Baker Hughes (NASDAQ:BKR) Releases Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Baker Hughes (NASDAQ:BKR) released its earnings results on Monday. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.15, FiscalAI reports. The company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.51 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%.

Baker Hughes Price Performance

NASDAQ:BKR opened at $57.25 on Monday. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79. The stock has a 50 day moving average of $60.00 and a 200-day moving average of $59.97. The firm has a market capitalization of $56.80 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. Baker Hughes has a 52 week low of $41.96 and a 52 week high of $70.41.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Capital One Financial lifted their price target on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Barclays cut their price objective on Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. UBS Group increased their target price on Baker Hughes from $69.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Stifel Nicolaus lifted their target price on Baker Hughes from $63.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, April 27th. Finally, Citigroup boosted their price target on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Eighteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Baker Hughes has an average rating of “Moderate Buy” and an average price target of $70.00.

Insider Activity at Baker Hughes

In related news, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. The trade was a 20.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. The trade was a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 367,910 shares of company stock worth $22,420,797. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Baker Hughes

A number of large investors have recently modified their holdings of the company. UMB Bank n.a. boosted its stake in Baker Hughes by 3.6% during the 4th quarter. UMB Bank n.a. now owns 6,993 shares of the company’s stock valued at $318,000 after purchasing an additional 246 shares during the period. Mindset Wealth Management LLC raised its holdings in shares of Baker Hughes by 1.5% during the fourth quarter. Mindset Wealth Management LLC now owns 19,019 shares of the company’s stock valued at $866,000 after buying an additional 276 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in shares of Baker Hughes by 2.2% during the third quarter. Coldstream Capital Management Inc. now owns 13,183 shares of the company’s stock valued at $642,000 after buying an additional 288 shares during the last quarter. L2 Asset Management LLC boosted its position in shares of Baker Hughes by 7.6% during the fourth quarter. L2 Asset Management LLC now owns 4,969 shares of the company’s stock worth $226,000 after buying an additional 351 shares during the period. Finally, Benjamin Edwards Inc. boosted its position in shares of Baker Hughes by 3.5% during the second quarter. Benjamin Edwards Inc. now owns 10,831 shares of the company’s stock worth $415,000 after buying an additional 365 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.

About Baker Hughes

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.