Insider Buying: Dumais Michael R, Baker Hughes Company [BKR] Director invested 10,000 shares

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Baker Hughes Company shares valued at $243,900 were purchased by Dumais Michael R on Jul 21. At $24.39 per share, Dumais Michael R acquired 10,000 shares. The insider’s holdings grew to 24,977 shares worth approximately $0.57 million following the completion of this transaction.

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Also, Simonelli Lorenzo sold 103,000 shares, netting a total of over 3,851,170 in proceeds. Following the sale of shares at $37.39 each, the insider now holds 472,759 shares.

Before that, Simonelli Lorenzo had sold 103,000 shares from its account. In a trade valued at $3,605,000, the Chairman, President and CEO traded Baker Hughes Company shares for $35.00 each. Upon closing the transaction, the insider’s holdings decreased to 103,000 shares, worth approximately $13.25 million.

As published in a research note from HSBC Securities on April 26, 2022, Baker Hughes Company [BKR] has been rated up from a Hold to a Buy and the price target has been revised to $38.30. This represents a 39.9% premium over Wednesday’s closing price. Analysts at Wells Fargo upgraded the stock from ‘”an Equal weight”‘ to ‘”an Overweight”‘ outlook in a report released in late March. As of January 21, 2022, Susquehanna has reiterated its “Positive” rating for BKR. Earlier on January 21, 2022, Stephens resumed its rating. Their recommendation was “an Overweight” for BKR stock.

Analyzing BKR’s Price Performance

On Wednesday, Baker Hughes Company [NASDAQ: BKR] rose 0.09% to $23.02. The stock’s lowest price that day was $22.865, but it reached a high of $23.60 in the same session. During the last five days, there has been a drop of approximately -9.33%. Over the course of the year, Baker Hughes Company shares have dropped approximately -4.32%. Shares of the company reached a 52-week high of $39.78 on 03/24/22 and a 52-week low of $22.73 on 09/20/22. A 50-day SMA is recorded $25.11, while a 200-day SMA reached $29.47. Nevertheless, trading volume fell to 8.77 million shares from 9.08 million shares the previous day.

Support And Resistance Levels for Baker Hughes Company (BKR)

According to the 24-hour chart, there is a support level at 22.72, which, if violated, would cause prices to drop to 22.43. In the upper region, resistance lies at 23.46. The next price resistance is at 23.90. RSI (Relative Strength Index) is 38.58 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.03, which suggests the price will decrease in the coming days. Percent R is at 91.36%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Baker Hughes Company subject to short interest?

Stocks of Baker Hughes Company saw a sharp rise in short interest on Jul 14, 2022 jumping by 8.62 million shares to 24.42 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 15.8 million shares. A jump of 35.3% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.84 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.84.

Which companies own the most shares of Baker Hughes Company (BKR)?

According to Capital Research & Management Co filings, the company currently owns 120,131,578 shares, which is about 11.87% of the total BKR shares outstanding. The investor’s shares have appreciated by 3,639,015 from its previous 13-F filing of 116492563.0 shares. With the completion of the buy transaction, Capital Research & Management Co’s stake is now worth $2,766,145,810. The Vanguard Group, Inc. acquire a 9.02% interest valued at $2.76 billion while SSgA Funds Management, Inc. purchased a 2,796,843 stake. A total of 5,169,468 shares of Baker Hughes Company were bought by BlackRock Fund Advisors during the quarter, and 13,627,503 were bought by JPMorgan Investment Management, I. In its current portfolio, Fidelity Management & Research Co holds 26,089,135 shares valued at $659.01 million.

In terms of Baker Hughes Company share price expectations, FactSet research, analysts set an average price target of $35.11 in the next 12 months, up nearly 52.17% from the previous closing price of $23.00. Analysts anticipate Baker Hughes Company stock to reach $47.00 by 2022, with the lowest price target being $26.00. In spite of this, 25 analysts ranked Baker Hughes Company stock as a Buy at the end of 2022. On January 21, 2022, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and reiterated coverage with a $33.


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