Baker Hughes (NASDAQ:BKR) to Post Q3 2024 Earnings of $0.59 Per Share, Zacks Research Forecasts

Baker Hughes (NASDAQ:BKR) – Research analysts at Zacks Research raised their Q3 2024 earnings per share (EPS) estimates for shares of Baker Hughes in a note issued to investors on Monday, September 16th. Zacks Research analyst R. Department now expects that the company will earn $0.59 per share for the quarter, up from their previous forecast of $0.56. The consensus estimate for Baker Hughes’ current full-year earnings is $2.24 per share. Zacks Research also issued estimates for Baker Hughes’ Q4 2024 earnings at $0.63 EPS, FY2024 earnings at $2.22 EPS, Q3 2025 earnings at $0.70 EPS, FY2025 earnings at $2.58 EPS, Q1 2026 earnings at $0.70 EPS, Q2 2026 earnings at $0.78 EPS and FY2026 earnings at $3.13 EPS.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.08. The company had revenue of $7.10 billion during the quarter, compared to analysts’ expectations of $6.81 billion. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. During the same period in the prior year, the business earned $0.39 earnings per share. Baker Hughes’s revenue for the quarter was up 12.4% compared to the same quarter last year.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group upped their price objective on shares of Baker Hughes from $46.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, July 29th. UBS Group reduced their price objective on Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Wednesday. Benchmark restated a “buy” rating and issued a $40.00 target price on shares of Baker Hughes in a research note on Friday, July 26th. Bank of America decreased their price target on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, Stifel Nicolaus increased their price objective on shares of Baker Hughes from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Baker Hughes currently has a consensus rating of “Moderate Buy” and an average target price of $43.19.

Baker Hughes Price Performance

NASDAQ:BKR opened at $36.04 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. The stock has a market cap of $35.97 billion, a P/E ratio of 20.13, a PEG ratio of 0.54 and a beta of 1.38. The company has a fifty day moving average price of $35.19 and a 200 day moving average price of $33.66. Baker Hughes has a one year low of $28.32 and a one year high of $39.05.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BKR. Private Advisor Group LLC increased its position in Baker Hughes by 7.8% in the fourth quarter. Private Advisor Group LLC now owns 11,889 shares of the company’s stock worth $406,000 after purchasing an additional 865 shares during the period. SCP Investment LP raised its stake in shares of Baker Hughes by 31.3% during the fourth quarter. SCP Investment LP now owns 16,800 shares of the company’s stock worth $546,000 after buying an additional 4,000 shares during the last quarter. Principal Securities Inc. acquired a new position in Baker Hughes in the fourth quarter valued at approximately $95,000. Dynamic Technology Lab Private Ltd bought a new position in Baker Hughes in the fourth quarter valued at approximately $592,000. Finally, PNC Financial Services Group Inc. boosted its stake in Baker Hughes by 0.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 107,946 shares of the company’s stock valued at $3,690,000 after acquiring an additional 525 shares during the last quarter. Institutional investors own 92.06% of the company’s stock.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the company’s 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 transaction, the chief executive officer now owns 502,053 shares in the company, valued at approximately $17,571,855. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.25% of the company’s stock.

Baker Hughes Announces Dividend

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

About Baker Hughes

Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. The company operates through Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides related services, including exploration, appraisal, development, production, rejuvenation, and decommissioning for onshore and offshore oilfield operations.