Based in Houston, Texas, Baker Hughes Company (BKR) is a global leader in the energy technology industry. It is renowned for its comprehensive portfolio of integrated oilfield products, services, and digital solutions. Baker Hughes provides innovative solutions for exploring, producing, and managing energy resources. With a market cap of $38.16 billion, the company is known for its strong customer relationships and strategic focus on environmental stewardship. Baker Hughes is scheduled to announce its fiscal Q3 earnings results in October.
Analysts expect BKR to report a profit of $0.56 per share for the quarter, up 33.3% from $0.42 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
Its adjusted earnings of $0.57 per share for the last quarter surpassed the consensus estimate by 16.3%. Significant contracts in its Oilfield Services & Equipment segment and leadership in gas technology within its Industrial & Energy Technology segment aided Baker Hughes' Q2 results.
For fiscal 2024, analysts expect BKR to report EPS of $2.15, up 34.4% from $1.60 in fiscal 2023.
BKR stock is up 13.1% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 15.3% gains and the SPDR S&P Oil & Gas Equipment & Services ETF (XES) 15.2% returns over the same time frame.
BKR reported Q2 earnings on Jul. 25. Revenue for the period was $7.14 billion, exceeding analysts' forecasts of $6.81 billion. Following the release of these results, the stock gained by over 5% in the next trading session.
The consensus opinion on BKR stock is bullish, with an overall “Strong Buy” rating. Out of 21 analysts covering the stock, 17 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and three recommend a “Hold.” BKR's average analyst price target is $40.95, indicating a potential upside of 6% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
