BNP Paribas Arbitrage SA Cuts Stake in Baker Hughes Inc. (BHI)
BNP Paribas Arbitrage SA lowered its position in Baker Hughes Inc. (NYSE:BHI) by 47.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,493 shares of the oilfield services provider’s stock after selling 54,171 shares during the period. BNP Paribas Arbitrage SA’s holdings in Baker Hughes were worth $3,053,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. LPL Financial LLC raised its stake in Baker Hughes by 3.3% in the first quarter. LPL Financial LLC now owns 25,228 shares of the oilfield services provider’s stock worth $996,000 after buying an additional 803 shares during the last quarter. Fulton Bank N.A. raised its stake in Baker Hughes by 9.0% in the second quarter. Fulton Bank N.A. now owns 11,795 shares of the oilfield services provider’s stock worth $532,000 after buying an additional 972 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new stake in Baker Hughes during the second quarter worth $203,000. Park National Corp OH raised its stake in Baker Hughes by 15.9% in the second quarter. Park National Corp OH now owns 49,664 shares of the oilfield services provider’s stock worth $2,241,000 after buying an additional 6,814 shares in the last quarter. Finally, Edge Wealth Management LLC raised its stake in Baker Hughes by 13,395.0% in the second quarter. Edge Wealth Management LLC now owns 78,271 shares of the oilfield services provider’s stock worth $3,537,000 after buying an additional 77,691 shares in the last quarter. 89.33% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Baker Hughes Inc. (NYSE:BHI) traded up 6.37% during midday trading on Wednesday, reaching $64.33. 6,397,451 shares of the company were exchanged. The company has a 50 day moving average price of $56.85 and a 200-day moving average price of $49.98. Baker Hughes Inc. has a 12-month low of $37.58 and a 12-month high of $64.72. The stock’s market capitalization is $27.66 billion.
Baker Hughes (NYSE:BHI) last released its quarterly earnings results on Tuesday, October 25th. The oilfield services provider reported ($0.15) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.44) by $0.29. The business earned $2.40 billion during the quarter, compared to the consensus estimate of $2.41 billion. Baker Hughes had a negative return on equity of 5.07% and a negative net margin of 30.97%. The business’s quarterly revenue was down 37.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.05) EPS. On average, analysts forecast that Baker Hughes Inc. will post ($1.61) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Monday, November 7th were paid a dividend of $0.17 per share. The ex-dividend date was Thursday, November 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.06%. Baker Hughes’s dividend payout ratio is currently -8.89%.
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A number of equities research analysts have recently commented on BHI shares. Howard Weil upped their price objective on shares of Baker Hughes from $56.00 to $62.00 and gave the company a “sector outperform” rating in a research note on Thursday, October 27th. Jefferies Group upped their price objective on shares of Baker Hughes from $48.00 to $57.00 and gave the company a “hold” rating in a research note on Tuesday, November 15th. Argus reaffirmed a “buy” rating and issued a $65.00 price objective (up from $56.00) on shares of Baker Hughes in a research note on Tuesday, November 1st. 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 research note on Tuesday, October 11th. Finally, TheStreet upgraded shares of Baker Hughes from a “sell” rating to a “hold” rating in a research report on Friday, October 28th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $55.63.
In related news, Director Gregory D. Brenneman acquired 85,000 shares of the business’s stock in a transaction that occurred on Monday, November 14th. The stock was bought at an average cost of $58.84 per share, for a total transaction of $5,001,400.00. Following the purchase, the director now owns 89,425 shares in the company, valued at approximately $5,261,767. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Belgacem Chariag sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $58.09, for a total value of $871,350.00. Following the transaction, the vice president now owns 76,768 shares of the company’s stock, valued at $4,459,453.12. The disclosure for this sale can be found here. Company 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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