Baker Hughes (NASDAQ:BKR) Announces Quarterly Earnings Results

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

Baker Hughes Stock Down 1.4 %

Shares of NASDAQ:BKR opened at $30.15 on Wednesday. The business has a fifty day simple moving average of $29.37 and a 200 day simple moving average of $26.75. The company has a current ratio of 1.32, a quick ratio of 1.08 and a debt-to-equity ratio of 0.41. Baker Hughes has a 1 year low of $20.42 and a 1 year high of $39.78.

Baker Hughes Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Monday, November 7th were paid a $0.19 dividend. The ex-dividend date of this dividend was Friday, November 4th. This is an increase 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%. Baker Hughes’s dividend payout ratio is -165.22%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in Baker Hughes by 6.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,413,117 shares of the company’s stock valued at $197,092,000 after buying an additional 328,823 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Baker Hughes by 4.5% in the first quarter. Dimensional Fund Advisors LP now owns 4,748,743 shares of the company’s stock worth $172,934,000 after purchasing an additional 204,220 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Baker Hughes by 31.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,963,591 shares of the company’s stock worth $85,559,000 after purchasing an additional 711,068 shares during the last quarter. Eaton Vance Management boosted its stake in Baker Hughes by 32.2% during the 1st quarter. Eaton Vance Management now owns 2,921,924 shares of the company’s stock valued at $106,387,000 after purchasing an additional 712,334 shares during the period. Finally, Clearbridge Investments LLC acquired a new stake in Baker Hughes in the 1st quarter valued at approximately $69,329,000. Institutional investors and hedge funds own 97.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Barclays dropped their price target on Baker Hughes to $38.00 in a report on Thursday, October 20th. Evercore ISI upped their target price on Baker Hughes from $33.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday. Jefferies Financial Group began coverage on Baker Hughes in a research note on Wednesday, October 19th. They issued a “buy” rating and a $35.00 price target on the stock. Piper Sandler boosted their price objective on Baker Hughes from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, November 18th. Finally, Bank of America raised their target price on shares of Baker Hughes from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, October 20th. One research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.44.

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.

Further Reading

Earnings History for Baker Hughes (NASDAQ:BKR)

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