Alliancebernstein L.P. Decreases Stock Holdings in Baker Hughes Company $BKR

Alliancebernstein L.P. trimmed its position in shares of Baker Hughes Company (NASDAQ:BKR) by 37.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,276,732 shares of the company’s stock after selling 3,770,710 shares during the quarter. Alliancebernstein L.P. owned approximately 0.64% of Baker Hughes worth $305,802,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Woodline Partners LP lifted its holdings in shares of Baker Hughes by 40.8% in the first quarter. Woodline Partners LP now owns 83,650 shares of the company’s stock valued at $3,676,000 after purchasing an additional 24,225 shares in the last quarter. Focus Partners Wealth raised its stake in Baker Hughes by 5.6% in the 1st quarter. Focus Partners Wealth now owns 18,481 shares of the company’s stock valued at $812,000 after purchasing an additional 986 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Baker Hughes by 4.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 152,460 shares of the company’s stock worth $5,845,000 after acquiring an additional 6,935 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Baker Hughes by 7.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 242,987 shares of the company’s stock valued at $9,316,000 after acquiring an additional 16,561 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in Baker Hughes by 4.7% in the 2nd quarter. Cetera Investment Advisers now owns 118,268 shares of the company’s stock valued at $4,534,000 after acquiring an additional 5,323 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Citigroup raised their price objective on Baker Hughes from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Jefferies Financial Group upped their target price on Baker Hughes from $59.00 to $67.00 and gave the company a “buy” rating in a research note on Saturday, January 31st. Wall Street Zen upgraded Baker Hughes from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. TD Cowen raised their price target on Baker Hughes from $55.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Finally, Evercore restated an “outperform” rating and issued a $68.00 price target on shares of Baker Hughes in a report on Wednesday, February 11th. Twenty analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.61.

Insiders Place Their Bets

In other Baker Hughes news, CAO Rebecca L. Charlton sold 1,985 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $55.77, for a total transaction of $110,703.45. Following the completion of the sale, the chief accounting officer owned 12,052 shares in the company, valued at $672,140.04. This trade represents a 14.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lorenzo Simonelli sold 272,594 shares of Baker Hughes 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 owned 866,444 shares in the company, valued at $50,938,242.76. This represents a 23.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 590,251 shares of company stock worth $35,311,023. Company insiders own 0.27% of the company’s stock.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $54.26 on Monday. The firm’s fifty day simple moving average is $57.31 and its 200 day simple moving average is $50.84. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.28. Baker Hughes Company has a twelve month low of $33.60 and a twelve month high of $67.00. The firm has a market capitalization of $53.62 billion, a price-to-earnings ratio of 20.87, a PEG ratio of 1.47 and a beta of 0.83.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings data on Monday, January 26th. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.67 by $0.11. The company had revenue of $7.39 billion for the quarter, compared to analyst estimates of $7.09 billion. Baker Hughes had a return on equity of 14.26% and a net margin of 9.33%.The firm’s revenue was up .3% compared to the same quarter last year. During the same period last year, the company posted $0.70 earnings per share. As a group, equities research analysts expect that Baker Hughes Company will post 2.59 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 17th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.92 annualized dividend and a yield of 1.7%. Baker Hughes’s payout ratio is 35.38%.

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.