ValueAct Capital Master Fund, LP disclosed that they own 7% of Baker Hughes Inc. (NYSE:BHI) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Monday, October 3rd. The investor owns 29,886,200 shares of the stock worth about $1,508,356,514. The reporting parties listed on the disclosure included ValueAct Capital Master Fund, LP, ValueAct CoInvest Master Fund, LP, VA Partners I, LLC, ValueAct Capital Management, LP, ValueAct Capital Management, LLC, ValueAct Holdings, LP and ValueAct Holdings GP, LLC. The disclosure is available through Edgar at this hyperlink.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Winslow Asset Management Inc. increased its stake in shares of Baker Hughes by 0.5% in the second quarter. Winslow Asset Management Inc. now owns 5,025 shares of the oilfield services provider’s stock valued at $227,000 after buying an additional 25 shares during the period. Synovus Financial Corp increased its stake in Baker Hughes by 1.2% in the second quarter. Synovus Financial Corp now owns 4,745 shares of the oilfield services provider’s stock worth $216,000 after buying an additional 55 shares during the last quarter. Nippon Life Insurance Co. increased its stake in Baker Hughes by 0.4% in the second quarter. Nippon Life Insurance Co. now owns 26,117 shares of the oilfield services provider’s stock worth $1,179,000 after buying an additional 101 shares during the last quarter. Conning Inc. increased its stake in Baker Hughes by 1.2% in the second quarter. Conning Inc. now owns 10,540 shares of the oilfield services provider’s stock worth $476,000 after buying an additional 120 shares during the last quarter. Finally, Security National Bank of SO Dak increased its stake in Baker Hughes by 1.0% in the second quarter. Security National Bank of SO Dak now owns 12,304 shares of the oilfield services provider’s stock worth $556,000 after buying an additional 120 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors and hedge funds.
Shares of Baker Hughes Inc. (NYSE:BHI) opened at 50.47 on Monday. Baker Hughes Inc. has a 52 week low of $37.58 and a 52 week high of $58.23. The firm’s 50 day moving average is $50.07 and its 200-day moving average is $46.58. The firm’s market cap is $21.60 billion.
Baker Hughes (NYSE:BHI) last released its quarterly earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.59) by $0.31. The company earned $2.40 billion during the quarter, compared to analyst estimates of $2.34 billion. Baker Hughes had a negative net margin of 25.14% and a negative return on equity of 4.46%. The firm’s quarterly revenue was down 39.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.14) EPS. Equities research analysts predict that Baker Hughes Inc. will post ($2.21) EPS for the current year.
A number of equities research analysts recently issued reports on BHI shares. Nomura upped their target price on Baker Hughes from $38.00 to $43.00 and gave the company a “neutral” rating in a research note on Tuesday, August 16th. Citigroup Inc. reaffirmed a “buy” rating on shares of Baker Hughes in a research note on Saturday, June 25th. Vetr upgraded Baker Hughes from a “buy” rating to a “strong-buy” rating and set a $51.07 price target for the company in a report on Monday, June 27th. Scotiabank reiterated a “sector outperform” rating and issued a $56.00 price target (up from $49.00) on shares of Baker Hughes in a report on Sunday, July 31st. Finally, Loop Capital started coverage on Baker Hughes in a report on Friday. They issued a “hold” rating and a $52.00 price target for the company. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $53.09.
In related news, SVP Alan R. Crain, Jr. sold 1,226 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $48.00, for a total transaction of $58,848.00. Following the completion of the transaction, the senior vice president now owns 50,159 shares in the company, valued at $2,407,632. The sale was disclosed in a filing 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 stock was sold at an average price of $52.70, for a total transaction of $918,771.80. Following the transaction, the vice president now owns 41,374 shares of the company’s stock, valued at approximately $2,180,409.80. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
Baker Hughes Company Profile
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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