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In recent stock transactions, Maria C. Borras, the Executive Vice President of Oilfield Services & Equipment at Baker Hughes Co (NASDAQ:BKR), sold a significant portion of her holdings. The transactions, filed with the Securities and Exchange Commission, reveal that Borras sold a total of 75,250 shares of Class A Common Stock, amounting to approximately $3.28 million. The shares were sold at prices ranging from $43.48 to $44.77 per share.
Additionally, Borras engaged in other transactions involving the company’s stock. On January 24 and January 27, she acquired a total of 141,897 shares through stock option exercises, which were later offset by the sale of shares. These acquisitions were executed at no cost, as they were part of stock unit conversions. With the stock trading near its InvestingPro Fair Value and analysts setting a high target of $55, investors can access comprehensive insider trading analysis and 8 additional ProTips through InvestingPro’s detailed research reports.
Borras’s stock activities also included the disposition of shares to cover tax obligations, amounting to $2,300,358, with share prices ranging from $43.55 to $45.55. Following these transactions, Borras holds 106,052 shares directly in Baker Hughes.
These transactions were conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock, helping to avoid any potential accusations of insider trading.
In other recent news, financial institutions Goldman Sachs and RBC Capital Markets have adjusted their outlooks for Baker Hughes, with Goldman Sachs raising its stock target to $52 and RBC Capital Markets to $49, while both maintaining positive ratings. These adjustments come in anticipation of Baker Hughes’ upcoming fourth-quarter earnings and are based on the strength of the company’s diverse portfolio and unique growth drivers. The company has shown robust revenue growth of 11.08% over the last twelve months.
Baker Hughes has also reported a record quarterly EBITDA in its third quarter 2024 earnings call, marking a 20% year-on-year EBITDA growth for the third consecutive quarter, although the company’s Q3 revenue fell slightly short due to project delays. However, recovery is expected in Q4 and Q1.
In addition to financial developments, Baker Hughes has expanded its operations in Namibia with the inauguration of a new liquid mud plant at Walvis Bay Port, the largest of its kind in the country. The company has also secured substantial contracts with Brazilian state-run oil company Petrobras for the supply of flexible pipe systems for Brazil’s pre-salt oilfields. These are the recent developments that investors should consider.
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