Baker Hughes: Are Institutional Investors Bearish?

Top investors in Baker Hughes

Capital World Investors, Dodge & Cox, and the Vanguard Group are the top three institutional investors in Baker Hughes (BHGE). They own 11.8%, 9.2%, and 9.0%, respectively, of Baker Hughes’s outstanding shares. According to the latest filings, Capital World Investors and Dodge & Cox added net 3.7 million and 1.0 million Baker Hughes shares, respectively, to their holdings. The Vanguard Group sold net 7.2 million Baker Hughes shares in the second quarter.

Baker Hughes: Are Institutional Investors Bearish?

The above table shows the top institutional investors in Baker Hughes and their latest position changes. Together, the top ten investors hold ~57.8% of Baker Hughes’s outstanding shares.

Position changes

Collectively, the top ten investors sold net 10.3 million Baker Hughes shares during the second quarter. The sale of 7.2 million shares by the Vanguard Group was the largest sale transaction. Seven of the top ten investors reduced their positions in Baker Hughes in the second quarter. The activity likely hints at investors’ bearish sentiments for Baker Hughes.

Millennium Management, not among the top ten investors, bought 3.5 million Baker Hughes shares, according to the latest filings. Recently, Highfields Capital Management sold 4.9 million shares.

Baker Hughes has ~1.1 billion outstanding shares—99.7% are free-floating shares. Institutions own ~94% of Baker Hughes’s outstanding shares. Baker Hughes forms 5.5% of the iShares US Oil Equipment & Services ETF (IEZ).

Next, we’ll see what institutional investors did with their National Oilwell Varco (NOV) positions in the second quarter.