Zacks Research Comments on Baker Hughes’ Q3 2024 Earnings (NASDAQ:BKR)

Baker Hughes (NASDAQ:BKR) – Investment analysts at Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for Baker Hughes in a report released on Monday, April 15th. Zacks Research analyst R. Department now anticipates that the company will earn $0.55 per share for the quarter, down from their previous forecast of $0.58. The consensus estimate for Baker Hughes’ current full-year earnings is $2.07 per share. Zacks Research also issued estimates for Baker Hughes’ FY2024 earnings at $2.08 EPS and Q4 2025 earnings at $0.66 EPS.

Several other brokerages have also recently commented on BKR. Royal Bank of Canada reissued an “outperform” rating and set a $39.00 price target on shares of Baker Hughes in a research report on Thursday, February 1st. Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Baker Hughes in a research report on Monday, April 8th. Citigroup decreased their price target on Baker Hughes from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, January 26th. TD Cowen upped their price objective on Baker Hughes from $46.00 to $49.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, Wolfe Research cut shares of Baker Hughes from an “outperform” rating to a “peer perform” rating in a research note on Monday, January 29th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and a consensus target price of $40.87.

Baker Hughes Stock Performance

Shares of BKR stock opened at $32.45 on Tuesday. Baker Hughes has a 12 month low of $26.81 and a 12 month high of $37.58. The company’s fifty day simple moving average is $31.44 and its 200-day simple moving average is $32.62. The firm has a market cap of $32.48 billion, a PE ratio of 16.99, a P/E/G ratio of 0.68 and a beta of 1.42. The company has a quick ratio of 0.86, a current ratio of 1.25 and a debt-to-equity ratio of 0.38.

Baker Hughes (NASDAQ:BKR) last released its quarterly earnings results on Wednesday, January 24th. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.04. The firm had revenue of $6.84 billion during the quarter, compared to the consensus estimate of $6.93 billion. Baker Hughes had a return on equity of 10.63% and a net margin of 7.62%. The business’s revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 EPS.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Baker Hughes in the first quarter valued at approximately $321,000. D.A. Davidson & CO. acquired a new position in Baker Hughes in the 1st quarter valued at $230,000. Synovus Financial Corp lifted its position in shares of Baker Hughes by 31.7% during the 1st quarter. Synovus Financial Corp now owns 13,399 shares of the company’s stock valued at $488,000 after acquiring an additional 3,226 shares during the period. Cibc World Market Inc. grew its holdings in shares of Baker Hughes by 197.9% during the 1st quarter. Cibc World Market Inc. now owns 36,783 shares of the company’s stock worth $1,339,000 after purchasing an additional 24,434 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Baker Hughes by 4.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,748,743 shares of the company’s stock worth $172,934,000 after purchasing an additional 204,220 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

Insider Activity at Baker Hughes

In other Baker Hughes news, SVP James E. Apostolides sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $29.44, for a total transaction of $294,400.00. Following the completion of the sale, the senior vice president now directly owns 14,451 shares in the company, valued at $425,437.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Baker Hughes news, SVP James E. Apostolides sold 10,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $29.44, for a total transaction of $294,400.00. Following the transaction, the senior vice president now owns 14,451 shares in the company, valued at approximately $425,437.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James E. Apostolides sold 5,000 shares of Baker Hughes stock in a transaction on Friday, April 5th. The stock was sold at an average price of $33.88, for a total value of $169,400.00. Following the sale, 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. 0.24% of the stock is owned by company insiders.

Baker Hughes Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Tuesday, February 13th were issued a dividend of $0.21 per share. This is an increase from Baker Hughes’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, February 12th. This represents a $0.84 annualized dividend and a dividend yield of 2.59%. Baker Hughes’s payout ratio is presently 43.98%.

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.