Birmingham Capital Management Co. Inc. AL Invests $971,000 in Baker Hughes Company $BKR

Birmingham Capital Management Co. Inc. AL bought a new position in shares of Baker Hughes Company (NASDAQ:BKR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 17,500 shares of the company’s stock, valued at approximately $971,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Woodline Partners LP raised its stake in shares of Baker Hughes by 40.8% during the 1st quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after buying an additional 24,225 shares during the last quarter. Focus Partners Wealth boosted its stake in shares of Baker Hughes by 5.6% in the first quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock worth $812,000 after buying an additional 986 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Baker Hughes in the second quarter worth about $2,301,000. NewEdge Advisors LLC grew its holdings in Baker Hughes by 4.0% during the second quarter. NewEdge Advisors LLC now owns 46,407 shares of the company’s stock worth $1,779,000 after acquiring an additional 1,768 shares during the period. Finally, Nebula Research & Development LLC purchased a new position in Baker Hughes during the second quarter valued at approximately $1,014,000. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the company’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 transaction, the chief executive officer 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 367,910 shares of company stock worth $22,420,797. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BKR. Barclays decreased their price target on Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Morgan Stanley assumed coverage on shares of Baker Hughes in a research note on Friday, August 7th. They set an “overweight” rating and a $70.00 price objective on the stock. UBS Group set a $51.00 target price on shares of Baker Hughes in a report on Tuesday, July 28th. Wolfe Research began coverage on shares of Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 target price for the company. Finally, TD Cowen increased their price target on shares of Baker Hughes from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Baker Hughes currently has an average rating of “Moderate Buy” and a consensus target price of $70.67.

Baker Hughes Stock Up 0.3%

Shares of BKR opened at $62.00 on Thursday. The company has a current ratio of 2.09, a quick ratio of 1.76 and a debt-to-equity ratio of 0.77. Baker Hughes Company has a 12 month low of $43.92 and a 12 month high of $70.41. The stock’s 50 day moving average is $59.11 and its two-hundred day moving average is $61.42. The firm has a market cap of $61.55 billion, a P/E ratio of 20.00, a PEG ratio of 1.92 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Sunday, July 26th. The company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.13. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The business had revenue of $6.74 billion during the quarter, compared to analysts’ expectations of $6.54 billion. During the same period in the previous year, the business earned $0.63 earnings per share. The business’s revenue was up 2.4% compared to the same quarter last year. Analysts predict that Baker Hughes Company will post 2.51 earnings per share 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 issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, August 7th. Baker Hughes’s dividend payout ratio (DPR) is presently 29.68%.

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.