Advent International L.P. Invests $72.31 Million in Baker Hughes Company $BKR

Advent International L.P. acquired a new position in shares of Baker Hughes Company (NASDAQ:BKR) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,184,425 shares of the company’s stock, valued at approximately $72,309,000. Baker Hughes accounts for approximately 1.7% of Advent International L.P.’s holdings, making the stock its 10th biggest holding. Advent International L.P. owned about 0.12% of Baker Hughes at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pinion Investment Advisors LLC bought a new position in Baker Hughes in the 4th quarter valued at about $778,000. OP Asset Management Ltd bought a new stake in Baker Hughes during the 1st quarter worth approximately $6,049,000. USA Financial Formulas bought a new stake in Baker Hughes during the 4th quarter worth approximately $830,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Baker Hughes by 17.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 484,310 shares of the company’s stock worth $22,055,000 after purchasing an additional 72,714 shares during the last quarter. Finally, Ninety One UK Ltd raised its stake in shares of Baker Hughes by 28.6% in the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock worth $21,373,000 after purchasing an additional 104,428 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Insider Transactions at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 181,411 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was 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 represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares in the company, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. 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. Insiders sold a total of 367,910 shares of company stock valued at $22,420,797 over the last quarter. Company insiders own 0.19% of the company’s stock.

Baker Hughes Stock Performance

Shares of BKR stock opened at $57.25 on Monday. The company’s fifty day simple moving average is $60.00 and its two-hundred day simple moving average is $59.97. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes Company has a 1 year low of $41.96 and a 1 year high of $70.41. The stock has a market capitalization of $56.80 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.38 and a beta of 0.96.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The company had revenue of $6.59 billion during the quarter, compared to analysts’ expectations of $6.71 billion. During the same quarter in the previous year, the company earned $0.51 earnings per share. Baker Hughes’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, analysts anticipate that Baker Hughes Company will post 2.26 earnings per share for the current year.

Wall Street Analyst Weigh In

BKR has been the subject of a number of recent analyst reports. TD Cowen upped their price objective on shares of Baker Hughes from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Barclays dropped their target price on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Royal Bank Of Canada boosted their target price on Baker Hughes from $68.00 to $71.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Wolfe Research initiated coverage on Baker Hughes in a report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 target price for the company. Finally, HSBC increased their price target on Baker Hughes from $67.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, April 27th. Eighteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.00.

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.