Manning & Napier Advisors LLC Takes $1.49 Million Position in Baker Hughes Company $BKR

Manning & Napier Advisors LLC purchased a new position in shares of Baker Hughes Company (NASDAQ:BKR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 26,458 shares of the company’s stock, valued at approximately $1,490,000.

Other hedge funds also recently modified their holdings of the company. Cardano Risk Management B.V. raised its stake in shares of Baker Hughes by 1,005.1% in the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after buying an additional 44,887,481 shares during the period. Norges Bank bought a new position in shares of Baker Hughes during the 4th quarter worth $1,022,491,000. Price T Rowe Associates Inc. MD grew its stake in shares of Baker Hughes by 58.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock worth $529,896,000 after acquiring an additional 4,278,573 shares during the period. Bessemer Group Inc. increased its holdings in Baker Hughes by 12,983.5% in the 4th quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock worth $158,994,000 after acquiring an additional 3,464,637 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Baker Hughes in the 4th quarter valued at about $144,262,000. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Stock Performance

NASDAQ BKR opened at $61.82 on Wednesday. Baker Hughes Company has a 52-week low of $43.92 and a 52-week high of $70.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. The company has a market capitalization of $61.37 billion, a P/E ratio of 19.94, a P/E/G ratio of 1.93 and a beta of 0.97. The company has a fifty day moving average of $59.07 and a 200-day moving average of $61.38.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. The firm had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.63 EPS. As a group, equities research analysts predict that Baker Hughes Company will post 2.51 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Friday, August 7th were given a $0.23 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.92 annualized dividend and a yield of 1.5%. Baker Hughes’s payout ratio is presently 29.68%.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Zacks Research upgraded shares of Baker Hughes from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Susquehanna lifted their price objective on shares of Baker Hughes from $70.00 to $72.00 and gave the company a “positive” rating in a research note on Tuesday, July 28th. Argus boosted their target price on shares of Baker Hughes from $67.00 to $79.00 in a report on Friday, May 1st. Weiss Ratings downgraded Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. Finally, Capital One Financial raised their price target on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and a consensus target price of $70.67.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were 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 directly owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 dated 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. 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. In the last three months, insiders have sold 367,910 shares of company stock valued at $22,420,797. 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.