Baker Hughes (NASDAQ:BKR) Announces Earnings Results

Key Points

• Baker Hughes exceeded earnings expectations, reporting quarterly EPS of $0.70 versus analysts’ consensus estimate of $0.60. The company posted a 13.85% return on equity and an 11.17% net margin.
• Baker Hughes shares rose 5.3% to $59.00 in midday trading, with volume above its average. The stock has a market capitalization of approximately $58.6 billion and trades at a P/E ratio of 19.03.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $72.10. Recent targets range from $70 to $75, though Barclays maintains an equal-weight rating.

Baker Hughes (NASDAQ:BKR - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.10, Zacks reports. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.

Baker Hughes Trading Up 5.3%

Shares of NASDAQ:BKR traded up $2.99 during midday trading on Tuesday, reaching $59.00. 13,079,251 shares of the company's stock were exchanged, compared to its average volume of 8,636,999. The firm's 50 day simple moving average is $58.97 and its two-hundred day simple moving average is $59.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.09 and a quick ratio of 1.76. The stock has a market cap of $58.57 billion, a price-to-earnings ratio of 19.03, a P/E/G ratio of 2.66 and a beta of 1.04. Baker Hughes has a fifty-two week low of $44.26 and a fifty-two week high of $70.41.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BKR shares. Piper Sandler upped their price objective on Baker Hughes from $71.00 to $73.00 and gave the company an "overweight" rating in a research report on Tuesday, July 28th. Stifel Nicolaus raised their price objective on Baker Hughes from $74.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. The Goldman Sachs Group reissued a "buy" rating and issued a $71.00 target price on shares of Baker Hughes in a research report on Tuesday, September 29th. Morgan Stanley assumed coverage on shares of Baker Hughes in a report on Friday, August 7th. They issued an "overweight" rating and a $70.00 price target on the stock. Finally, Barclays cut their price target on Baker Hughes from $74.00 to $72.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $72.10.

Baker Hughes Company Profile

Baker Hughes Company NASDAQ: BKR is an energy technology company that provides products, services and digital solutions for the oil and gas industry and other energy-related markets. Its offerings support the exploration, drilling, completion, production and maintenance of energy assets across the lifecycle of a project.

The company's oilfield services and equipment business provides technologies such as drilling systems, well completions, artificial lift, subsea equipment, production chemicals and well intervention services.

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