Should You Hold Baker Hughes Company (BKR) Stock?

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered negative returns. The portfolio recorded impressive gains at the beginning of the quarter. In contrast, there was a disappointing selloff at the end of the quarter. The Russell Midcap Growth Index was 0.65% down compared to a 4.92% decline for its counterpart, the Russell Midcap Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

In the third-quarter letter, Carillon Tower Advisers discussed stocks like Baker Hughes Company (NASDAQ:BKR). Based in Houston, Texas, Baker Hughes Company (NASDAQ:BKR) is an energy technology company. On October 27, 2022, Baker Hughes Company (NASDAQ:BKR) stock closed at $27.03 per share. One-month return of Baker Hughes Company (NASDAQ:BKR) was 28.96% and its shares gained 7.78% of their value over the last 52 weeks. Baker Hughes Company (NASDAQ:BKR) has a market capitalization of $27.259 billion.

Carillon Tower Advisers made the following comment about Baker Hughes Company (NASDAQ:BKR) in its Q3 2022 investor letter:

“Baker Hughes Company (NASDAQ:BKR), a diversified energy technology and equipment company, underperformed after reporting a somewhat disappointing quarterly update caused by near-term headwinds resulting from supply chain inflation, chip shortages, and the suspension of its Russian operations. The pullback in crude oil prices also weighed on the stock. Despite these recent headwinds, we believe Baker Hughes should be able to benefit from both the multiyear upturn in global upstream spending, as well as the build out of liquefied natural gas infrastructure to assist Europe in its efforts to reduce its reliance on Russian natural gas.”

Baker Hughes Company (NASDAQ:BKR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Baker Hughes Company (NASDAQ:BKR) at the end of the second quarter, which was 39 in the previous quarter.

We discussed Baker Hughes Company (NASDAQ:BKR) in another article and shared the stock picks of Touk Sinantha’s AltraVue Capital. In addition, please check out our hedge fund investor letters Q3 2022 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.