Allspring Global Investments Holdings LLC Purchases 871,435 Shares of Baker Hughes Company $BKR

Allspring Global Investments Holdings LLC boosted its holdings in Baker Hughes Company (NASDAQ:BKR) by 10.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,289,649 shares of the company’s stock after purchasing an additional 871,435 shares during the quarter. Baker Hughes comprises approximately 0.7% of Allspring Global Investments Holdings LLC’s investment portfolio, making the stock its 14th largest holding. Allspring Global Investments Holdings LLC owned about 0.94% of Baker Hughes worth $437,914,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Brookstone Capital Management raised its holdings in shares of Baker Hughes by 4.6% in the 4th quarter. Brookstone Capital Management now owns 51,833 shares of the company’s stock worth $2,360,000 after acquiring an additional 2,272 shares during the last quarter. ORG Wealth Partners LLC boosted its stake in Baker Hughes by 160.3% during the 4th quarter. ORG Wealth Partners LLC now owns 5,669 shares of the company’s stock valued at $258,000 after purchasing an additional 3,491 shares during the last quarter. Spire Wealth Management increased its holdings in Baker Hughes by 523.9% during the 4th quarter. Spire Wealth Management now owns 6,370 shares of the company’s stock worth $290,000 after purchasing an additional 5,349 shares in the last quarter. Chesley Taft & Associates LLC raised its stake in shares of Baker Hughes by 2.9% in the fourth quarter. Chesley Taft & Associates LLC now owns 10,612 shares of the company’s stock worth $483,000 after purchasing an additional 295 shares during the last quarter. Finally, USA Financial Formulas purchased a new stake in shares of Baker Hughes in the fourth quarter worth approximately $830,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Price Performance

Shares of NASDAQ:BKR opened at $60.68 on Tuesday. The company has a market capitalization of $59.97 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 1.71 and a beta of 0.83. The company’s 50-day moving average is $59.62 and its 200 day moving average is $51.98. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.00 and a current ratio of 1.36. Baker Hughes Company has a fifty-two week low of $33.60 and a fifty-two week high of $67.00.

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

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 27th. Investors of record on Tuesday, February 17th were paid a $0.23 dividend. The ex-dividend date was Tuesday, February 17th. This represents a $0.92 annualized dividend and a yield of 1.5%. Baker Hughes’s dividend payout ratio is presently 35.38%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BKR shares. JPMorgan Chase & Co. lifted their target price on Baker Hughes from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Johnson Rice began coverage on Baker Hughes in a research note on Wednesday, February 25th. They set a “buy” rating and a $68.00 price objective on the stock. Susquehanna lifted their price objective on shares of Baker Hughes from $58.00 to $65.00 and gave the stock a “positive” rating in a report on Tuesday, January 27th. iA Financial set a $60.00 target price on shares of Baker Hughes in a report on Tuesday, January 27th. Finally, Argus raised their price target on shares of Baker Hughes from $55.00 to $67.00 in a research report on Tuesday, January 27th. Twenty investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.61.

Insider Transactions at Baker Hughes

In other news, CAO Rebecca L. Charlton sold 1,985 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer owned 12,052 shares of the company’s stock, valued at $672,140.04. This represents a 14.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William G. Beattie sold 18,023 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $57.29, for a total value of $1,032,537.67. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 590,251 shares of company stock valued at $35,311,023 in the last three months. 0.27% of the stock is currently owned by company insiders.

Baker Hughes 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.