnings per share. As a group, equities analysts forecast that Baker Hughes Company will post 2.29 EPS for the current 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 paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. Baker Hughes’s payout ratio is currently 29.39%.

Insiders Place Their Bets

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the company’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 completion of the sale, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 stock in a transaction 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 $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 367,910 shares of company stock valued at $22,420,797. Insiders own 0.19% of the company’s stock.

Baker Hughes Company 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.