These Analysts Boost Their Forecasts On Baker Hughes After Strong Q2 Results

Author: Avi Kapoor | July 29, 2024 08:45am

Baker Hughes Company (NASDAQ:BKR) reported better-than-expected second-quarter earnings, after the closing bell on Thursday.

Baker Hughes posted quarterly earnings of 57 cents per share which beat the analyst consensus estimate of 49 cents per share. The company reported quarterly sales of $7.139 billion which beat the analyst consensus estimate of $6.805 billion, according to data from Benzinga Pro.

“Our strong second-quarter results further demonstrate that we are on the right path in executing our strategy. We continue to strengthen our operating performance, which is driving meaningful margin expansion across both segments. Following our first-half outperformance, we are raising the midpoint of our full-year guidance by 5% and are confident in our ability to drive margins structurally higher over the coming years,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

Baker Hughes shares gained 5.8% to close at $37.65 on Friday.

These analysts made changes to their price targets on Baker Hughes following the announcement.

• Stifel analyst Stephen Gengaro maintained Baker Hughes with a Buy rating, while increasing the price target from $40 to $45.
• Susquehanna analyst Charles Minervino maintained the stock with a Positive rating, while raising the price target from $40 to $46.

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Posted In: BKR