Baker Hughes (NASDAQ:BKR) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Baker Hughes (NASDAQ:BKR) released its quarterly earnings results on Tuesday. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06, Briefing.com reports. The company had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.21 billion. Baker Hughes had a net margin of 7.37% and a return on equity of 12.45%. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 earnings per share.

Baker Hughes Stock Up 2.8 %

NASDAQ:BKR opened at $37.00 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.27. The firm has a market cap of $36.93 billion, a P/E ratio of 20.67, a P/E/G ratio of 0.61 and a beta of 1.38. Baker Hughes has a fifty-two week low of $28.32 and a fifty-two week high of $39.05. The firm has a 50-day simple moving average of $35.61 and a two-hundred day simple moving average of $34.35.

Baker Hughes Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Monday, November 4th. Baker Hughes’s dividend payout ratio is presently 46.93%.

Insider Buying and Selling

In other news, CEO Lorenzo Simonelli sold 114,286 shares of Baker Hughes stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $35.00, for a total value of $4,000,010.00. Following the completion of the sale, the chief executive officer now directly owns 502,053 shares in the company, valued at $17,571,855. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BKR. Benchmark reiterated a “buy” rating and issued a $40.00 price target on shares of Baker Hughes in a research note on Friday, July 26th. Royal Bank of Canada boosted their target price on Baker Hughes from $39.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Citigroup reduced their price target on shares of Baker Hughes from $44.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, September 27th. UBS Group decreased their price target on shares of Baker Hughes from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, September 18th. Finally, Evercore ISI increased 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. Two research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, Baker Hughes presently has an average rating of “Moderate Buy” and an average price target of $43.59.

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.