Baker Hughes Company (NASDAQ:BKR) Shares to Pay Quarterly Dividend of $0.23

Baker Hughes Company (NASDAQ:BKR) announced a quarterly dividend on Tuesday, October 27th. Stockholders of record on Tuesday, November 10th will be given a dividend of $0.23 per share on Friday, November 20th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Tuesday, November 10th.

Baker Hughes has raised its dividend payment by an average of 0.1% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Baker Hughes has a dividend payout ratio of 33.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Baker Hughes to earn $2.95 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 31.2%.

Baker Hughes Price Performance

Baker Hughes stock opened at $59.00 on Wednesday. The firm’s 50 day simple moving average is $58.68 and its 200-day simple moving average is $59.97. Baker Hughes has a fifty-two week low of $44.26 and a fifty-two week high of $70.41.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings results on Tuesday, October 27th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.09. The firm had revenue of $8.03 billion for the quarter, compared to analysts’ expectations of $7.75 billion. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the business earned $0.68 earnings per share. On average, analysts forecast that Baker Hughes will post 2.57 EPS for the current year.

Analyst Upgrades and Downgrades

BKR has been the topic of several recent research reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $71.00 price objective on shares of Baker Hughes in a research report on Tuesday, September 29th. Jefferies Financial Group cut their price target on shares of Baker Hughes from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Tuesday, September 29th. Morgan Stanley initiated coverage on Baker Hughes in a report on Friday, August 7th. They set an “overweight” rating and a $70.00 target price on the stock. Susquehanna boosted their price target on Baker Hughes from $72.00 to $75.00 and gave the stock a “positive” rating in a research report on Thursday, September 10th. Finally, Piper Sandler upped their price target on Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $72.10.

About Baker Hughes

Baker Hughes Company (NASDAQ: BKR) is an energy technology company that provides products, services and digital solutions for the oil and gas industry and other energy-related markets. Its offerings support the exploration, drilling, completion, production and maintenance of energy assets across the lifecycle of a project.

The company’s oilfield services and equipment business provides technologies such as drilling systems, well completions, artificial lift, subsea equipment, production chemicals and well intervention services.