Seaport Res Ptn Comments on Baker Hughes’ Q3 2024 Earnings (NASDAQ:BKR)

Baker Hughes (NASDAQ:BKR) – Seaport Res Ptn upped their Q3 2024 earnings estimates for shares of Baker Hughes in a research report issued to clients and investors on Tuesday, October 1st. Seaport Res Ptn analyst T. Curran now expects that the company will earn $0.62 per share for the quarter, up from their prior forecast of $0.61. The consensus estimate for Baker Hughes’ current full-year earnings is $2.25 per share. Seaport Res Ptn also issued estimates for Baker Hughes’ Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $2.27 EPS and Q3 2025 earnings at $0.71 EPS.

Several other research firms have also weighed in on BKR. UBS Group dropped their price objective on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 18th. Citigroup lowered their price target on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating for the company in a research report on Friday, September 27th. Wells Fargo & Company raised Baker Hughes from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $40.00 to $42.00 in a report on Wednesday, September 25th. Piper Sandler lowered their target price on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Morgan Stanley boosted their price target on shares of Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Baker Hughes presently has an average rating of “Moderate Buy” and an average target price of $43.56.

Baker Hughes Stock Up 1.0 %

BKR stock opened at $37.93 on Thursday. Baker Hughes has a 1-year low of $28.32 and a 1-year high of $39.05. The firm has a fifty day moving average price of $35.31 and a two-hundred day moving average price of $34.02. 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 firm has a market cap of $37.85 billion, a price-to-earnings ratio of 21.19, a PEG ratio of 0.59 and a beta of 1.38.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC lifted its position in shares of Baker Hughes by 6.0% in the third quarter. Park Avenue Securities LLC now owns 26,703 shares of the company’s stock worth $965,000 after buying an additional 1,501 shares during the last quarter. Czech National Bank raised its holdings in Baker Hughes by 6.4% in the 3rd quarter. Czech National Bank now owns 202,371 shares of the company’s stock worth $7,316,000 after acquiring an additional 12,192 shares during the period. Central Pacific Bank Trust Division lifted its position in Baker Hughes by 17.4% during the 3rd quarter. Central Pacific Bank Trust Division now owns 18,085 shares of the company’s stock worth $654,000 after acquiring an additional 2,685 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Baker Hughes by 26.2% during the third quarter. Massmutual Trust Co. FSB ADV now owns 2,867 shares of the company’s stock valued at $104,000 after acquiring an additional 595 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Baker Hughes in the second quarter valued at about $6,592,000. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Insider Activity at Baker Hughes

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction dated Thursday, August 8th. The stock was 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 of the company’s stock, valued at $17,571,855. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.25% of the stock is owned by insiders.

Baker Hughes Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Tuesday, August 6th. Baker Hughes’s payout ratio is 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.