Baker Hughes Inc. (BHI) Shares Sold by PineBridge Investments L.P.
PineBridge Investments L.P. cut its position in Baker Hughes Inc. (NYSE:BHI) by 50.1% during the second quarter, Holdings Channel reports. The firm owned 10,902 shares of the oilfield services provider’s stock after selling 10,963 shares during the period. PineBridge Investments L.P.’s holdings in Baker Hughes were worth $492,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of BHI. Citizens Financial Group Inc RI raised its stake in 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 worth $125,000 after buying an additional 360 shares during the period. Cypress Capital Management LLC WY bought a new stake in Baker Hughes during the second quarter worth about $168,000. Indiana Trust & Investment Management CO bought a new stake in Baker Hughes during the second quarter worth about $203,000. Creative Planning raised its stake in Baker Hughes by 27.4% in the second quarter. Creative Planning now owns 4,627 shares of the oilfield services provider’s stock worth $209,000 after buying an additional 996 shares during the period. Finally, Alpha Windward LLC raised its stake in Baker Hughes by 17.4% in the second quarter. Alpha Windward LLC now owns 4,646 shares of the oilfield services provider’s stock worth $210,000 after buying an additional 689 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.
Baker Hughes Inc. (NYSE:BHI) opened at 48.40 on Monday. Baker Hughes Inc. has a 52-week low of $37.58 and a 52-week high of $58.23. The stock’s 50 day moving average price is $49.18 and its 200 day moving average price is $46.19. The firm’s market capitalization is $20.71 billion.
Baker Hughes (NYSE:BHI) last posted its quarterly earnings data 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 company earned $2.40 billion during 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%. Baker Hughes’s revenue was down 39.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.14) earnings per share. On average, equities analysts anticipate that Baker Hughes Inc. will post ($2.22) earnings per share for the current fiscal year.
A number of research firms have recently issued reports on BHI. Vetr lowered shares of Baker Hughes from a “hold” rating to a “sell” rating and set a $44.75 price target for the company. in a research report on Tuesday, May 31st. Jefferies Group raised shares of Baker Hughes from an “underperform” rating to a “hold” rating in a research report on Sunday, July 10th. Howard Weil raised their price objective on shares of Baker Hughes from $49.00 to $56.00 and gave the company a “sector outperform” rating in a research report on Friday, July 29th. Credit Suisse Group AG set a $56.00 price objective on shares of Baker Hughes and gave the company a “buy” rating in a research report on Monday, August 1st. Finally, FBR & Co reaffirmed a “buy” rating on shares of Baker Hughes in a research report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $53.62.
In related news, VP Alan J. Keifer sold 17,434 shares of Baker Hughes stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $52.70, for a total value of $918,771.80. Following the transaction, the vice president now directly owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Alan R. Crain, Jr. sold 25,999 shares of Baker Hughes stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 24,160 shares in the company, valued at $1,230,468.80. 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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