35,401 Shares in Baker Hughes Company $BKR Acquired by Allstate Corp

Allstate Corp purchased a new stake in Baker Hughes Company (NASDAQ:BKR) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 35,401 shares of the company’s stock, valued at approximately $1,725,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Forum Financial Management LP boosted its position in shares of Baker Hughes by 1.4% during the second quarter. Forum Financial Management LP now owns 17,255 shares of the company’s stock worth $662,000 after buying an additional 233 shares during the period. Steward Partners Investment Advisory LLC lifted its stake in Baker Hughes by 4.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 6,790 shares of the company’s stock valued at $260,000 after acquiring an additional 275 shares in the last quarter. CWM LLC boosted its position in Baker Hughes by 0.6% during the 3rd quarter. CWM LLC now owns 44,731 shares of the company’s stock worth $2,179,000 after acquiring an additional 287 shares during the last quarter. V Square Quantitative Management LLC boosted its position in Baker Hughes by 1.4% during the 2nd quarter. V Square Quantitative Management LLC now owns 21,758 shares of the company’s stock worth $834,000 after acquiring an additional 292 shares during the last quarter. Finally, STF Management LP grew its stake in shares of Baker Hughes by 2.2% during the 2nd quarter. STF Management LP now owns 14,987 shares of the company’s stock worth $575,000 after acquiring an additional 322 shares in the last quarter. Institutional investors own 92.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BKR shares. Piper Sandler boosted their price objective on shares of Baker Hughes from $50.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Bank of America lifted their target price on Baker Hughes from $52.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Zephirin Group increased their price target on Baker Hughes from $37.00 to $40.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Susquehanna raised their price target on Baker Hughes from $56.00 to $58.00 and gave the company a “positive” rating in a research note on Wednesday, January 7th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 price target on shares of Baker Hughes in a research report on Thursday, January 15th. Twenty-three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.04.

Baker Hughes Stock Performance

BKR opened at $51.26 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.41 and a quick ratio of 1.00. The company has a market capitalization of $50.58 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 1.64 and a beta of 0.89. The business has a fifty day simple moving average of $48.10 and a 200 day simple moving average of $46.30. Baker Hughes Company has a 1 year low of $33.60 and a 1 year high of $52.33.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Thursday, October 23rd. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.06. Baker Hughes had a net margin of 10.43% and a return on equity of 14.22%. The company had revenue of $7.01 billion during the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter in the previous year, the business posted $0.67 earnings per share. Baker Hughes’s quarterly revenue was up 1.5% on a year-over-year basis. Research analysts expect that Baker Hughes Company will post 2.59 EPS for the current year.

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.