Baker Hughes (NASDAQ:BKR) Releases Earnings Results, Beats Expectations By $0.15 EPS

Baker Hughes (NASDAQ:BKR) issued its quarterly earnings data on Monday. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.15, FiscalAI reports. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.51 billion.

Baker Hughes Stock Performance

BKR opened at $57.25 on Monday. The business has a fifty day moving average price of $60.00 and a 200 day moving average price of $59.97. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes has a 12 month low of $41.96 and a 12 month high of $70.41. The stock has a market capitalization of $56.80 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.38 and a beta of 0.96.

Insider Activity

In related news, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $64.22, for a total value of $326,751.36. Following the sale, the chief accounting officer owned 15,997 shares of the company’s stock, valued at $1,027,327.34. This trade represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the transaction, the chief executive officer owned 703,444 shares of the company’s stock, valued at $41,102,232.92. This trade represents a 20.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 367,910 shares of company stock valued at $22,420,797 in the last quarter. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Baker Hughes

Several institutional investors have recently added to or reduced their stakes in the business. EFG International AG acquired a new stake in Baker Hughes during the fourth quarter worth approximately $26,000. Quarry LP acquired a new stake in Baker Hughes during the 4th quarter worth $31,000. Acumen Wealth Advisors LLC purchased a new stake in Baker Hughes in the fourth quarter valued at $35,000. Golden State Wealth Management LLC boosted its stake in Baker Hughes by 786.5% in the fourth quarter. Golden State Wealth Management LLC now owns 789 shares of the company’s stock valued at $36,000 after acquiring an additional 700 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Baker Hughes during the fourth quarter worth about $60,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BKR. JPMorgan Chase & Co. increased their target price on shares of Baker Hughes from $60.00 to $74.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Susquehanna lowered their price objective on shares of Baker Hughes from $80.00 to $70.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. Capital One Financial boosted their target price on Baker Hughes from $66.00 to $71.00 and gave the company an “overweight” rating in a research report on Thursday, May 21st. Wolfe Research began coverage on Baker Hughes in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price objective for the company. Finally, BMO Capital Markets boosted their price objective on Baker Hughes from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Baker Hughes presently has an average rating of “Moderate Buy” and a consensus price target of $70.00.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.