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

Baker Hughes (NASDAQ:BKR) announced its earnings results on Tuesday. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.06, Briefing.com reports. The firm had revenue of $6.91 billion for the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS.

Baker Hughes Stock Performance

Shares of NASDAQ BKR traded down $0.22 during midday trading on Thursday, reaching $36.78. 8,786,430 shares of the stock were exchanged, compared to its average volume of 7,218,471. The company has a quick ratio of 0.86, a current ratio of 1.27 and a debt-to-equity ratio of 0.37. The firm has a market cap of $36.71 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 0.61 and a beta of 1.38. The firm has a 50-day simple moving average of $35.61 and a two-hundred day simple moving average of $34.35. Baker Hughes has a twelve month low of $28.32 and a twelve month high of $39.05.

Baker Hughes Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be given a $0.21 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $0.84 annualized dividend and a yield of 2.28%. Baker Hughes’s dividend payout ratio is presently 46.93%.

Wall Street Analysts Forecast Growth

BKR has been the topic of several recent research reports. Wells Fargo & Company upgraded Baker Hughes from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $40.00 to $42.00 in a report on Wednesday, September 25th. Benchmark restated a “buy” rating and set a $42.00 price objective on shares of Baker Hughes in a report on Thursday. Evercore ISI boosted their price target on shares of Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, July 29th. TD Cowen upped their price objective on Baker Hughes from $46.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of Baker Hughes from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $44.12.

Insider Activity at Baker Hughes

In other news, CEO Lorenzo Simonelli sold 114,286 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 616,339 shares of the company’s stock, valued at $23,759,868.45. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.25% of the company’s stock.

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.