Baker Hughes (NASDAQ:BKR) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Baker Hughes (NASDAQ:BKRGet Rating) issued its quarterly earnings results on Monday. The company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.02), RTT News reports. Baker Hughes had a negative net margin of 2.36% and a positive return on equity of 4.77%. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $6.07 billion. During the same period in the previous year, the business posted $0.25 earnings per share. The business’s revenue was up 7.7% compared to the same quarter last year.

Baker Hughes Stock Up 1.9 %

Baker Hughes stock opened at $31.07 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.08 and a current ratio of 1.51. The business has a 50-day simple moving average of $29.37 and a 200 day simple moving average of $26.72. Baker Hughes has a 52 week low of $20.42 and a 52 week high of $39.78.

Baker Hughes Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Monday, November 7th were paid a dividend of $0.19 per share. This is a positive change from Baker Hughes’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, November 4th. This represents a $0.76 annualized dividend and a yield of 2.45%. Baker Hughes’s dividend payout ratio (DPR) is currently -165.22%.

Insider Buying and Selling at Baker Hughes

In other news, EVP Rami Qasem sold 72,000 shares of Baker Hughes stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $31.21, for a total transaction of $2,247,120.00. Following the completion of the sale, the executive vice president now owns 32,523 shares in the company, valued at approximately $1,015,042.83. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Baker Hughes news, EVP Maria C. Borras sold 9,811 shares of Baker Hughes stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $29.02, for a total transaction of $284,715.22. Following the completion of the sale, the executive vice president now owns 74,474 shares of the company’s stock, valued at $2,161,235.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Rami Qasem sold 72,000 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $31.21, for a total value of $2,247,120.00. Following the completion of the sale, the executive vice president now directly owns 32,523 shares of the company’s stock, valued at approximately $1,015,042.83. The disclosure for this sale can be found here. Insiders have sold a total of 285,303 shares of company stock valued at $8,816,980 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On Baker Hughes

A number of institutional investors have recently made changes to their positions in the business. Covestor Ltd raised its position in Baker Hughes by 104.7% in the 1st quarter. Covestor Ltd now owns 1,349 shares of the company’s stock worth $49,000 after purchasing an additional 690 shares during the period. Federated Hermes Inc. increased its holdings in shares of Baker Hughes by 509.6% in the first quarter. Federated Hermes Inc. now owns 2,908 shares of the company’s stock worth $106,000 after buying an additional 2,431 shares during the period. Brown Brothers Harriman & Co. increased its holdings in shares of Baker Hughes by 3,802.6% in the first quarter. Brown Brothers Harriman & Co. now owns 4,449 shares of the company’s stock worth $162,000 after buying an additional 4,335 shares during the period. Loomis Sayles & Co. L P bought a new stake in shares of Baker Hughes in the 1st quarter valued at about $164,000. Finally, Ontario Teachers Pension Plan Board bought a new position in Baker Hughes during the 1st quarter worth approximately $211,000. Hedge funds and other institutional investors own 97.40% of the company’s stock.

Analysts Set New Price Targets

BKR has been the topic of a number of research analyst reports. Jefferies Financial Group assumed coverage on shares of Baker Hughes in a report on Wednesday, October 19th. They issued a “buy” rating and a $35.00 price target on the stock. Piper Sandler upped their price objective on Baker Hughes from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Friday, November 18th. Bank of America raised their target price on Baker Hughes from $31.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday, October 20th. Royal Bank of Canada dropped their price target on Baker Hughes from $35.00 to $33.00 and set an “outperform” rating on the stock in a research report on Thursday, October 20th. Finally, Citigroup cut their price target on Baker Hughes from $40.00 to $36.00 in a research note on Tuesday, October 4th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.07.

About Baker Hughes

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Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain worldwide. It operates through two segments: Oilfield Services & Equipment and Industrial & Energy Technology. The company offers exploration, drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas, and oilfield service companies.

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Earnings History for Baker Hughes (NASDAQ:BKR)

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