Baker Hughes Company (BKR), based in Houston, Texas, is a global leader in energy technology, offering a broad range of oilfield products, services, and digital solutions. Valued at $36.7 billion by market cap, the company is recognized for its customer relationships and focus on environmental stewardship. Baker Hughes will report its fiscal Q3 earnings on Oct. 22, after the market closes.
Analysts expect BKR to report a profit of $0.61 per share for the quarter, up 45.2% 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%, driven by major contracts in the Oilfield Services & Equipment segment.
For fiscal 2024, analysts expect BKR to report EPS of $2.25, up 40.6% from $1.60 in fiscal 2023.
BKR stock is up 8.9% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 19.7% gains. However, the stock has slightly outpaced the Energy Select Sector SPDR Fund’s (XLE) 8.2% rise over the same time frame.
BKR dropped more than 3% on Sept. 26 as the broader energy stocks declined, following a 2% slide in WTI crude oil prices to a two-week low.
However, BKR surged more than 5% after it reported Q2 earnings on Jul. 25 as it exceeded the Street’s earnings and revenue expectations.
The consensus opinion on BKR stock is extremely bullish, with an overall “Strong Buy” rating. Out of 19 analysts covering the stock, 17 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and the remaining analyst recommends a “Hold.”
BKR's average analyst price target is $43.47, indicating a potential upside of 16.8% from the current levels.
On the date of publication, Kritika Sarmah 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.
