CIBC Bancorp USA Inc. Purchases Shares of 172,288 Baker Hughes Company $BKR

CIBC Bancorp USA Inc. purchased a new stake in shares of Baker Hughes Company (NASDAQ:BKR) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 172,288 shares of the company’s stock, valued at approximately $8,394,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Activest Wealth Management lifted its holdings in shares of Baker Hughes by 1,242.5% in the third quarter. Activest Wealth Management now owns 537 shares of the company’s stock valued at $26,000 after buying an additional 497 shares during the period. E Fund Management Hong Kong Co. Ltd. grew its holdings in Baker Hughes by 104.0% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 661 shares of the company’s stock worth $32,000 after acquiring an additional 337 shares during the period. Twin Peaks Wealth Advisors LLC bought a new stake in Baker Hughes in the second quarter worth about $36,000. Spire Wealth Management raised its position in Baker Hughes by 357.8% in the third quarter. Spire Wealth Management now owns 1,021 shares of the company’s stock worth $50,000 after acquiring an additional 798 shares in the last quarter. Finally, N.E.W. Advisory Services LLC lifted its holdings in Baker Hughes by 60.6% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 1,102 shares of the company’s stock valued at $54,000 after acquiring an additional 416 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.

Baker Hughes Price Performance

Shares of Baker Hughes stock opened at $60.35 on Friday. The firm has a market cap of $59.64 billion, a P/E ratio of 23.21, a price-to-earnings-growth ratio of 1.64 and a beta of 0.83. The firm’s 50-day simple moving average is $58.17 and its 200-day simple moving average is $51.21. Baker Hughes Company has a twelve month low of $33.60 and a twelve month high of $67.00. 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 (NASDAQ:BKR) last posted its quarterly earnings results on Monday, January 26th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.11. The firm had revenue of $7.39 billion during the quarter, compared to analyst estimates of $7.09 billion. Baker Hughes had a net margin of 9.33% and a return on equity of 14.26%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.70 earnings per share. As a group, research analysts expect that Baker Hughes Company will post 2.59 EPS for the current fiscal year.

Baker Hughes Dividend Announcement

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

Insider Buying and Selling

In related news, CAO Rebecca L. Charlton sold 1,985 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $55.77, for a total value of $110,703.45. Following the sale, the chief accounting officer owned 12,052 shares of the company’s stock, valued at $672,140.04. The trade was a 14.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Maria Georgia Magno sold 19,150 shares of the business’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $59.11, for a total value of $1,131,956.50. Following the completion of the sale, the insider directly owned 14,588 shares in the company, valued at approximately $862,296.68. This represents a 56.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 590,251 shares of company stock worth $35,311,023 over the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

BKR has been the subject of several research reports. Stifel Nicolaus raised their price objective on shares of Baker Hughes from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Royal Bank Of Canada reissued an “outperform” rating and set a $57.00 target price on shares of Baker Hughes in a research note on Thursday, January 15th. Wall Street Zen upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Barclays lifted their price target on shares of Baker Hughes from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Baker Hughes in a report on Monday, December 29th. Twenty investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.61.

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.