Capital Research & Management Co recently announced the acquisition of new stake in Baker Hughes Company (NASDAQ:BKR). The institutional investor has increased its shareholding in the Energy company by 13.26% to 124.02 million shares with purchase of 14.52 million shares. This fresh investment now brings its stake to 12.38% valued currently at $3.43 billion. In addition, The Vanguard Group, Inc. raised its holdings by 6.24 million to 115.42 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.48% or 1.62 million shares – to 66.7 million shares.
With over 8.33 million Baker Hughes Company (BKR) shares trading Monday and a closing price of $28.19 on the day, the dollar volume was approximately $234.86 million. The shares have shown a negative half year performance of -24.18% and its price on 11/28/22 lost nearly -1.09%. Currently, there are 1.01B common shares owned by the public and among those 999.98M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for BKR have a consensus price objective of $33.29. The analysts have set the share’s price value over the next 12 months at a high of $38.00 and a low of $29.00. The average price target is 15.32% above its recent price level and an upside to the estimated low will see the stock gain 2.79% over that period. But an upside of 25.82% will see the stock hit the forecast high price target while median target price for the stock is $33.00.
Insiders at the company have transacted a total of 90 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 49 of these insider trades were purchases, accounting for 77,297,320 shares. Insider sales of the common stock occurred on 41 occasions, with total insider shares sold totaling 123,096,730 shares.
The top 3 mutual fund holders in Baker Hughes Company are American Funds Investment Company, Washington Mutual Investors Fund, and Vanguard Total Stock Market Index. American Funds Investment Company owns 55.16 million shares of the company’s stock, all valued at over $1.53 billion. Washington Mutual Investors Fund sold -2.99 million shares to see its total holdings shrink to 46.99 million shares valued at over $1.3 billion and representing 4.69% of the shares outstanding. Vanguard Total Stock Market Index bought 0.17 million shares to bring its total holdings to over 30.39 million shares at a value of $840.51 million. Vanguard Total Stock Market Index now owns shares totaling to 3.03% of the shares outstanding.
Shares of Baker Hughes Company (NASDAQ: BKR) opened at $27.93, down -$0.57 from a prior closing price of $28.50. However, the script later moved the day high at 28.45, down -1.09%. The company’s stock has a 5-day price change of -3.23% and 7.47% over the past three months. BKR shares are trading 17.17% year to date (YTD), with the 12-month market performance up to 22.25% higher. It has a 12-month low price of $20.42 and touched a high of $39.78 over the same period. BKR has an average intraday trading volume of 9.11 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.94%, 9.08%, and -4.54% respectively.
Institutional ownership of Baker Hughes Company (NASDAQ: BKR) 1.01B shares outstanding. Mutual fund holders own 7.82%, while other institutional holders and individual stakeholders account for 73.63% and 26.72% respectively.
It has a market capitalization of $29.08B and a beta (3y monthly) value of 1.53. The earnings-per-share (ttm) stands at -$0.45. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.05% over the week and 3.30% over the month.
Analysts forecast that Baker Hughes Company (BKR) will achieve an EPS of $0.39 for the current quarter, $0.31 for the next quarter and $1.66 for 2023. The lowest estimate earnings-per-share for the quarter is $0.32 while analysts give the company a high EPS estimate of $0.44. Comparatively, EPS for the current quarter was $0.25 a year ago. Earnings per share for the fiscal year are expected to increase by 98.20%, and 79.91% over the next financial year. EPS should grow at an annualized rate of 49.30% over the next five years, compared to 46.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Baker Hughes Company (BKR) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 17 Wall Street analysts polled rate the stock as a buy, while 7 of the 26 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BKR, a number of firms have released research notes about the stock. Wells Fargo stated their Equal Weight rating for the stock in a research note on October 26, 2022, with the firm’s price target at $29. Jefferies coverage for the Baker Hughes Company (BKR) stock in a research note released on October 19, 2022 offered a Buy rating with a price target of $35. HSBC Securities was of a view on April 26, 2022 that the stock is Buy, while Wells Fargo gave the stock Overweight rating on March 31, 2022, issuing a price target of $28- $43. Susquehanna on their part issued Positive rating on January 21, 2022.
