The Wells Fargo & Company MN Acquires 785,738 Shares of Baker Hughes Inc. (BHI)

The Wells Fargo & Company MN Acquires 785,738 Shares of Baker Hughes Inc. (BHI)

Wells Fargo & Company MN raised its position in Baker Hughes Inc. (NYSE:BHI) by 43.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,606,376 shares of the oilfield services provider’s stock after buying an additional 785,738 shares during the period. Wells Fargo & Company MN’s holdings in Baker Hughes were worth $131,543,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Gluskin Sheff & Assoc Inc. purchased a new position in Baker Hughes during the second quarter worth approximately $3,810,000. Whittier Trust Co. raised its position in Baker Hughes by 8.0% in the second quarter. Whittier Trust Co. now owns 171,173 shares of the oilfield services provider’s stock worth $7,725,000 after buying an additional 12,698 shares during the period. Pacific Heights Asset Management LLC raised its position in Baker Hughes by 22.7% in the second quarter. Pacific Heights Asset Management LLC now owns 135,000 shares of the oilfield services provider’s stock worth $6,093,000 after buying an additional 25,000 shares during the period. Deprince Race & Zollo Inc. purchased a new position in Baker Hughes during the second quarter worth approximately $393,000. Finally, Cambiar Investors LLC purchased a new position in Baker Hughes during the second quarter worth approximately $53,526,000. Hedge funds and other institutional investors own 88.98% of the company’s stock.

Baker Hughes Inc. (NYSE:BHI) opened at 61.74 on Thursday. The firm has a 50-day moving average price of $64.64 and a 200-day moving average price of $54.46. The stock’s market cap is $26.55 billion. Baker Hughes Inc. has a 12 month low of $37.58 and a 12 month high of $68.59.

Baker Hughes (NYSE:BHI) last issued its quarterly earnings data on Tuesday, October 25th. The oilfield services provider reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.29. Baker Hughes had a negative return on equity of 5.07% and a negative net margin of 30.97%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the company earned ($0.05) earnings per share. The firm’s revenue for the quarter was down 37.8% compared to the same quarter last year. Equities research analysts expect that Baker Hughes Inc. will post ($1.76) earnings per share for the current fiscal year.

BHI has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Friday, October 14th. Citigroup Inc. raised their price objective on shares of Baker Hughes from $56.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, October 11th. Argus restated a “buy” rating and issued a $65.00 price objective (up from $56.00) on shares of Baker Hughes in a research report on Tuesday, November 1st. Guggenheim restated a “buy” rating on shares of Baker Hughes in a research report on Thursday, November 10th. Finally, DA Davidson reaffirmed a “buy” rating on shares of Baker Hughes in a research note on Monday, November 14th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $58.86.

In related news, VP Belgacem Chariag sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $58.09, for a total transaction of $871,350.00. Following the sale, the vice president now owns 76,768 shares of the company’s stock, valued at $4,459,453.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gregory D. Brenneman acquired 85,000 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The shares were bought at an average cost of $58.84 per share, for a total transaction of $5,001,400.00. Following the transaction, the director now owns 89,425 shares of the company’s stock, valued at $5,261,767. The disclosure for this purchase can be found here. Corporate insiders own 0.60% of the company’s stock.

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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