Brokers Issue Forecasts for Baker Hughes’ Q3 2024 Earnings (NASDAQ:BKR)

Baker Hughes (NASDAQ:BKR) – Zacks Research lifted their Q3 2024 earnings per share estimates for shares of Baker Hughes in a research report issued to clients and investors on Monday, September 16th. Zacks Research analyst R. Department now forecasts that the company will post earnings of $0.59 per share for the quarter, up from their prior estimate 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 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. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same period in the previous 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.

Several other research analysts have also issued reports on BKR. Wells Fargo & Company upped their price target on Baker Hughes from $35.00 to $40.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. The Goldman Sachs Group boosted their target price on Baker Hughes from $39.00 to $43.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Evercore ISI increased their price target on Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Susquehanna lifted their price target on Baker Hughes from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Finally, Piper Sandler reduced their price objective on shares of Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.19.

Baker Hughes Stock Down 0.9 %

NASDAQ BKR opened at $36.04 on Thursday. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $39.05. The company has a market capitalization 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’s 50 day simple moving average is $35.19 and its 200 day simple moving average is $33.66. 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 company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Tuesday, August 6th were paid a $0.21 dividend. The ex-dividend date 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 currently 46.93%.

Insiders Place Their Bets

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 $17,571,855. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Baker Hughes

Several hedge funds have recently bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Baker Hughes during the 2nd quarter worth about $6,592,000. Sanctuary Advisors LLC acquired a new position in Baker Hughes during the second quarter valued at approximately $1,505,000. Quarry LP grew its holdings in Baker Hughes by 81.1% during the second quarter. Quarry LP now owns 1,594 shares of the company’s stock valued at $56,000 after purchasing an additional 714 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Baker Hughes by 39.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,227 shares of the company’s stock valued at $360,000 after purchasing an additional 2,898 shares during the period. Finally, Creative Planning lifted its stake in shares of Baker Hughes by 36.5% in the second quarter. Creative Planning now owns 61,976 shares of the company’s stock worth $2,180,000 after buying an additional 16,582 shares during the last quarter. 92.06% of the stock is owned by institutional investors and hedge funds.

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.