Sei Investments Co. Reduces Stake in Baker Hughes Company $BKR

Sei Investments Co. reduced its stake in shares of Baker Hughes Company (NASDAQ:BKR) by 2.1% during the 1st quarter, HoldingsChannel reports. The fund owned 3,587,271 shares of the company’s stock after selling 78,177 shares during the period. Sei Investments Co.’s holdings in Baker Hughes were worth $219,003,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cardano Risk Management B.V. lifted its stake in shares of Baker Hughes by 1,005.1% in the 4th quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after purchasing an additional 44,887,481 shares during the last quarter. Norges Bank bought a new position in shares of Baker Hughes during the 4th quarter valued at approximately $1,022,491,000. Price T Rowe Associates Inc. MD raised its holdings in Baker Hughes by 58.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,635,780 shares of the company’s stock valued at $529,896,000 after buying an additional 4,278,573 shares during the period. Bessemer Group Inc. raised its holdings in Baker Hughes by 12,983.5% during the 4th quarter. Bessemer Group Inc. now owns 3,491,322 shares of the company’s stock valued at $158,994,000 after buying an additional 3,464,637 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Baker Hughes in the fourth quarter worth $144,262,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Baker Hughes news, CAO Rebecca L. Charlton sold 5,088 shares of the 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 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 position. The sale was disclosed in a legal filing 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, 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 approximately $41,102,232.92. This represents a 20.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 367,910 shares of company stock worth $22,420,797. 0.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BKR has been the topic of a number of analyst reports. Citigroup boosted their price objective on shares of Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Stifel Nicolaus raised their target price on shares of Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, April 27th. Weiss Ratings downgraded Baker Hughes from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 13th. TD Cowen boosted their price objective on Baker Hughes from $75.00 to $77.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Finally, Barclays reduced their target price on Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Eighteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Baker Hughes currently has an average rating of “Moderate Buy” and an average target price of $70.00.

Baker Hughes Stock Performance

Baker Hughes stock opened at $56.60 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.77 and a current ratio of 2.13. The company has a market capitalization of $56.15 billion, a PE ratio of 18.08, a P/E/G ratio of 2.35 and a beta of 0.96. The company has a 50 day moving average price of $60.31 and a 200-day moving average price of $59.85. Baker Hughes Company has a fifty-two week low of $41.15 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results 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. The business had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The business’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.51 EPS. As a group, equities analysts forecast that Baker Hughes Company will post 2.26 earnings per share for the current year.

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.