Gluskin Sheff & Assoc Inc. bought a new stake in Baker Hughes Inc. (NYSE:BHI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 84,420 shares of the oilfield services provider’s stock, valued at approximately $3,810,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BHI. Canada Pension Plan Investment Board raised its position in shares of Baker Hughes by 6,389.6% in the first quarter. Canada Pension Plan Investment Board now owns 4,318,139 shares of the oilfield services provider’s stock worth $189,264,000 after buying an additional 4,251,600 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Baker Hughes by 120.1% in the first quarter. Wellington Management Group LLP now owns 5,646,448 shares of the oilfield services provider’s stock worth $247,485,000 after buying an additional 3,081,050 shares in the last quarter. State Street Corp raised its position in shares of Baker Hughes by 5.8% in the first quarter. State Street Corp now owns 21,955,686 shares of the oilfield services provider’s stock worth $962,312,000 after buying an additional 1,206,147 shares in the last quarter. Cambiar Investors LLC bought a new position in shares of Baker Hughes during the second quarter worth approximately $53,526,000. Finally, Magnetar Financial LLC raised its position in shares of Baker Hughes by 143.4% in the first quarter. Magnetar Financial LLC now owns 1,770,173 shares of the oilfield services provider’s stock worth $77,587,000 after buying an additional 1,042,902 shares in the last quarter. 89.30% of the stock is currently owned by institutional investors.
Baker Hughes Inc. (NYSE:BHI) traded up 2.70% on Wednesday, reaching $51.31. The company’s stock had a trading volume of 4,137,947 shares. Baker Hughes Inc. has a 12 month low of $37.58 and a 12 month high of $58.23. The stock’s 50 day moving average price is $50.06 and its 200 day moving average price is $46.64. The company’s market cap is $21.96 billion.
Baker Hughes (NYSE:BHI) last announced its quarterly earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.59) by $0.31. The firm earned $2.40 billion during the quarter, compared to the consensus estimate 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 revenue was down 39.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.14) earnings per share. Equities research analysts forecast that Baker Hughes Inc. will post ($2.21) earnings per share for the current year.
A number of research analysts have recently commented on the company. Jefferies Group raised Baker Hughes from an “underperform” rating to a “hold” rating in a report on Sunday, July 10th. Citigroup Inc. lowered their price objective on Baker Hughes from $54.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, July 13th. Deutsche Bank AG increased their price objective on Baker Hughes from $38.00 to $52.00 and gave the company a “hold” rating in a report on Monday, August 1st. Nomura increased their price objective on Baker Hughes from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Tuesday, August 16th. Finally, FBR & Co reissued a “buy” rating on shares of Baker Hughes in a report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $53.09.
In related news, SVP Alan R. Crain, Jr. sold 25,999 shares of the stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $50.93, for a total value of $1,324,129.07. Following the completion of the sale, the senior vice president now directly owns 24,160 shares in the company, valued at $1,230,468.80. 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. 0.60% of the stock is owned by corporate insiders.
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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