The Manufacturers Life Insurance Company Has $34.60 Million Stock Position in Baker Hughes Company $BKR

The Manufacturers Life Insurance Company reduced its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 9.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 566,819 shares of the company’s stock after selling 56,833 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Baker Hughes worth $34,604,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EFG International AG bought a new position in Baker Hughes in the fourth quarter valued at $26,000. Cullen Frost Bankers Inc. increased its stake in Baker Hughes by 344.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 604 shares of the company’s stock valued at $27,000 after buying an additional 468 shares during the last quarter. Quarry LP bought a new stake in Baker Hughes during the 4th quarter worth about $31,000. MV Capital Management Inc. bought a new stake in Baker Hughes during the 4th quarter worth about $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of Baker Hughes during the 4th quarter worth about $35,000. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BKR shares. Evercore restated an “outperform” rating and issued a $76.00 price objective on shares of Baker Hughes in a report on Monday, April 27th. Argus increased their price target on Baker Hughes from $67.00 to $79.00 in a research report on Friday, May 1st. Stifel Nicolaus raised their price target on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday. Capital One Financial boosted their price target on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Finally, Citigroup upped their price objective on Baker Hughes from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average price target of $69.95.

Baker Hughes Price Performance

Shares of NASDAQ BKR opened at $60.49 on Friday. The business’s 50 day moving average price is $59.36 and its two-hundred day moving average price is $60.25. The company has a market cap of $60.05 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 1.90 and a beta of 0.96. The company has a quick ratio of 1.77, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a twelve month low of $41.96 and a twelve month high of $70.41.

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

Baker Hughes Announces Dividend

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

Insider Buying and Selling at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the sale, the chief executive officer owned 703,444 shares of the company’s stock, valued at $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 available 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 the company’s stock in a transaction 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 owned 15,997 shares in the company, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. 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. Insiders have sold a total of 367,910 shares of company stock valued at $22,420,797 in the last ninety days. Insiders own 0.19% of the company’s stock.

About Baker Hughes

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.