Baker Hughes (NASDAQ:BKR) to Post Q3 2024 Earnings of $0.59 Per Share, Seaport Res Ptn Forecasts

Baker Hughes (NASDAQ:BKR) – Equities researchers at Seaport Res Ptn increased their Q3 2024 earnings estimates for shares of Baker Hughes in a report issued on Sunday, April 28th. Seaport Res Ptn analyst T. Curran now anticipates that the company will post earnings of $0.59 per share for the quarter, up from their previous forecast of $0.57. The consensus estimate for Baker Hughes’ current full-year earnings is $2.08 per share.

BKR has been the topic of several other reports. Wolfe Research downgraded shares of Baker Hughes from an “outperform” rating to a “peer perform” rating in a report on Monday, January 29th. Citigroup dropped their target price on shares of Baker Hughes from $42.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, January 26th. Benchmark reiterated a “buy” rating and set a $40.00 price objective on shares of Baker Hughes in a research note on Wednesday, April 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $39.00 price objective on shares of Baker Hughes in a research note on Thursday, February 1st. Finally, TD Cowen increased their price objective on shares of Baker Hughes from $46.00 to $49.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.94.

Baker Hughes Stock Performance

Shares of NASDAQ:BKR opened at $32.62 on Wednesday. The company has a market capitalization of $32.65 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 0.63 and a beta of 1.42. Baker Hughes has a 12 month low of $26.81 and a 12 month high of $37.58. The firm’s 50-day moving average is $32.20 and its 200 day moving average is $32.48. The company has a current ratio of 1.25, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38.

Baker Hughes (NASDAQ:BKR) last announced its earnings results on Wednesday, April 24th. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.03. The firm had revenue of $6.42 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Baker Hughes had a net margin of 6.95% and a return on equity of 11.42%. The business’s revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.28 EPS.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, May 3rd. This represents a $0.84 dividend on an annualized basis and a yield of 2.58%. Baker Hughes’s payout ratio is 46.93%.

Insider Activity at Baker Hughes

In other Baker Hughes news, SVP James E. Apostolides sold 5,000 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $33.88, for a total value of $169,400.00. Following the completion of the transaction, the senior vice president now owns 14,998 shares of the company’s stock, valued at $508,132.24. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Baker Hughes news, SVP James E. Apostolides sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $29.44, for a total value of $294,400.00. Following the completion of the transaction, the senior vice president now owns 14,451 shares of the company’s stock, valued at $425,437.44. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP James E. Apostolides sold 5,000 shares of the firm’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $33.88, for a total transaction of $169,400.00. Following the transaction, the senior vice president now directly owns 14,998 shares of the company’s stock, valued at approximately $508,132.24. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Norden Group LLC acquired a new stake in Baker Hughes during the first quarter valued at $2,392,000. HB Wealth Management LLC grew its position in Baker Hughes by 4.2% during the first quarter. HB Wealth Management LLC now owns 17,296 shares of the company’s stock valued at $579,000 after buying an additional 705 shares during the period. Commonwealth Equity Services LLC grew its position in Baker Hughes by 23.5% during the first quarter. Commonwealth Equity Services LLC now owns 30,644 shares of the company’s stock valued at $1,027,000 after buying an additional 5,839 shares during the period. Principal Financial Group Inc. grew its position in Baker Hughes by 1.6% during the first quarter. Principal Financial Group Inc. now owns 1,161,976 shares of the company’s stock valued at $38,926,000 after buying an additional 17,745 shares during the period. Finally, Benjamin Edwards Inc. grew its position in Baker Hughes by 77.1% during the first quarter. Benjamin Edwards Inc. now owns 5,501 shares of the company’s stock valued at $184,000 after buying an additional 2,394 shares during the period. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Company Profile

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.