Independent Investors Inc. continued to hold its stake in Baker Hughes Inc. (NYSE:BHI) during the second quarter, Holdings Channel reports. The fund owned 20,200 shares of the oilfield services provider’s stock at the end of the second quarter. Independent Investors Inc.’s holdings in Baker Hughes were worth $911,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of BHI. Wellington Management Group LLP raised its stake in 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 valued at $247,485,000 after buying an additional 3,081,050 shares during the period. Simmons Bank purchased a new stake in Baker Hughes during the first quarter valued at about $391,000. Geode Capital Management LLC raised its stake in Baker Hughes by 2.5% in the first quarter. Geode Capital Management LLC now owns 3,522,844 shares of the oilfield services provider’s stock valued at $154,090,000 after buying an additional 87,367 shares during the period. Riverhead Capital Management LLC purchased a new stake in Baker Hughes during the first quarter valued at about $731,000. Finally, AXA raised its stake in Baker Hughes by 1.2% in the first quarter. AXA now owns 107,300 shares of the oilfield services provider’s stock valued at $4,703,000 after buying an additional 1,260 shares during the period. 89.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Baker Hughes Inc. (NYSE:BHI) traded up 0.49% on Tuesday, reaching $51.60. 3,533,482 shares of the company were exchanged. The firm’s market capitalization is $22.08 billion. The stock’s 50-day moving average is $50.23 and its 200 day moving average is $47.12. Baker Hughes Inc. has a 12-month low of $37.58 and a 12-month high of $56.17.
Baker Hughes (NYSE:BHI) last posted its earnings results on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.59) by $0.31. The company had revenue of $2.40 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm earned ($0.14) EPS. On average, analysts forecast that Baker Hughes Inc. will post ($2.21) EPS for the current year.
Several analysts have issued reports on the stock. RBC Capital Markets reaffirmed an “outperform” rating and set a $59.00 price target (up from $50.00) on shares of Baker Hughes in a research report on Monday, October 10th. Citigroup Inc. upped their price objective on shares of Baker Hughes from $56.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, October 11th. Royal Bank Of Canada upped their price objective on shares of Baker Hughes from $50.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, October 10th. Zacks Investment Research upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Friday. Finally, Nomura upped their price objective on shares of Baker Hughes from $38.00 to $43.00 and gave the company a “neutral” rating in a report on Tuesday, August 16th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $52.86.
In other Baker Hughes news, VP Alan J. Keifer sold 17,434 shares of Baker Hughes stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $52.70, for a total transaction of $918,771.80. Following the completion of the transaction, the vice president now owns 41,374 shares of the company’s stock, valued at approximately $2,180,409.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Alan R. Crain, Jr. sold 3,000 shares of Baker Hughes stock in a transaction dated Friday, October 7th. The shares were sold at an average price of $53.00, for a total value of $159,000.00. Following the transaction, the senior vice president now directly owns 21,160 shares of the company’s stock, valued at approximately $1,121,480. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.
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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