Whittier Trust Co. of Nevada Inc. boosted its stake in Baker Hughes Inc. (NYSE:BHI) by 10.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,641 shares of the oilfield services provider’s stock after buying an additional 5,524 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Baker Hughes were worth $2,601,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Citizens Financial Group Inc RI raised its position in shares of Baker Hughes by 14.5% in the first quarter. Citizens Financial Group Inc RI now owns 2,837 shares of the oilfield services provider’s stock valued at $125,000 after buying an additional 360 shares during the last quarter. Indiana Trust & Investment Management CO purchased a new position in shares of Baker Hughes during the second quarter valued at $203,000. Creative Planning raised its position in shares of Baker Hughes by 27.4% in the second quarter. Creative Planning now owns 4,627 shares of the oilfield services provider’s stock valued at $209,000 after buying an additional 996 shares during the last quarter. Alpha Windward LLC raised its position in shares of Baker Hughes by 17.4% in the second quarter. Alpha Windward LLC now owns 4,646 shares of the oilfield services provider’s stock valued at $210,000 after buying an additional 689 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in shares of Baker Hughes during the second quarter valued at $230,000. 89.30% of the stock is currently owned by institutional investors.
Baker Hughes Inc. (NYSE:BHI) traded up 2.70% during mid-day trading on Wednesday, hitting $51.31. The company’s stock had a trading volume of 4,137,947 shares. The firm’s market cap is $21.96 billion. Baker Hughes Inc. has a 52-week low of $37.58 and a 52-week high of $58.23. The firm has a 50 day moving average of $50.06 and a 200-day moving average of $46.64.
Baker Hughes (NYSE:BHI) last announced its quarterly earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by $0.31. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.34 billion. Baker Hughes had a negative return on equity of 4.46% and a negative net margin of 25.14%. The firm’s quarterly revenue was down 39.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.14) earnings per share. On average, equities research analysts expect that Baker Hughes Inc. will post ($2.21) EPS for the current fiscal year.
Several analysts have recently issued reports on BHI shares. FBR & Co reiterated a “buy” rating on shares of Baker Hughes in a research note on Friday, July 29th. BMO Capital Markets reiterated a “buy” rating and set a $50.00 price target on shares of Baker Hughes in a research note on Friday, July 29th. Citigroup Inc. reiterated a “buy” rating on shares of Baker Hughes in a research note on Saturday, June 25th. Vetr upgraded Baker Hughes from a “sell” rating to a “buy” rating and set a $51.17 price target for the company in a research note on Monday, June 13th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of Baker Hughes in a research note on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the stock. Baker Hughes has a consensus rating of “Buy” and a consensus price target of $53.09.
In related news, SVP Alan R. Crain, Jr. sold 7,000 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $47.01, for a total value of $329,070.00. Following the completion of the sale, the senior vice president now directly owns 51,385 shares in the company, valued at $2,415,608.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alan J. Keifer sold 17,434 shares of the stock in a transaction on Friday, August 19th. The shares were sold at an average price of $52.70, for a total value of $918,771.80. Following the completion of the sale, the vice president now owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
About Baker Hughes
Baker Hughes Incorporated is engaged in the oilfield services industry. The Company is a supplier of oilfield services, products, technology and systems used in the oil and natural gas industry around the world. The Company also provides industrial products and services for other businesses, including downstream chemicals, and process and pipeline services.
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