Bank of New York Mellon Corp has reduced its stake in Baker Hughes, selling 1.2 million shares in the third quarter, according to a recent Securities and Exchange Commission filing. Bank of New York Mellon Corp now owns 11.6 million shares, or 1.15%, of the company’s stock. Other institutional investors who recently either reduced or increased their stake in the stock include Vanguard Group, BlackRock, State Street, FMR and Franklin Resources. Insider trading data shows that executive vice president Maria C Borras sold 9,811 shares of the stock on January 31, for a total of $303,454.23. Analysts predict growth for Baker Hughes (NSD:BKR), with 17 firms rating the stock a buy or equivalent.
Overall, Baker Hughes seems to be receiving positive attention from Wall Street analysts and is seeing increased institutional investment from large firms like Vanguard and BlackRock. While Bank of New York Mellon Corp (NYE:BK) has decreased its stake in the company, it still holds a significant portion of Baker Hughes stock. Investors will likely continue to watch the company closely as it navigates the ups and downs of the energy industry, and as it seeks to capitalize on growing demand for alternative energy sources.
Baker Hughes Co Stock Analysis
The projected future target price for Baker Hughes Co, based on forecasts from 20 analysts, is USD 35.59 for the next 12 months, with the average analyst ratings being Strong Buy. Despite this optimistic outlook, Stock Target Advisor’s own analysis of the company’s stock shows a Neutral rating, taking into account 5 positive signals and 6 negative signals. As of the last closing, the stock was priced at USD 27.30, showing a decline of -9.18% over the past week, -15.38% over the past month, and -18.87% over the last year.
Baker Hughes Company offers technology and services to the energy and industrial sectors globally, operating through two segments: Oilfield Services & Equipment and Industrial & Energy Technology. The former provides products and services for onshore and offshore oilfield operations, drilling services, artificial lift systems, and subsea projects, among others. The latter offers gas technology equipment and services, vibration monitoring equipment, inspection services, and precision sensors and instrumentation. It serves various customers, including oil and natural gas companies, geothermal companies, and engineering contractors. The company was formerly known as Baker Hughes, a GE company, and is headquartered in Houston, Texas.