BlackRock Advisors LLC reduced its position in shares of Baker Hughes Inc. (NYSE:BHI) by 5.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,028,862 shares of the oilfield services provider’s stock after selling 54,627 shares during the period. BlackRock Advisors LLC owned 0.24% of Baker Hughes worth $46,433,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Baker Hughes by 1.5% in the second quarter. Vanguard Group Inc. now owns 27,592,238 shares of the oilfield services provider’s stock worth $1,245,237,000 after buying an additional 404,395 shares in the last quarter. State Street Corp increased 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 valued at $962,312,000 after buying an additional 1,206,147 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Baker Hughes by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 11,404,351 shares of the oilfield services provider’s stock valued at $499,853,000 after buying an additional 95,193 shares in the last quarter. Wellington Management Group LLP increased 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 valued at $247,485,000 after buying an additional 3,081,050 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased 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 valued at $189,264,000 after buying an additional 4,251,600 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Baker Hughes Inc. (NYSE:BHI) opened at 48.40 on Monday. The firm’s market capitalization is $20.71 billion. The company’s 50-day moving average price is $49.18 and its 200-day moving average price is $46.19. Baker Hughes Inc. has a 1-year low of $37.58 and a 1-year high of $58.23.

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 Zacks’ consensus estimate of ($0.59) by $0.31. Baker Hughes had a negative net margin of 25.14% and a negative return on equity of 4.46%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the previous year, the business earned ($0.14) EPS. The company’s revenue for the quarter was down 39.3% on a year-over-year basis. Equities research analysts expect that Baker Hughes Inc. will post ($2.22) earnings per share for the current fiscal year.

Several research analysts have recently commented on BHI shares. Vetr upgraded Baker Hughes from a “sell” rating to a “buy” rating and set a $51.17 target price for the company in a research note on Monday, June 13th. BMO Capital Markets reissued a “buy” rating and set a $50.00 price target on shares of Baker Hughes in a report on Friday, July 29th. Deutsche Bank AG lifted their price target on Baker Hughes from $38.00 to $52.00 and gave the stock a “hold” rating in a report on Monday, August 1st. Citigroup Inc. dropped their price target on Baker Hughes from $54.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, July 13th. Finally, GMP Securities cut Baker Hughes from a “buy” rating to a “hold” rating in a report on Monday, July 11th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. Baker Hughes currently has a consensus rating of “Buy” and an average target price of $53.62.

In other news, VP Alan J. Keifer sold 17,434 shares of the firm’s 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 transaction, the vice president now directly owns 41,374 shares of the company’s stock, valued at $2,180,409.80. The sale 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 1,226 shares of the firm’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $48.00, for a total value of $58,848.00. Following the transaction, the senior vice president now directly owns 50,159 shares in the company, valued at $2,407,632. 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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