Corient Private Wealth LLC Trims Position in Baker Hughes Company $BKR

Corient Private Wealth LLC decreased its holdings in shares of Baker Hughes Company (NASDAQ:BKR) by 49.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 95,199 shares of the company’s stock after selling 91,512 shares during the quarter. Corient Private Wealth LLC’s holdings in Baker Hughes were worth $3,650,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Baker Hughes by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 123,291,916 shares of the company’s stock valued at $4,727,012,000 after acquiring an additional 1,173,700 shares during the last quarter. Geode Capital Management LLC increased its position in Baker Hughes by 1.6% during the second quarter. Geode Capital Management LLC now owns 25,875,670 shares of the company’s stock worth $987,961,000 after purchasing an additional 397,984 shares during the last quarter. Norges Bank purchased a new position in Baker Hughes during the second quarter worth approximately $862,722,000. Artisan Partners Limited Partnership raised its stake in Baker Hughes by 1.0% during the second quarter. Artisan Partners Limited Partnership now owns 16,677,718 shares of the company’s stock worth $639,424,000 after purchasing an additional 167,095 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Baker Hughes by 18.9% in the 2nd quarter. Invesco Ltd. now owns 12,834,534 shares of the company’s stock valued at $492,076,000 after purchasing an additional 2,044,402 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Sreeganesh Ramaswamy sold 25,000 shares of the 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 completion of the transaction, the executive vice president owned 40,520 shares of the company’s stock, valued at approximately $2,026,000. This represents a 38.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Rebecca L. Charlton sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total value of $50,000.00. Following the sale, the chief accounting officer owned 11,772 shares of the company’s stock, valued at approximately $588,600. This trade represents a 7.83% decrease in their position. The SEC filing for this sale provides additional information. 0.27% of the stock is owned by company insiders.

Baker Hughes Stock Up 0.5%

Shares of NASDAQ:BKR opened at $44.71 on Monday. The company has a market capitalization of $44.12 billion, a price-to-earnings ratio of 15.42, a price-to-earnings-growth ratio of 1.62 and a beta of 0.90. The company has a 50 day moving average of $47.65 and a two-hundred day moving average of $44.84. Baker Hughes Company has a 52-week low of $33.60 and a 52-week high of $51.12. 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 earnings results on Friday, November 18th. The company reported $0.16 earnings per share for the quarter. The business had revenue of $5.09 billion during the quarter. Baker Hughes had a net margin of 10.43% and a return on equity of 14.22%. As a group, analysts forecast that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Tuesday, November 4th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, November 4th. Baker Hughes’s dividend payout ratio is presently 31.72%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BKR. Zephirin Group upped their price objective on Baker Hughes from $37.00 to $40.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Stifel Nicolaus raised their price objective on Baker Hughes from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 27th. JPMorgan Chase & Co. lifted their price objective on Baker Hughes from $52.00 to $53.00 and gave the company an “overweight” rating in a research note on Tuesday, September 30th. TD Cowen increased their target price on shares of Baker Hughes from $54.00 to $57.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. Finally, HSBC raised their price target on shares of Baker Hughes from $54.00 to $56.00 and gave the company a “buy” rating in a report on Monday, October 27th. Twenty-three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $53.92.

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.