Q3 2024 Earnings Forecast for Baker Hughes (NASDAQ:BKR) Issued By Seaport Res Ptn

Baker Hughes (NASDAQ:BKR) – Equities researchers at Seaport Res Ptn increased their Q3 2024 earnings per share (EPS) estimates for Baker Hughes in a report released on Tuesday, October 1st. Seaport Res Ptn analyst T. Curran now anticipates that the company will earn $0.62 per share for the quarter, up from their previous 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 results on Thursday, July 25th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.08. Baker Hughes had a return on equity of 12.45% and a net margin of 7.37%. The firm had revenue of $7.10 billion for the quarter, compared to analysts’ expectations of $6.81 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis.

Several other research analysts have also recently issued reports on the stock. Benchmark reissued a “buy” rating and set a $40.00 price target on shares of Baker Hughes in a report on Friday, July 26th. The Goldman Sachs Group lifted their price target on Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Susquehanna increased their price objective on Baker Hughes from $40.00 to $46.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. Piper Sandler reduced their target price on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, JPMorgan Chase & Co. upped their price target on shares of Baker Hughes from $42.00 to $43.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.56.

Baker Hughes Stock Performance

NASDAQ:BKR opened at $37.93 on Thursday. The firm has a market cap of $37.85 billion, a price-to-earnings ratio of 21.19, 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 firm’s fifty day moving average price is $35.31 and its 200 day moving average price is $34.02.

Baker Hughes Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Tuesday, August 6th. Baker Hughes’s payout ratio is 46.93%.

Insider Buying and Selling

In other Baker Hughes news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $38.55, for a total transaction of $4,405,725.30. Following the transaction, the chief executive officer now owns 616,339 shares of the company’s stock, valued at $23,759,868.45. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new stake in Baker Hughes in the 1st quarter valued at $27,000. New Covenant Trust Company N.A. purchased a new position in shares of Baker Hughes in the first quarter valued at $34,000. Alta Advisers Ltd purchased a new stake in Baker Hughes during the 2nd quarter worth $42,000. Headlands Technologies LLC purchased a new stake in Baker Hughes during the 2nd quarter worth $48,000. Finally, UMB Bank n.a. lifted its holdings in Baker Hughes by 281.2% in the 1st quarter. UMB Bank n.a. now owns 1,582 shares of the company’s stock worth $53,000 after buying an additional 1,167 shares in the last quarter. 92.06% of the stock is currently 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.