Baker Hughes (NASDAQ:BKR) Issues Quarterly Earnings Results

23 Oct 2024, 09:42 by Jessica Moore · The Cerbat Gem

Baker Hughes (NASDAQ:BKR – Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.06, Briefing.com reports. The business had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS.

Baker Hughes Stock Down 1.3 %

BKR opened at $35.98 on Wednesday. The business’s fifty day simple moving average is $35.57 and its 200 day simple moving average is $34.33. Baker Hughes has a 52 week low of $28.32 and a 52 week high of $39.05. The firm has a market cap of $35.91 billion, a P/E ratio of 20.10, a PEG ratio of 0.61 and a beta of 1.38. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Tuesday, August 6th were issued a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.33%. Baker Hughes’s dividend payout ratio (DPR) is 46.93%.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $35.00, for a total transaction of $4,000,010.00. Following the completion of the sale, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on BKR. Citigroup dropped their price target on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, September 27th. Susquehanna upped their target price on Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Monday, July 29th. Piper Sandler decreased their price objective on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Stifel Nicolaus increased their price target on shares of Baker Hughes from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Benchmark reiterated a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.59.

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