Analysts Set Expectations for Baker Hughes’ Q3 2024 Earnings (NASDAQ:BKR)

Baker Hughes (NASDAQ:BKR) – Analysts at Seaport Res Ptn raised their Q3 2024 earnings per share (EPS) estimates for shares of Baker Hughes in a note issued to investors on Tuesday, October 1st. Seaport Res Ptn analyst T. Curran now expects that the company will post earnings of $0.62 per share for the quarter, up from their prior estimate 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.

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

Several other equities research analysts have also commented on the stock. UBS Group reduced their price target on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Royal Bank of Canada increased their price target on shares of Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. TD Cowen boosted their price objective on shares of Baker Hughes from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Morgan Stanley raised their target price on Baker Hughes from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Susquehanna lifted 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. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.56.

Baker Hughes Stock Performance

BKR stock opened at $37.55 on Thursday. The company has a market cap of $37.47 billion, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 0.59 and a beta of 1.38. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.27 and a quick ratio of 0.86. Baker Hughes has a 1 year low of $28.32 and a 1 year high of $39.05. The stock’s fifty day moving average price is $35.31 and its 200-day moving average price is $33.98.

Baker Hughes Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Tuesday, August 6th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is presently 46.93%.

Insiders Place Their Bets

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the transaction, the chief executive officer now directly owns 502,053 shares of the company’s stock, valued at approximately $17,571,855. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of Baker Hughes

Several hedge funds and other institutional investors have recently bought and sold shares of BKR. Price T Rowe Associates Inc. MD grew its holdings in Baker Hughes by 32.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,364,995 shares of the company’s stock valued at $581,729,000 after purchasing an additional 4,207,973 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Baker Hughes by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,898,322 shares of the company’s stock valued at $348,074,000 after buying an additional 680,621 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Baker Hughes by 8.6% in the second quarter. Legal & General Group Plc now owns 8,723,388 shares of the company’s stock worth $306,801,000 after buying an additional 692,859 shares during the period. American Century Companies Inc. boosted its holdings in Baker Hughes by 3.1% during the 2nd quarter. American Century Companies Inc. now owns 8,274,250 shares of the company’s stock valued at $291,005,000 after acquiring an additional 248,122 shares during the period. Finally, Clearbridge Investments LLC grew its position in Baker Hughes by 10.2% in the 1st quarter. Clearbridge Investments LLC now owns 6,609,115 shares of the company’s stock valued at $221,405,000 after acquiring an additional 612,715 shares during the last quarter. Hedge funds and other institutional investors own 92.06% of the company’s stock.

Baker Hughes Company Profile

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.