Baker Hughes (NASDAQ:BKR) Issues Earnings Results

Key Points

• Baker Hughes reported earnings of $0.68 per share, exceeding the consensus estimate of $0.62, with revenues of $7.01 billion for the quarter, surpassing analyst expectations of $6.81 billion.
• The company's stock rose by 3.4% following the earnings announcement, trading at $48.89 with significant trading volume of over 9.5 million shares.
• Insider transactions showed that EVP Sreeganesh Ramaswamy sold 25,000 shares for $1.25 million, reducing his ownership by 38.16%.

Baker Hughes (NASDAQ:BKR - Get Free Report) issued its earnings results on Thursday. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.06, Zacks reports. Baker Hughes had a return on equity of 14.56% and a net margin of 11.04%.The company had revenue of $7.01 billion during the quarter, compared to analysts' expectations of $6.81 billion.

Baker Hughes Stock Up 3.4%

NASDAQ:BKR traded up $1.59 during midday trading on Thursday, reaching $48.89. The company had a trading volume of 9,543,580 shares, compared to its average volume of 7,606,762. Baker Hughes has a 12-month low of $33.60 and a 12-month high of $50.92. The firm has a market capitalization of $48.20 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 2.02 and a beta of 0.99. The company has a current ratio of 1.41, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The stock's fifty day simple moving average is $46.33 and its 200-day simple moving average is $41.51.

Insider Transactions at Baker Hughes

In related news, EVP Sreeganesh Ramaswamy sold 25,000 shares of Baker Hughes stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total value of $1,250,000.00. Following the completion of the transaction, the executive vice president owned 40,520 shares in the company, valued at $2,026,000. The trade was a 38.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Rebecca L. Charlton sold 1,000 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $50.00, for a total transaction of $50,000.00. Following the completion of the sale, the chief accounting officer directly owned 11,772 shares in the company, valued at approximately $588,600. This represents a 7.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Baker Hughes

A number of institutional investors and hedge funds have recently modified their holdings of the company. MUFG Securities EMEA plc acquired a new stake in Baker Hughes in the second quarter valued at $112,000. Voleon Capital Management LP purchased a new position in shares of Baker Hughes in the 2nd quarter valued at about $293,000. Evergreen Capital Management LLC raised its position in shares of Baker Hughes by 7.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 9,316 shares of the company's stock worth $357,000 after acquiring an additional 684 shares in the last quarter. Great Valley Advisor Group Inc. lifted its stake in Baker Hughes by 73.5% during the second quarter. Great Valley Advisor Group Inc. now owns 9,865 shares of the company's stock worth $378,000 after purchasing an additional 4,180 shares during the last quarter. Finally, Benjamin Edwards Inc. boosted its holdings in Baker Hughes by 3.5% in the second quarter. Benjamin Edwards Inc. now owns 10,831 shares of the company's stock valued at $415,000 after purchasing an additional 365 shares in the last quarter. Institutional investors and hedge funds own 92.06% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Susquehanna boosted their price target on shares of Baker Hughes from $52.00 to $56.00 and gave the company a "positive" rating in a research report on Thursday, October 2nd. Zephirin Group boosted their target price on shares of Baker Hughes from $37.00 to $40.00 and gave the company a "hold" rating in a report on Thursday, October 2nd. UBS Group increased their price target on shares of Baker Hughes from $46.00 to $48.00 and gave the company a "neutral" rating in a research note on Monday, October 6th. TD Cowen lifted their price target on shares of Baker Hughes from $52.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Finally, Piper Sandler upped their price objective on Baker Hughes from $50.00 to $52.00 and gave the company an "overweight" rating in a report on Thursday, October 16th. Twenty-two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Baker Hughes currently has an average rating of "Moderate Buy" and an average target price of $52.91.

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.

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