Kornitzer Capital Management Inc. KS Trims Holdings in Baker Hughes Company $BKR

Kornitzer Capital Management Inc. KS trimmed its stake in Baker Hughes Company (NASDAQ:BKR) by 5.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 132,195 shares of the company’s stock after selling 7,235 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Baker Hughes were worth $6,020,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Activest Wealth Management raised its stake in shares of Baker Hughes by 1,242.5% in the 3rd quarter. Activest Wealth Management now owns 537 shares of the company’s stock valued at $26,000 after acquiring an additional 497 shares during the period. E Fund Management Hong Kong Co. Ltd. raised its stake in shares of Baker Hughes by 104.0% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock valued at $32,000 after acquiring an additional 337 shares during the period. JFS Wealth Advisors LLC raised its stake in shares of Baker Hughes by 45.1% in the 4th quarter. JFS Wealth Advisors LLC now owns 811 shares of the company’s stock valued at $37,000 after acquiring an additional 252 shares during the period. Wolff Wiese Magana LLC raised its stake in shares of Baker Hughes by 55.6% in the 4th quarter. Wolff Wiese Magana LLC now owns 840 shares of the company’s stock valued at $38,000 after acquiring an additional 300 shares during the period. Finally, Spire Wealth Management raised its stake in shares of Baker Hughes by 357.8% in the 3rd quarter. Spire Wealth Management now owns 1,021 shares of the company’s stock valued at $50,000 after acquiring an additional 798 shares during the period. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes Trading Down 0.8%

Shares of Baker Hughes stock opened at $69.12 on Friday. The company has a fifty day simple moving average of $61.92 and a 200-day simple moving average of $54.35. Baker Hughes Company has a 12-month low of $35.83 and a 12-month high of $70.41. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The stock has a market cap of $68.57 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 2.42 and a beta of 0.97.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The business had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. During the same quarter in the prior year, the business posted $0.51 EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts forecast that Baker Hughes Company will post 2.32 EPS for the current fiscal year.

Baker Hughes Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Tuesday, May 5th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, May 5th. This represents a $0.92 annualized dividend and a dividend yield of 1.3%. Baker Hughes’s dividend payout ratio is presently 29.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BKR shares. Piper Sandler boosted their price target on shares of Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Barclays lifted their price objective on shares of Baker Hughes from $57.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Weiss Ratings restated a “buy (b)” rating on shares of Baker Hughes in a report on Friday, April 24th. Citigroup lifted their price objective on shares of Baker Hughes from $69.00 to $80.00 and gave the company a “buy” rating in a report on Monday, April 27th. Finally, Royal Bank Of Canada lifted their price objective on shares of Baker Hughes from $68.00 to $71.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Nineteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $68.64.

Insider Buying and Selling at Baker Hughes

In related news, Director William G. Beattie sold 18,023 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $57.29, for a total transaction of $1,032,537.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lorenzo Simonelli sold 272,594 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the sale, the chief executive officer owned 866,444 shares of the company’s stock, valued at approximately $50,938,242.76. This represents a 23.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 590,251 shares of company stock worth $35,311,023 in the last quarter. 0.19% of the stock is currently owned by company insiders.

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.