Brokers Issue Forecasts for Baker Hughes’ Q1 2023 Earnings (NASDAQ:BKR)

Posted by Defense World Staff on Apr 12th, 2023

Baker Hughes (NASDAQ:BKR – Get Rating) – Analysts at Jefferies Financial Group decreased their Q1 2023 earnings per share estimates for Baker Hughes in a report issued on Sunday, April 9th. Jefferies Financial Group analyst L. Byrne now forecasts that the company will earn $0.25 per share for the quarter, down from their previous forecast of $0.27. The consensus estimate for Baker Hughes’ current full-year earnings is $1.57 per share.

Baker Hughes (NASDAQ:BKR – Get Rating) last released its earnings results on Monday, January 23rd. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.02). Baker Hughes had a negative net margin of 2.85% and a positive return on equity of 5.98%. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $6.07 billion. During the same period in the previous year, the company posted $0.25 EPS. The company’s quarterly revenue was up 7.7% compared to the same quarter last year.

A number of other equities research analysts have also commented on the company. BMO Capital Markets raised their price target on Baker Hughes from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Susquehanna decreased their price target on Baker Hughes from $40.00 to $35.00 in a research note on Monday, April 3rd. Citigroup raised their price target on Baker Hughes from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, January 25th. JPMorgan Chase & Co. upgraded Baker Hughes from a “neutral” rating to an “overweight” rating and set a $32.00 price target for the company in a research note on Wednesday, March 15th. Finally, HSBC raised their price target on Baker Hughes from $33.30 to $39.00 in a research note on Monday, January 30th. One analyst has rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Baker Hughes presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.56.

Baker Hughes Trading Up 1.1 %

NASDAQ BKR opened at $29.15 on Tuesday. The firm has a market cap of $29.48 billion, a P/E ratio of -48.58 and a beta of 1.47. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.32 and a quick ratio of 0.90. The stock’s 50-day moving average is $29.99 and its 200-day moving average is $28.62. Baker Hughes has a one year low of $20.42 and a one year high of $38.65.

Baker Hughes Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 17th. Investors of record on Monday, February 6th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, February 3rd. This represents a $0.76 annualized dividend and a dividend yield of 2.61%. Baker Hughes’s dividend payout ratio is currently -126.67%.

Insider Buying and Selling

In other Baker Hughes news, EVP Maria C. Borras sold 9,811 shares of the company’s stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $30.93, for a total value of $303,454.23. Following the completion of the transaction, the executive vice president now owns 59,463 shares of the company’s stock, valued at approximately $1,839,190.59. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Baker Hughes

Several institutional investors and hedge funds have recently made changes to their positions in BKR. Norges Bank bought a new position in Baker Hughes in the fourth quarter worth approximately $195,343,000. Vanguard Group Inc. boosted its holdings in Baker Hughes by 5.7% in the third quarter. Vanguard Group Inc. now owns 119,365,664 shares of the company’s stock worth $2,501,905,000 after acquiring an additional 6,456,576 shares in the last quarter. Ceredex Value Advisors LLC boosted its holdings in Baker Hughes by 443.0% in the third quarter. Ceredex Value Advisors LLC now owns 5,931,026 shares of the company’s stock worth $124,314,000 after acquiring an additional 4,838,736 shares in the last quarter. BlackRock Inc. boosted its holdings in Baker Hughes by 5.6% in the third quarter. BlackRock Inc. now owns 84,632,999 shares of the company’s stock worth $1,773,908,000 after acquiring an additional 4,474,453 shares in the last quarter. Finally, Amundi boosted its holdings in Baker Hughes by 41.8% in the fourth quarter. Amundi now owns 14,337,248 shares of the company’s stock worth $442,017,000 after acquiring an additional 4,226,117 shares in the last quarter. Institutional investors own 97.40% of the company’s stock.

Baker Hughes Company Profile

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Baker Hughes Co is a holding company, which engages in the provision of oilfield products, services, and digital solutions. It operates through the Oilfield Services and Equipment (OFSE) and industrial and Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides services for onshore and offshore oilfield operations.