Baker Hughes (NASDAQ:BKR) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Baker Hughes (NASDAQ:BKRGet Rating) issued its earnings results on Monday. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.02), MarketWatch Earnings reports. The firm 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 2.85% and a positive return on equity of 5.98%. Baker Hughes’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.25 earnings per share. Baker Hughes updated its FY 2023 guidance to EPS and its Q1 2023 guidance to EPS.

Baker Hughes Trading Down 1.4 %

NASDAQ:BKR opened at $30.15 on Wednesday. The firm’s fifty day moving average is $29.37 and its 200-day moving average is $26.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.08 and a current ratio of 1.32. Baker Hughes has a 52 week low of $20.42 and a 52 week high of $39.78. The firm has a market cap of $30.41 billion, a P/E ratio of -65.54, a P/E/G ratio of 0.43 and a beta of 1.48.

Baker Hughes Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Monday, November 7th were paid a $0.19 dividend. This is a positive change from Baker Hughes’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Friday, November 4th. Baker Hughes’s dividend payout ratio is currently -165.22%.

Insider Activity

In other news, EVP Neil Saunders sold 118,492 shares of the company’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $30.64, for a total value of $3,630,594.88. Following the sale, the executive vice president now directly owns 54,417 shares of the company’s stock, valued at approximately $1,667,336.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Neil Saunders sold 118,492 shares of the stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $30.64, for a total transaction of $3,630,594.88. Following the transaction, the executive vice president now directly owns 54,417 shares of the company’s stock, valued at $1,667,336.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Maria C. Borras sold 9,811 shares of the 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 directly owns 74,474 shares in the company, valued at $2,161,235.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 285,303 shares of company stock valued at $8,816,980. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky acquired a new position in Baker Hughes during the third quarter worth $1,986,000. National Pension Service raised its holdings in Baker Hughes by 22.7% during the third quarter. National Pension Service now owns 1,250,703 shares of the company’s stock worth $26,415,000 after buying an additional 231,539 shares during the last quarter. M&T Bank Corp raised its holdings in Baker Hughes by 2.6% during the third quarter. M&T Bank Corp now owns 43,614 shares of the company’s stock worth $913,000 after buying an additional 1,110 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund raised its holdings in Baker Hughes by 13.5% during the third quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 36,258 shares of the company’s stock worth $760,000 after buying an additional 4,302 shares during the last quarter. Finally, Kentucky Retirement Systems raised its holdings in Baker Hughes by 14.1% during the third quarter. Kentucky Retirement Systems now owns 79,198 shares of the company’s stock worth $1,660,000 after buying an additional 9,778 shares during the last quarter. 97.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BKR has been the subject of a number of research analyst reports. Piper Sandler upped their price objective 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. Jefferies Financial Group initiated coverage on shares of Baker Hughes in a research report on Wednesday, October 19th. They set a “buy” rating and a $35.00 price objective for the company. Evercore ISI upped their price objective on shares of Baker Hughes from $33.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wells Fargo & Company cut shares of Baker Hughes from an “overweight” rating to an “equal weight” rating and lowered their price objective 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. Finally, Royal Bank of Canada lowered their price objective 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. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Baker Hughes presently has a consensus rating of “Moderate Buy” and an average target price of $35.86.

Baker Hughes Company Profile

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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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