5 S&P Companies That Lost Hundreds of Millions in Q3

Baker Hughes Incorporated (NYSE:BHI)

– Number of Hedge Fund Shareholders (as of September 30): 42
– Total Value of Hedge Funds’ Holdings (as of September 30): $2.64 billion
– Hedge Funds’ Holdings as Percent of Float (as of September 30): 13.90%

Given that Brent didn’t really find its legs until recently, Baker Hughes Incorporated (NYSE:BHI) wasn’t able to charge its normalized rates for service contracts in Q3, and subsequently reported an operating loss of $321 million and a GAAP net loss of $1 per share. Although the formal number look bad, Baker Hughes’ management included $0.85 per share of adjusted items, yielding an adjusted loss of just $0.15 per share. While activity in the Gulf of Mexico and deepwater remained sluggish, the company expects fourth-quarter North American activity to be stronger. Baker Hughes’ merger with GE’s oil and gas division should also yield considerable synergies that should boost efficiency in the long run.

EOG Resources Inc (NYSE:EOG)

– Number of Hedge Fund Shareholders (as of September 30): 51
– Total Value of Hedge Funds’ Holdings (as of September 30): $1.28 billion
– Hedge Funds’ Holdings as Percent of Float (as of September 30): 1.40%

Although EOG Resources Inc (NYSE:EOG) has some of the choicest real estate in Texas’ Eagle Ford, Delaware Basin, and other plays, the company’s quality assets didn’t stop the independent from losing $190 million or $0.35 per share during the third quarter. EOG’s adjusted net loss was even worse, tipping the scales at $220.8 million, or $0.40 per share in the red. Despite the loss, EOG is also trading near its 52-week high, as some investors turn bullish due to the rising crude prices. The smart money was also optimistic during the third quarter. The number of funds in our database with long positions in EOG Resources Inc (NYSE:EOG) rose by 15 quarter-over-quarter to 51 at the end of September.

Anadarko Petroleum Corporation (NYSE:APC)

– Number of Hedge Fund Shareholders (as of September 30): 65
– Total Value of Hedge Funds’ Holdings (as of September 30): $3.9 billion
– Hedge Funds’ Holdings as Percent of Float (as of September 30): 7.90%

While Anadarko Petroleum Corporation (NYSE:APC) was one of the most popular energy stocks among the smart money set at the end of the third quarter (65 funds of the funds that Insider Monkey tracks held around $3.9 billion worth of its shares), the company nevertheless lost $830 million or $1.61 per share during the third quarter. Anadarko ended the quarter with around $4 billion in cash, and its management has accelerated activity in the Delaware Basin and the D-J Basin. With WTI on the other side of $50 per barrel, many investors hope that the future will be better than the recent past for Anadarko.

Disclosure: None