Harvest Fund Management Co. Ltd Acquires 13,074 Shares of Baker Hughes Company $BKR

Harvest Fund Management Co. Ltd increased its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 21.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 73,679 shares of the company’s stock after buying an additional 13,074 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Baker Hughes were worth $3,355,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Baker Hughes by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 123,890,075 shares of the company’s stock worth $6,035,924,000 after buying an additional 598,159 shares during the last quarter. Capital World Investors lifted its position in shares of Baker Hughes by 7.1% during the 3rd quarter. Capital World Investors now owns 47,546,388 shares of the company’s stock worth $2,316,462,000 after buying an additional 3,153,709 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Baker Hughes by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock worth $1,189,194,000 after buying an additional 204,534 shares during the last quarter. Capital Research Global Investors raised its position in Baker Hughes by 7.1% in the third quarter. Capital Research Global Investors now owns 25,903,241 shares of the company’s stock valued at $1,262,033,000 after purchasing an additional 1,728,016 shares during the last quarter. Finally, Norges Bank bought a new position in Baker Hughes in the fourth quarter valued at about $1,022,491,000. 92.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the completion of the sale, the chief accounting officer owned 15,997 shares of the company’s stock, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 272,594 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total value of $16,025,801.26. Following the sale, the chief executive officer directly owned 866,444 shares of the company’s stock, valued at $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 sold 282,745 shares of company stock valued at $16,651,472 over the last 90 days. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on BKR shares. Susquehanna increased their target price on Baker Hughes from $70.00 to $80.00 and gave the company a “positive” rating in a research report on Monday, April 27th. Piper Sandler increased their target price on Baker Hughes from $64.00 to $72.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. TD Cowen increased their target price on Baker Hughes from $64.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Royal Bank Of Canada increased their target price on Baker Hughes from $68.00 to $71.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Finally, UBS Group increased their target price on Baker Hughes from $69.00 to $73.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.14.

Baker Hughes Price Performance

Shares of BKR opened at $66.11 on Friday. Baker Hughes Company has a 1 year low of $37.08 and a 1 year high of $70.41. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The company has a market capitalization of $65.59 billion, a price-to-earnings ratio of 21.12, a price-to-earnings-growth ratio of 2.29 and a beta of 0.93. The business has a 50-day moving average of $63.91 and a 200-day moving average of $57.31.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.09. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The company had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. During the same period last year, the company earned $0.51 earnings per share. The firm’s revenue was up 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.92 annualized dividend and a yield of 1.4%. Baker Hughes’s dividend payout ratio (DPR) is currently 29.39%.

About Baker Hughes

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.