Louisiana State Employees Retirement System Takes $7.04 Million Position in Baker Hughes Company $BKR

Louisiana State Employees Retirement System bought a new position in shares of Baker Hughes Company (NASDAQ:BKR) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 115,300 shares of the company’s stock, valued at approximately $7,039,000.

Several other hedge funds also recently added to or reduced their stakes in BKR. Deseret Mutual Benefit Administrators raised its position in shares of Baker Hughes by 10.5% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock valued at $86,000 after purchasing an additional 179 shares during the last quarter. Krilogy Financial LLC raised its holdings in shares of Baker Hughes by 3.2% in the fourth quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock worth $261,000 after buying an additional 180 shares during the last quarter. 3Chopt Investment Partners LLC raised its holdings in shares of Baker Hughes by 0.5% in the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock worth $1,944,000 after buying an additional 203 shares during the last quarter. Evolve Private Wealth LLC lifted its stake in shares of Baker Hughes by 2.4% during the first quarter. Evolve Private Wealth LLC now owns 8,663 shares of the company’s stock worth $529,000 after buying an additional 203 shares during the period. Finally, Formidable Asset Management LLC grew its holdings in shares of Baker Hughes by 3.2% during the fourth quarter. Formidable Asset Management LLC now owns 7,341 shares of the company’s stock valued at $358,000 after buying an additional 225 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Baker Hughes Stock Performance

NASDAQ BKR opened at $56.94 on Friday. The stock has a market capitalization of $56.49 billion, a price-to-earnings ratio of 18.19, a PEG ratio of 2.03 and a beta of 0.93. The stock has a 50-day moving average of $63.63 and a 200 day moving average of $58.53. 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 twelve month low of $37.53 and a twelve month high of $70.41.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.Baker Hughes’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company earned $0.51 earnings per share. Sell-side analysts anticipate that Baker Hughes Company will post 2.28 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, May 5th. Baker Hughes’s payout ratio is presently 29.39%.

Insiders Place Their Bets

In other news, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction dated 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 owned 703,444 shares of the company’s stock, valued at $41,102,232.92. The trade was a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 firm’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 completion of the transaction, the chief accounting officer directly owned 15,997 shares in the company, valued at $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 367,910 shares of company stock valued at $22,420,797 over the last 90 days. 0.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Baker Hughes from $60.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Weiss Ratings reissued a “buy (b)” rating on shares of Baker Hughes in a report on Friday, April 24th. Wall Street Zen downgraded shares of Baker Hughes from a “buy” rating to a “hold” rating in a research report on Saturday, March 28th. Piper Sandler increased their price target on Baker Hughes from $64.00 to $72.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. Finally, Citigroup reduced their price objective on Baker Hughes from $80.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.14.

Trending Headlines about Baker Hughes

Here are the key news stories impacting Baker Hughes this week:

• Positive Sentiment: Baker Hughes announced a strategic agreement with Mantle Reach Power to accelerate large-scale geothermal projects across North America, expanding its energy-transition exposure and creating a potential new growth avenue. Article Title
• Positive Sentiment: The company also secured a significant subsea production systems award from Azule Energy for Angola’s Greater PAJ development, reinforcing its backlog and core oilfield equipment/services pipeline. Article Title
• Positive Sentiment: Analyst commentary and valuation-focused coverage have remained constructive overall, with multiple firms previously raising price targets and the consensus still leaning “Moderate Buy,” which can support sentiment after the recent pullback. Article Title
• Neutral Sentiment: Short interest data showed no meaningful bearish positioning change, with reported short interest effectively at zero, so it does not appear to be a driver of the move.

Baker Hughes 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.