The Manufacturers Life Insurance Company Sells 56,833 Shares of Baker Hughes Company $BKR

The Manufacturers Life Insurance Company reduced its position in shares of Baker Hughes Company (NASDAQ:BKR) by 9.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 566,819 shares of the company’s stock after selling 56,833 shares during the period. The Manufacturers Life Insurance Company’s holdings in Baker Hughes were worth $34,604,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Bleakley Financial Group LLC increased its position in Baker Hughes by 0.6% during the 1st quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company’s stock worth $1,556,000 after buying an additional 163 shares during the period. Resolute Wealth Strategies LLC grew its stake in shares of Baker Hughes by 2.7% in the first quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company’s stock valued at $403,000 after acquiring an additional 172 shares in the last quarter. Deseret Mutual Benefit Administrators increased its position in Baker Hughes by 10.5% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock worth $86,000 after acquiring an additional 179 shares during the period. Krilogy Financial LLC raised its stake in Baker Hughes by 3.2% in the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock worth $261,000 after purchasing an additional 180 shares in the last quarter. Finally, 3Chopt Investment Partners LLC boosted its holdings in Baker Hughes by 0.5% in the 4th quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock valued at $1,944,000 after purchasing an additional 203 shares during the period. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $60.49 on Friday. The firm has a 50 day moving average of $59.36 and a 200-day moving average of $60.25. Baker Hughes Company has a 12 month low of $41.96 and a 12 month high of $70.41. The company has a current ratio of 2.09, a quick ratio of 1.77 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $60.05 billion, a PE ratio of 19.51, a PEG ratio of 1.90 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.13. The business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.54 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. On average, equities research analysts predict that Baker Hughes Company will post 2.46 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Friday, August 7th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 7th. Baker Hughes’s dividend payout ratio (DPR) is currently 29.68%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on BKR shares. Zacks Research raised shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Piper Sandler raised their price objective on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday. Royal Bank Of Canada raised their price objective on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. UBS Group set a $51.00 target price on Baker Hughes in a research report on Tuesday. Finally, Capital One Financial increased their target price on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.95.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes 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 transaction, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. This trade represents a 20.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of Baker Hughes stock in a transaction on 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 owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 367,910 shares of company stock worth $22,420,797. Company 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.