1,027,100 Shares in Baker Hughes Company $BKR Acquired by Bornite Capital Management LP

Bornite Capital Management LP bought a new stake in Baker Hughes Company (NASDAQ:BKR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,027,100 shares of the company’s stock, valued at approximately $39,379,000. Baker Hughes makes up about 3.9% of Bornite Capital Management LP’s investment portfolio, making the stock its 4th largest position.

Several other hedge funds also recently bought and sold shares of the company. N.E.W. Advisory Services LLC acquired a new position in shares of Baker Hughes in the 1st quarter valued at $30,000. Harbour Investments Inc. lifted its holdings in Baker Hughes by 61.7% during the second quarter. Harbour Investments Inc. now owns 854 shares of the company’s stock worth $33,000 after acquiring an additional 326 shares in the last quarter. LFA Lugano Financial Advisors SA bought a new position in Baker Hughes during the second quarter worth about $36,000. Zions Bancorporation National Association UT acquired a new position in Baker Hughes in the first quarter valued at about $45,000. Finally, LRI Investments LLC increased its holdings in shares of Baker Hughes by 59.3% in the second quarter. LRI Investments LLC now owns 1,032 shares of the company’s stock worth $40,000 after acquiring an additional 384 shares in the last quarter. 92.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Rebecca L. Charlton sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total value of $50,000.00. Following the completion of the transaction, the chief accounting officer owned 11,772 shares in the company, valued at $588,600. This trade represents a 7.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sreeganesh Ramaswamy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.00, for a total value of $1,250,000.00. Following the sale, the executive vice president owned 40,520 shares in the company, valued at $2,026,000. The trade was a 38.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

BKR has been the topic of several recent analyst reports. Morgan Stanley lifted their price objective on Baker Hughes from $45.00 to $55.00 and gave the company an “overweight” rating in a report on Tuesday, July 29th. Melius initiated coverage on shares of Baker Hughes in a report on Wednesday, August 20th. They set a “buy” rating and a $60.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on shares of Baker Hughes from $52.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, September 30th. Jefferies Financial Group set a $58.00 price objective on shares of Baker Hughes in a research report on Wednesday, July 30th. Finally, HSBC raised their price objective on shares of Baker Hughes from $54.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Twenty-three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.29.

Baker Hughes Trading Up 1.2%

NASDAQ:BKR opened at $47.87 on Friday. The company has a market cap of $47.24 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.06 and a beta of 1.03. Baker Hughes Company has a twelve month low of $33.60 and a twelve month high of $50.92. The business has a 50 day moving average price of $47.23 and a two-hundred day moving average price of $42.42. The company has a quick ratio of 1.00, a current ratio of 1.41 and a debt-to-equity ratio of 0.33.

Baker Hughes (NASDAQ:BKR) last announced its quarterly earnings data on Friday, November 18th. The company reported $0.16 EPS for the quarter. Baker Hughes had a net margin of 10.43% and a return on equity of 14.22%. The business had revenue of $5.09 billion for the quarter. As a group, analysts expect that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Tuesday, November 4th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, November 4th. Baker Hughes’s dividend payout ratio is currently 31.72%.

Baker Hughes Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.