Baker Hughes Company (BKR) Rose with Crude Oil Prices

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Rising bond rates and the Federal Reserve’s shift to a more hawkish stance put pressure on stocks in the third quarter. The strategy underperformed its Russell 3000 Index in the third quarter. Overall stock selection and sector allocation detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Select Strategy highlighted stocks like Baker Hughes Company (NASDAQ:BKR) in its Q3 2023 investor letter. Headquartered in Houston, Texas, Baker Hughes Company (NASDAQ:BKR) provides technologies and services to energy and industrial value chains. On December 7, 2023, Baker Hughes Company (NASDAQ:BKR) stock closed at $31.73 per share. One-month return of Baker Hughes Company (NASDAQ:BKR) was -7.60%, and its shares gained 17.04% of their value over the last 52 weeks. Baker Hughes Company (NASDAQ:BKR) has a market capitalization of $32.15 billion.

ClearBridge Select Strategy made the following comment about Baker Hughes Company (NASDAQ:BKR) in its Q3 2023 investor letter:

“Performance was boosted in the quarter by the Strategy’s more economically-sensitive holdings among steady compounders and evolving opportunities. Oilfield equipment and services provider Baker Hughes Company (NASDAQ:BKR), meanwhile, benefited from a $20 rise in crude oil prices as well as disciplined execution.”

An oil rig in the middle of an ocean reflecting the sunset.

Baker Hughes Company (NASDAQ:BKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Baker Hughes Company (NASDAQ:BKR) at the end of third quarter which was 34 in the previous quarter.

We discussed Baker Hughes Company (NASDAQ:BKR) in another article and shared the list of best LNG and LNG shipping stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.