Baker Hughes Company $BKR Shares Purchased by Panagora Asset Management Inc.

Panagora Asset Management Inc. raised its stake in Baker Hughes Company (NASDAQ:BKR) by 79.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,393,530 shares of the company’s stock after buying an additional 1,060,901 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.24% of Baker Hughes worth $109,001,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Cullen Frost Bankers Inc. boosted its stake in Baker Hughes by 344.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after purchasing an additional 468 shares during the period. Quarry LP acquired a new stake in Baker Hughes in the 4th quarter valued at approximately $31,000. Acumen Wealth Advisors LLC acquired a new stake in Baker Hughes in the 4th quarter valued at approximately $35,000. Golden State Wealth Management LLC raised its stake in Baker Hughes by 786.5% during the 4th quarter. Golden State Wealth Management LLC now owns 789 shares of the company’s stock valued at $36,000 after acquiring an additional 700 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its position in Baker Hughes by 45.1% during the 4th quarter. JFS Wealth Advisors LLC now owns 811 shares of the company’s stock worth $37,000 after acquiring an additional 252 shares during the period. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Price Performance

BKR stock opened at $63.14 on Monday. The firm has a market cap of $62.64 billion, a PE ratio of 20.17, a P/E/G ratio of 2.25 and a beta of 0.93. Baker Hughes Company has a 12 month low of $37.38 and a 12 month high of $70.41. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The firm has a 50 day simple moving average of $64.12 and a 200 day simple moving average of $57.94.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. During the same quarter in the previous year, the business posted $0.51 earnings per share. The firm’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities research analysts forecast that Baker Hughes Company will post 2.31 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders 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 dividend yield of 1.5%. Baker Hughes’s payout ratio is 29.39%.

Insider Activity at Baker Hughes

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 of the company’s stock, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on BKR. Zacks Research lowered Baker Hughes from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 28th. TD Cowen upped their price objective on shares of Baker Hughes from $64.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, April 27th. UBS Group increased their target price 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. Citigroup lowered their target price on shares of Baker Hughes from $80.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, June 3rd. Finally, Stifel Nicolaus boosted their price target on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.14.

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.