5 Cheap Oil Stocks to Buy Today

3. Baker Hughes Company (NASDAQ:BKR)

Number Of Hedge Fund Holders: 39

Share Price as of July 28: $24.98

Baker Hughes Company (NASDAQ:BKR) is an American international industrial service company and one of the world’s largest oil field services companies. The company provides the oil and gas industry with products and services for oil drilling, formation evaluation, completion, production and reservoir consulting.

RBC Capital analyst Keith Mackey lowered the price target on Baker Hughes Company (NASDAQ:BKR) to $36 from $41 but maintained an Outperform rating on the shares on July 21. The company’s Q2 results were below expectations as headwinds in Russia compounded existing supply chain constraints, the analyst tells investors in a research note. Mackey adds, however, that he continues to see long-term value in Baker Hughes Company (NASDAQ:BKR) shares as the LNG cycle progresses and with its oilfield businesses remaining an “important catalyst”.

According to Insider Monkey’s Q1 2022 database, 39 hedge funds reported owning stakes in Baker Hughes Company (NASDAQ:BKR), valued at $936.1 million. In the previous quarter, 35 hedge funds held a $747.8 million worth of stake in the Texas-based company.

Here is what Carillon Eagle Mid Cap Growth Fund has to say about Baker Hughes Company (NASDAQ:BKR) in its Q1 2022 investor letter:

“Baker Hughes (NYSE:BKR), a diversified energy technology and equipment company, is currently seeing a number of tailwinds across its numerous lines of business. In the near term, the company should benefit from the recovery in oil field capital expenditure. In the intermediate term, it also should be able to benefit from the build-out of liquefied natural gas infrastructure to assist European nations in their efforts to reduce their reliance on Russian natural gas. Additionally, Baker Hughes offers carbon capture technologies to help customers meet lofty climate-friendly targets.”