Cidel Asset Management Inc. Acquires 221,817 Shares of Baker Hughes Company $BKR

Cidel Asset Management Inc. raised its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 2,723.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 229,963 shares of the company’s stock after buying an additional 221,817 shares during the quarter. Cidel Asset Management Inc.’s holdings in Baker Hughes were worth $12,763,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. California State Teachers Retirement System grew its position in Baker Hughes by 3,833.2% in the 2nd quarter. California State Teachers Retirement System now owns 120,855,357 shares of the company’s stock worth $6,707,472,000 after purchasing an additional 117,782,673 shares during the last quarter. State Street Corp increased its holdings in shares of Baker Hughes by 1.6% during the 4th quarter. State Street Corp now owns 61,409,438 shares of the company’s stock worth $2,796,586,000 after purchasing an additional 937,614 shares during the period. Cardano Risk Management B.V. raised its position in shares of Baker Hughes by 1,005.1% during the fourth quarter. Cardano Risk Management B.V. now owns 49,353,310 shares of the company’s stock valued at $2,247,550,000 after buying an additional 44,887,481 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Baker Hughes by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 26,213,363 shares of the company’s stock valued at $1,189,194,000 after buying an additional 204,534 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Baker Hughes in the fourth quarter valued at about $1,022,491,000. Institutional investors own 92.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Morgan Stanley began coverage on Baker Hughes in a research note on Friday, August 7th. They set an “overweight” rating and a $70.00 price target on the stock. Zacks Research upgraded Baker Hughes from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. TD Cowen lifted their price objective on Baker Hughes from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Jefferies Financial Group restated a “buy” rating on shares of Baker Hughes in a research report on Thursday, July 9th. Finally, Susquehanna upped their target price on Baker Hughes from $70.00 to $72.00 and gave the company a “positive” rating in a research note on Tuesday, July 28th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.67.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value 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 $41,102,232.92. This trade represents a 20.50% decrease in their ownership of the stock. The sale 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. 0.19% of the stock is owned by company insiders.

Baker Hughes Stock Up 0.7%

Shares of NASDAQ BKR opened at $63.92 on Wednesday. The stock has a market cap of $63.45 billion, a PE ratio of 20.62, a PEG ratio of 2.84 and a beta of 0.96. Baker Hughes Company has a 52-week low of $43.92 and a 52-week high of $70.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.76 and a current ratio of 2.09. The business has a fifty day moving average of $60.20 and a two-hundred day moving average of $61.61.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.13. Baker Hughes had a net margin of 11.17% and a return on equity of 13.85%. The firm had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.54 billion. During the same period in the prior year, the firm earned $0.63 earnings per share. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts expect that Baker Hughes Company will post 2.51 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Friday, August 7th. Baker Hughes’s dividend payout ratio is presently 29.68%.

Baker Hughes Profile

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the energy and industrial sectors. Its offerings support the exploration, development, production, transportation and processing of oil and natural gas, as well as broader energy and industrial operations.

The company’s portfolio includes oilfield services and equipment, drilling and completion technologies, artificial lift systems, subsea production solutions, turbomachinery, compressors, gas technology and liquefied natural gas equipment.