Baker Hughes (NASDAQ:BKR) Issues Quarterly Earnings Results

Baker Hughes (NASDAQ:BKRGet Rating) posted its quarterly earnings data on Monday. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.02), MarketWatch Earnings reports. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $6.07 billion. Baker Hughes had a negative net margin of 2.36% and a positive return on equity of 4.77%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. Baker Hughes updated its FY 2023 guidance to EPS and its Q1 2023 guidance to EPS.

Baker Hughes Stock Performance

Shares of BKR stock opened at $30.59 on Tuesday. The company’s fifty day simple moving average is $29.38 and its 200-day simple moving average is $26.74. The company has a quick ratio of 1.08, a current ratio of 1.51 and a debt-to-equity ratio of 0.46. The firm has a market cap of $30.85 billion, a PE ratio of -66.50, a P/E/G ratio of 0.43 and a beta of 1.48. Baker Hughes has a 12 month low of $20.42 and a 12 month high of $39.78.

Baker Hughes Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Monday, November 7th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date of this dividend was Friday, November 4th. This is a positive change from Baker Hughes’s previous quarterly dividend of $0.18. Baker Hughes’s payout ratio is currently -165.22%.

Analyst Ratings Changes

Several brokerages have recently commented on BKR. Piper Sandler lifted their price target on shares of Baker Hughes from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Friday, November 18th. Bank of America lifted their price target on shares of Baker Hughes from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, October 20th. Morgan Stanley lifted their price target on shares of Baker Hughes from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 4th. Royal Bank of Canada lowered their price target on shares of Baker Hughes from $35.00 to $33.00 and set an “outperform” rating for the company in a research report on Thursday, October 20th. Finally, Wells Fargo & Company cut shares of Baker Hughes from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $32.00 to $29.00 in a research report on Wednesday, October 26th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and a consensus target price of $35.07.

Insider Transactions at Baker Hughes

In other news, EVP Maria C. Borras sold 9,811 shares of the business’s stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $29.02, for a total value of $284,715.22. Following the sale, the executive vice president now owns 74,474 shares of the company’s stock, valued at $2,161,235.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Gregory D. Brenneman sold 85,000 shares of the business’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $31.23, for a total transaction of $2,654,550.00. Following the transaction, the director now directly owns 16,842 shares in the company, valued at $525,975.66. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Maria C. Borras sold 9,811 shares of the business’s stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $29.02, for a total transaction of $284,715.22. Following the transaction, the executive vice president now owns 74,474 shares in the company, valued at $2,161,235.48. The disclosure for this sale can be found here. Insiders have sold a total of 285,303 shares of company stock valued at $8,816,980 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Baker Hughes

A number of institutional investors have recently added to or reduced their stakes in BKR. Covestor Ltd increased its holdings in shares of Baker Hughes by 104.7% in the first quarter. Covestor Ltd now owns 1,349 shares of the company’s stock valued at $49,000 after purchasing an additional 690 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Baker Hughes by 509.6% in the first quarter. Federated Hermes Inc. now owns 2,908 shares of the company’s stock valued at $106,000 after purchasing an additional 2,431 shares during the last quarter. Brown Brothers Harriman & Co. increased its holdings in shares of Baker Hughes by 3,802.6% in the first quarter. Brown Brothers Harriman & Co. now owns 4,449 shares of the company’s stock valued at $162,000 after purchasing an additional 4,335 shares during the last quarter. Loomis Sayles & Co. L P acquired a new position in shares of Baker Hughes in the first quarter valued at $164,000. Finally, Ontario Teachers Pension Plan Board acquired a new position in shares of Baker Hughes in the first quarter valued at $211,000. 97.40% of the stock is currently owned by institutional investors and hedge funds.

About Baker Hughes

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Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through two segments: Oilfield Services & Equipment and Industrial & Energy Technology. The company offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies.

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Earnings History for Baker Hughes (NASDAQ:BKR)

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