Analysts Set Expectations for Baker Hughes FY2024 Earnings

Baker Hughes (NASDAQ:BKR) – Zacks Research increased their FY2024 EPS estimates for shares of Baker Hughes in a report issued on Tuesday, November 12th. Zacks Research analyst R. Department now anticipates that the company will earn $2.29 per share for the year, up from their previous forecast of $2.22. The consensus estimate for Baker Hughes’ current full-year earnings is $2.29 per share. Zacks Research also issued estimates for Baker Hughes’ Q4 2024 earnings at $0.62 EPS, Q1 2025 earnings at $0.50 EPS, Q3 2025 earnings at $0.67 EPS, Q2 2026 earnings at $0.73 EPS and Q3 2026 earnings at $0.75 EPS.

Several other research firms have also commented on BKR. Royal Bank of Canada reissued an “outperform” rating and issued a $43.00 price objective on shares of Baker Hughes in a research note on Thursday, October 24th. The Goldman Sachs Group raised their price objective on shares of Baker Hughes from $39.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Evercore ISI raised their price objective on shares of Baker Hughes from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Morgan Stanley raised their price objective on shares of Baker Hughes from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Finally, JPMorgan Chase & Co. raised their price objective 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 equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.59.

Baker Hughes Price Performance

Baker Hughes stock opened at $42.94 on Thursday. Baker Hughes has a 12-month low of $28.32 and a 12-month high of $44.49. The stock has a market cap of $42.49 billion, a P/E ratio of 19.26, a PEG ratio of 0.73 and a beta of 1.38. The company has a 50-day moving average price of $37.30 and a 200 day moving average price of $35.13. The company has a current ratio of 1.30, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37.

Baker Hughes (NASDAQ:BKR) last posted its quarterly earnings data on Tuesday, October 22nd. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.06. The company had revenue of $6.91 billion during the quarter, compared to analysts’ expectations of $7.21 billion. Baker Hughes had a net margin of 8.20% and a return on equity of 13.77%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.42 earnings per share.

Hedge Funds Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently modified their holdings of BKR. Ashton Thomas Securities LLC acquired a new stake in shares of Baker Hughes in the 3rd quarter valued at $30,000. True Wealth Design LLC lifted its position in Baker Hughes by 2,181.6% during the 3rd quarter. True Wealth Design LLC now owns 867 shares of the company’s stock worth $31,000 after acquiring an additional 829 shares during the last quarter. Continuum Advisory LLC lifted its position in Baker Hughes by 442.2% during the 3rd quarter. Continuum Advisory LLC now owns 976 shares of the company’s stock worth $35,000 after acquiring an additional 796 shares during the last quarter. New Covenant Trust Company N.A. acquired a new position in Baker Hughes during the 1st quarter worth $34,000. Finally, Alta Advisers Ltd acquired a new position in Baker Hughes during the 2nd quarter worth $42,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 4th were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Monday, November 4th. Baker Hughes’s payout ratio is 37.67%.

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.