Cibc World Market Inc. Acquires 41,096 Shares of Baker Hughes Company $BKR

Cibc World Market Inc. grew its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 5.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 870,912 shares of the company’s stock after buying an additional 41,096 shares during the quarter. Cibc World Market Inc.’s holdings in Baker Hughes were worth $39,661,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in BKR. Vanguard Group Inc. increased its stake in Baker Hughes by 0.5% during the third quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock worth $6,035,924,000 after acquiring an additional 598,159 shares during the last quarter. Capital World Investors lifted its stake in shares of Baker Hughes by 7.1% in the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock valued at $2,316,462,000 after purchasing an additional 3,153,709 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Baker Hughes by 0.8% in the 4th 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. Capital Research Global Investors boosted its holdings in shares of Baker Hughes by 7.1% in the 3rd quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock worth $1,262,033,000 after purchasing an additional 1,728,016 shares during the period. Finally, Norges Bank bought a new position in shares of Baker Hughes during the 4th quarter valued at approximately $1,022,491,000. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Performance

BKR stock opened at $66.11 on Friday. Baker Hughes Company has a twelve month low of $37.08 and a twelve month high of $70.41. The firm has a market cap of $65.59 billion, a price-to-earnings ratio of 21.12, a PEG ratio of 2.29 and a beta of 0.93. The business’s fifty day simple moving average is $63.91 and its two-hundred day simple moving average is $57.31. 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 issued 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 analyst estimates of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.51 earnings per share. Analysts predict that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Tuesday, May 5th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s payout ratio is 29.39%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BKR. Weiss Ratings restated a “buy (b)” rating on shares of Baker Hughes in a research report on Friday, April 24th. UBS Group boosted their price objective on shares of Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Evercore restated an “outperform” rating and issued a $76.00 target price on shares of Baker Hughes in a report on Monday, April 27th. Susquehanna lifted their price target on shares of Baker Hughes from $70.00 to $80.00 and gave the stock a “positive” rating in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $69.14.

Insiders Place Their Bets

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 transaction, the chief accounting officer directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Maria Georgia Magno sold 5,063 shares of Baker Hughes stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $59.04, for a total transaction of $298,919.52. Following the sale, the insider directly owned 15,555 shares of the company’s stock, valued at $918,367.20. This represents a 24.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 282,745 shares of company stock worth $16,651,472 in the last three months. Corporate 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.