Baker Hughes (NASDAQ:BKR) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Baker Hughes (NASDAQ:BKR) posted its quarterly earnings data on Tuesday. The company reported $0.67 earnings per share 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 the consensus estimate of $7.21 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 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 earnings per share.

Baker Hughes Price Performance

Shares of BKR opened at $37.00 on Thursday. The business’s 50-day moving average is $35.61 and its 200-day moving average is $34.35. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The company has a market capitalization of $36.93 billion, a price-to-earnings ratio of 20.67, a P/E/G ratio of 0.61 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a $0.21 dividend. The ex-dividend date is Monday, November 4th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.27%. Baker Hughes’s dividend payout ratio is 46.93%.

Insider Buying and Selling

In related news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $35.00, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BKR shares. BMO Capital Markets upped their price objective on shares of Baker Hughes from $43.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, October 10th. Susquehanna upped their price target on shares of Baker Hughes from $40.00 to $46.00 and gave the company a “positive” rating in a report on Monday, July 29th. Piper Sandler cut their price target on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Bank of America cut their price target on shares of Baker Hughes from $40.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 15th. Finally, Wells Fargo & Company raised shares of Baker Hughes from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $40.00 to $42.00 in a report on Wednesday, September 25th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.88.

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.