Baker Hughes Company $BKR Shares Purchased by California Public Employees Retirement System

California Public Employees Retirement System raised its holdings in Baker Hughes Company (NASDAQ:BKR) by 4.4% during the first quarter, Holdings Channel.com reports. The firm owned 2,062,399 shares of the company’s stock after purchasing an additional 87,353 shares during the quarter. California Public Employees Retirement System’s holdings in Baker Hughes were worth $125,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Woodline Partners LP boosted its stake in shares of Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after buying an additional 24,225 shares in the last quarter. Focus Partners Wealth raised its position in Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after acquiring an additional 986 shares in the last quarter. Jump Financial LLC acquired a new stake in Baker Hughes in the second quarter valued at $2,301,000. NewEdge Advisors LLC lifted its holdings in Baker Hughes by 4.0% in the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock valued at $1,779,000 after acquiring an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC purchased a new stake in shares of Baker Hughes during the 2nd quarter worth $1,014,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Price Performance

Baker Hughes stock opened at $55.95 on Friday. The firm has a market capitalization of $55.51 billion, a PE ratio of 17.88, a P/E/G ratio of 2.32 and a beta of 0.96. Baker Hughes Company has a 52 week low of $38.97 and a 52 week high of $70.41. The firm’s 50-day simple moving average is $60.85 and its 200 day simple moving average is $59.53. The company has a quick ratio of 1.77, a current ratio of 2.13 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR) last posted its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate 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%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period last year, the firm posted $0.51 EPS. On average, equities research analysts predict that Baker Hughes Company will post 2.27 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

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

Insider Buying and Selling

In other news, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total transaction 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 $1,027,327.34. This trade represents a 24.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of Baker Hughes 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 transaction, the chief executive officer owned 703,444 shares of the company’s stock, valued at $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. Over the last three months, insiders have sold 367,910 shares of company stock valued at $22,420,797. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BKR shares. Citigroup upped their price target on shares of Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Wolfe Research began coverage on shares of Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Argus upped their target price on shares of Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Finally, Barclays dropped their target price on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a report on Thursday. Eighteen equities 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.00.

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.