Baker Hughes (NASDAQ:BKR) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Baker Hughes (NASDAQ:BKR) announced its quarterly earnings data on Thursday. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.08, RTT News reports. Baker Hughes had a return on equity of 11.42% and a net margin of 6.95%. The business had revenue of $7.10 billion during the quarter, compared to analyst estimates of $6.81 billion. During the same period last year, the company earned $0.39 earnings per share. Baker Hughes’s quarterly revenue was up 12.4% compared to the same quarter last year.

Baker Hughes Price Performance

Shares of BKR stock traded up $0.68 during trading hours on Thursday, hitting $35.58. The company had a trading volume of 7,019,875 shares, compared to its average volume of 7,542,250. Baker Hughes has a 12 month low of $28.32 and a 12 month high of $37.58. The firm has a market capitalization of $35.51 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 0.61 and a beta of 1.41. The firm’s fifty day moving average is $33.55 and its 200 day moving average is $32.20. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.84 and a current ratio of 1.25.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BKR shares. UBS Group increased their price objective on Baker Hughes from $35.00 to $36.00 in a report on Tuesday, April 23rd. Benchmark restated a “buy” rating and set a $40.00 target price on shares of Baker Hughes in a report on Wednesday, April 24th. Piper Sandler cut their target price on Baker Hughes from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. The Goldman Sachs Group raised their target price on Baker Hughes from $36.00 to $38.00 in a report on Tuesday, April 23rd. Finally, Morgan Stanley raised their target price on Baker Hughes from $40.00 to $43.00 in a report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.92.

Insider Activity

In other news, EVP Maria C. Borras sold 55,980 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $32.00, for a total value of $1,791,360.00. Following the sale, the executive vice president now directly owns 92,035 shares in the company, valued at approximately $2,945,120. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.25% of the company’s stock.

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.