Baker Hughes (NASDAQ:BKR) Announces Earnings Results, Misses Expectations By $0.02 EPS

Baker Hughes (NASDAQ:BKR – Get Rating) issued its earnings results on Monday. The company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.02), MarketWatch Earnings reports. Baker Hughes had a positive return on equity of 5.98% and a negative net margin of 2.85%. The firm had revenue of $5.91 billion during the quarter, compared to analyst estimates of $6.07 billion. During the same period in the previous year, the company earned $0.25 EPS. Baker Hughes’s revenue for the quarter was up 7.7% on a year-over-year basis. Baker Hughes updated its FY 2023 guidance to EPS and its Q1 2023 guidance to EPS.

Baker Hughes Trading Down 1.2 %

NASDAQ BKR traded down $0.37 during trading on Wednesday, hitting $29.78. 233,695 shares of the company’s stock traded hands, compared to its average volume of 6,327,506. The firm has a market cap of $30.03 billion, a P/E ratio of -65.54, a PEG ratio of 0.43 and a beta of 1.48. The stock has a fifty day moving average of $29.37 and a two-hundred day moving average of $26.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.32 and a quick ratio of 1.08. Baker Hughes has a 12-month low of $20.42 and a 12-month high of $39.78.

Baker Hughes Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Monday, November 7th were given a $0.19 dividend. This is an increase from Baker Hughes’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, November 4th. This represents a $0.76 dividend on an annualized basis and a yield of 2.55%. Baker Hughes’s payout ratio is presently -165.22%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Covestor Ltd increased its holdings in Baker Hughes by 104.7% in the 1st quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after buying an additional 690 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Baker Hughes by 509.6% in the 1st quarter. Federated Hermes Inc. now owns 2,908 shares of the company’s stock worth $106,000 after purchasing an additional 2,431 shares during the period. Brown Brothers Harriman & Co. boosted 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 worth $162,000 after buying an additional 4,335 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in Baker Hughes during the first quarter valued at approximately $164,000. Finally, Ontario Teachers Pension Plan Board purchased a new stake in Baker Hughes during the first quarter valued at approximately $211,000. 97.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Bank of America upped their price target on shares of Baker Hughes from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, October 20th. Benchmark initiated coverage on Baker Hughes in a research note on Thursday, January 19th. They issued a “buy” rating and a $36.00 price objective on the stock. Piper Sandler raised their price target on shares of Baker Hughes from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, November 18th. Royal Bank of Canada decreased their price target on Baker Hughes from $35.00 to $33.00 and set an “outperform” rating for the company in a report on Thursday, October 20th. Finally, Evercore ISI boosted their price objective on Baker Hughes from $33.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.86.

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.