ING Groep NV Trims Stake in Baker Hughes Company $BKR

ING Groep NV cut its position in shares of Baker Hughes Company (NASDAQ:BKR) by 56.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,885 shares of the company’s stock after selling 11,739 shares during the period. ING Groep NV’s holdings in Baker Hughes were worth $405,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BKR. Capital International Inc. CA lifted its stake in Baker Hughes by 6.0% in the fourth quarter. Capital International Inc. CA now owns 272,331 shares of the company’s stock worth $12,402,000 after purchasing an additional 15,404 shares during the last quarter. Capital International Investors grew its stake in shares of Baker Hughes by 6.4% during the fourth quarter. Capital International Investors now owns 15,933,590 shares of the company’s stock valued at $725,616,000 after buying an additional 956,808 shares during the last quarter. Cookson Peirce & Co. Inc. raised its holdings in shares of Baker Hughes by 544.1% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 311,670 shares of the company’s stock worth $14,193,000 after buying an additional 263,280 shares during the period. Nemes Rush Group LLC raised its holdings in shares of Baker Hughes by 15.8% in the fourth quarter. Nemes Rush Group LLC now owns 10,176 shares of the company’s stock worth $463,000 after buying an additional 1,391 shares during the period. Finally, Havemeyer Place LP bought a new stake in shares of Baker Hughes during the 4th quarter worth approximately $298,000. 92.06% of the stock is currently owned by institutional investors.

Baker Hughes Stock Down 0.8%

Shares of NASDAQ BKR opened at $63.02 on Thursday. The stock has a market capitalization of $62.52 billion, a PE ratio of 20.13, a price-to-earnings-growth ratio of 2.26 and a beta of 0.93. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. Baker Hughes Company has a 12-month low of $37.38 and a 12-month high of $70.41. The stock’s fifty day simple moving average is $64.01 and its two-hundred day simple moving average is $57.74.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. The business 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 was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. As a group, analysts expect that Baker Hughes Company will post 2.31 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 dividend on an annualized basis and a yield of 1.5%. Baker Hughes’s dividend payout ratio is presently 29.39%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on BKR shares. Johnson Rice assumed coverage on Baker Hughes in a report on Wednesday, February 25th. They set a “buy” rating and a $68.00 price objective for the company. Barclays reiterated an “equal weight” rating and set a $74.00 target price (up from $62.00) on shares of Baker Hughes in a research report on Thursday, May 7th. Evercore reissued an “outperform” rating and set a $76.00 target price on shares of Baker Hughes in a research note on Monday, April 27th. Piper Sandler upped their price target on shares of Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, TD Cowen raised their price target on shares of Baker Hughes from $64.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.14.

Insiders Place Their Bets

In other Baker Hughes news, 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.19% of the stock is currently owned by company insiders.

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.