Seaport Res Ptn Comments on Baker Hughes’ Q2 2024 Earnings (NASDAQ:BKR)

Baker Hughes (NASDAQ:BKR) – Stock analysts at Seaport Res Ptn raised their Q2 2024 earnings per share estimates for Baker Hughes in a report issued on Sunday, April 28th. Seaport Res Ptn analyst T. Curran now expects that the company will post earnings of $0.48 per share for the quarter, up from their prior estimate of $0.46. The consensus estimate for Baker Hughes’ current full-year earnings is $2.08 per share. Seaport Res Ptn also issued estimates for Baker Hughes’ Q4 2024 earnings at $0.59 EPS, FY2024 earnings at $2.12 EPS, Q1 2025 earnings at $0.47 EPS, Q2 2025 earnings at $0.65 EPS, Q3 2025 earnings at $0.76 EPS, Q4 2025 earnings at $0.77 EPS and FY2025 earnings at $2.66 EPS.

Baker Hughes (NASDAQ:BKR) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. The company had revenue of $6.42 billion for the quarter, compared to analyst estimates of $6.37 billion. Baker Hughes had a return on equity of 11.42% and a net margin of 6.95%. The company’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.28 earnings per share.

Several other analysts have also issued reports on BKR. Royal Bank of Canada reiterated an “outperform” rating and set a $39.00 target price on shares of Baker Hughes in a report on Thursday, February 1st. Benchmark reiterated a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a report on Wednesday, April 24th. UBS Group upped their target price on Baker Hughes from $35.00 to $36.00 in a report on Tuesday, April 23rd. Wolfe Research lowered Baker Hughes from an “outperform” rating to a “peer perform” rating in a report on Monday, January 29th. Finally, The Goldman Sachs Group upped their target price on Baker Hughes from $36.00 to $38.00 in a report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.94.

Baker Hughes Stock Performance

Shares of Baker Hughes stock opened at $31.89 on Tuesday. The firm has a market cap of $31.92 billion, a price-to-earnings ratio of 17.82, a price-to-earnings-growth ratio of 0.63 and a beta of 1.42. The stock’s 50-day moving average is $32.25 and its 200-day moving average is $32.48. Baker Hughes has a one year low of $26.81 and a one year high of $37.58. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.25 and a quick ratio of 0.84.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Spire Wealth Management raised its position in Baker Hughes by 256.7% during the 1st quarter. Spire Wealth Management now owns 767 shares of the company’s stock worth $26,000 after purchasing an additional 552 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in Baker Hughes during the 1st quarter worth $27,000. Bruce G. Allen Investments LLC bought a new position in Baker Hughes during the 4th quarter worth $33,000. Montag A & Associates Inc. raised its position in Baker Hughes by 100.0% during the 4th quarter. Montag A & Associates Inc. now owns 1,000 shares of the company’s stock worth $34,000 after purchasing an additional 500 shares during the last quarter. Finally, OFI Invest Asset Management bought a new position in Baker Hughes during the 3rd quarter worth $36,000. 92.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Baker Hughes news, SVP James E. Apostolides sold 5,000 shares of the company’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $33.88, for a total transaction of $169,400.00. Following the completion of the sale, the senior vice president now directly owns 14,998 shares in the company, valued at $508,132.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Baker Hughes news, SVP James E. Apostolides sold 10,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $29.44, for a total transaction of $294,400.00. Following the completion of the sale, the senior vice president now directly owns 14,451 shares in the company, valued at $425,437.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James E. Apostolides sold 5,000 shares of the stock in a transaction on Friday, April 5th. The shares were sold at an average price of $33.88, for a total value of $169,400.00. Following the completion of the transaction, the senior vice president now owns 14,998 shares of the company’s stock, valued at $508,132.24. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Baker Hughes Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Friday, May 3rd. Baker Hughes’s dividend payout ratio is currently 46.93%.

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.