Wealth Enhancement Advisory Services LLC boosted its position in shares of Baker Hughes Inc. (NYSE:BHI) by 14.2% during the second quarter, Holdings Channel reports. The fund owned 27,635 shares of the oilfield services provider’s stock after buying an additional 3,426 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Baker Hughes were worth $1,247,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. Tocqueville Asset Management L.P. boosted its position in shares of Baker Hughes by 145.8% in the second quarter. Tocqueville Asset Management L.P. now owns 14,750 shares of the oilfield services provider’s stock worth $666,000 after buying an additional 8,750 shares during the last quarter. BP PLC raised its stake in Baker Hughes by 77.4% in the second quarter. BP PLC now owns 55,000 shares of the oilfield services provider’s stock worth $2,482,000 after buying an additional 24,000 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its stake in Baker Hughes by 0.7% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 32,886 shares of the oilfield services provider’s stock worth $1,484,000 after buying an additional 232 shares during the period. Concert Wealth Management Inc. bought a new stake in Baker Hughes during the second quarter worth about $238,000. Finally, Cypress Capital Management LLC WY bought a new stake in Baker Hughes during the second quarter worth about $168,000. 89.30% of the stock is owned by institutional investors and hedge funds.
Baker Hughes Inc. (NYSE:BHI) traded down 1.03% during midday trading on Friday, hitting $51.96. 2,120,805 shares of the stock were exchanged. The stock’s market cap is $22.23 billion. The firm’s 50-day moving average is $50.21 and its 200 day moving average is $46.95. Baker Hughes Inc. has a 52 week low of $37.58 and a 52 week high of $56.81.
Baker Hughes (NYSE:BHI) last released its quarterly earnings data on Thursday, July 28th. The oilfield services provider reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.59) by $0.31. The business had revenue of $2.40 billion for 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 quarter last year, the company earned ($0.14) EPS. Equities research analysts expect that Baker Hughes Inc. will post ($2.21) EPS for the current fiscal year.
BHI has been the subject of a number of analyst reports. Loop Capital initiated coverage on Baker Hughes in a research report on Friday, September 30th. They issued a “hold” rating and a $52.00 price target for the company. Citigroup Inc. upped their price target on Baker Hughes from $54.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, August 31st. RBC Capital Markets restated an “outperform” rating and issued a $59.00 price target (up from $50.00) on shares of Baker Hughes in a research report on Monday. 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 research report on Monday, June 27th. Finally, Scotiabank restated a “sector outperform” rating and issued a $56.00 price target (up from $49.00) on shares of Baker Hughes in a research report on Sunday, July 31st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $53.42.
In other Baker Hughes news, SVP Alan R. Crain, Jr. sold 1,226 shares of the company’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 completion of the transaction, the senior vice president now owns 50,159 shares in the company, valued at approximately $2,407,632. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Alan R. Crain, Jr. sold 25,999 shares of the company’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $50.93, for a total transaction of $1,324,129.07. Following the completion of the transaction, the senior vice president now owns 24,160 shares of the company’s stock, valued at approximately $1,230,468.80. The disclosure for this sale can be found here. Corporate 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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