Baker Hughes Company Plans Quarterly Dividend of $0.23 (NASDAQ:BKR)

Key Points

• Baker Hughes declared a quarterly dividend of $0.23 per share, payable August 17 to shareholders of record on August 7. The annualized dividend is $0.92, representing a 1.6% yield, with a 33.8% payout ratio.
• The company reported quarterly earnings of $0.64 per share and revenue of $6.74 billion, surpassing analyst estimates of $0.49 EPS and $6.51 billion in revenue.
• Analysts maintain a generally positive view, with 18 Buy ratings and four Holds, resulting in a “Moderate Buy” consensus and an average price target of $70.

Baker Hughes Company (NASDAQ:BKR - Get Free Report) declared a quarterly dividend on Sunday, July 26th. Shareholders of record on Friday, August 7th will be paid a dividend of 0.23 per share on Monday, August 17th. This represents a c) dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, August 7th.

Baker Hughes has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 4 years. Baker Hughes has a payout ratio of 33.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Baker Hughes to earn $2.80 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 32.9%.

Baker Hughes Price Performance

BKR stock opened at $57.25 on Monday. Baker Hughes has a 1-year low of $41.96 and a 1-year high of $70.41. The firm has a market capitalization of $56.80 billion, a PE ratio of 18.29, a PEG ratio of 2.38 and a beta of 0.96. The business's 50 day simple moving average is $60.00 and its 200 day simple moving average is $59.97. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.79.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.15. The company had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.51 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. As a group, research analysts anticipate that Baker Hughes will post 2.26 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BKR. Wolfe Research began coverage on Baker Hughes in a report on Wednesday, July 8th. They issued an "outperform" rating and a $70.00 price objective on the stock. Wall Street Zen cut shares of Baker Hughes from a "buy" rating to a "hold" rating in a research note on Monday, July 20th. TD Cowen raised their price objective on Baker Hughes from $75.00 to $77.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. UBS Group lifted their target price on Baker Hughes from $69.00 to $73.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Finally, Citigroup boosted their target price on Baker Hughes from $74.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Eighteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $70.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.