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

Baker Hughes (NASDAQ:BKR – Get Rating) issued its quarterly earnings results on Monday. The company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.02), MarketWatch Earnings reports. Baker Hughes had a positive return on equity of 5.98% and a negative net margin of 2.85%. The business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $6.07 billion. During the same period in the prior year, the firm earned $0.25 earnings per share. The business’s quarterly revenue was up 7.7% on a year-over-year basis. Baker Hughes updated its FY 2023 guidance to EPS and its Q1 2023 guidance to EPS.

Baker Hughes Price Performance

BKR stock remained flat at $30.15 during trading on Wednesday. The company had a trading volume of 859,410 shares, compared to its average volume of 6,366,613. The company has a current ratio of 1.32, a quick ratio of 1.08 and a debt-to-equity ratio of 0.41. The stock’s 50-day moving average is $29.37 and its 200-day moving average is $26.75. Baker Hughes has a 52 week low of $20.42 and a 52 week high of $39.78. The firm has a market capitalization of $30.41 billion, a P/E ratio of -65.54, a PEG ratio of 0.43 and a beta of 1.48.

Baker Hughes Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Monday, November 7th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.52%. This is a boost from Baker Hughes’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, November 4th. Baker Hughes’s payout ratio is presently -165.22%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BKR. Evercore ISI lifted their price target on Baker Hughes from $33.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday. Barclays raised their price objective on Baker Hughes from $38.00 to $42.00 in a research note on Wednesday. Jefferies Financial Group assumed coverage on shares of Baker Hughes in a research report on Wednesday, October 19th. They set a “buy” rating and a $35.00 price objective for the company. Morgan Stanley raised their price target on shares of Baker Hughes from $32.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 4th. Finally, Piper Sandler upped their target price on Baker Hughes from $30.00 to $34.00 and gave the stock an “overweight” rating in a report on Friday, November 18th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.86.

Insider Buying and Selling

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

Institutional Investors Weigh In On Baker Hughes

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

Baker Hughes Company Profile

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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.