Insider Selling: Baker Hughes (NASDAQ:BKR) CEO Sells $4,000,010.00 in Stock

Baker Hughes (NASDAQ:BKR) CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the transaction, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at $17,571,855. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Lorenzo Simonelli also recently made the following trade(s):

• On Thursday, August 1st, Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock. The shares were sold at an average price of $38.55, for a total value of $4,405,725.30.

Baker Hughes Stock Down 0.2 %

NASDAQ:BKR opened at $34.75 on Thursday. The business’s fifty day moving average price is $34.56 and its 200 day moving average price is $32.69. The firm has a market capitalization of $34.68 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 0.61 and a beta of 1.41. The company has a current ratio of 1.27, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05.

Baker Hughes (NASDAQ:BKR) last issued its earnings results on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.08. The company had revenue of $7.10 billion for the quarter, compared to the consensus estimate of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 EPS. On average, sell-side analysts forecast that Baker Hughes will post 2.2 earnings per share for the current fiscal year.

Baker Hughes Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th will be given a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a yield of 2.42%. Baker Hughes’s payout ratio is 46.93%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Piper Sandler lowered their price objective on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Bank of America cut their target price on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 15th. TD Cowen lifted their price target on shares of Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Finally, Stifel Nicolaus increased their price objective on Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Institutional Investors Weigh In On Baker Hughes

A number of institutional investors have recently modified their holdings of BKR. Sequoia Financial Advisors LLC boosted its position in Baker Hughes by 106.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 11,755 shares of the company’s stock valued at $402,000 after purchasing an additional 6,062 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Baker Hughes by 34.6% during the 4th quarter. Cerity Partners LLC now owns 19,216 shares of the company’s stock worth $657,000 after purchasing an additional 4,944 shares in the last quarter. Graypoint LLC lifted its holdings in shares of Baker Hughes by 8.7% during the 4th quarter. Graypoint LLC now owns 13,398 shares of the company’s stock valued at $458,000 after buying an additional 1,077 shares during the last quarter. WCM Investment Management LLC grew its stake in shares of Baker Hughes by 4.8% in the 4th quarter. WCM Investment Management LLC now owns 81,574 shares of the company’s stock valued at $2,790,000 after buying an additional 3,739 shares in the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in Baker Hughes in the fourth quarter worth approximately $4,813,000. Institutional investors and hedge funds own 92.06% of the company’s stock.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.