Lloyd Byrne, an analyst from Jefferies, maintained the Buy rating on Baker Hughes Company (BKR – Research Report). The associated price target remains the same with $43.00.
Lloyd Byrne has given his Buy rating due to a combination of factors that suggest Baker Hughes Company is outperforming expectations. The first quarter of 2024 revealed that the company’s adjusted EBITDA exceeded projections and guidance, with a notable increase in EBITDA margin compared to what was anticipated. Moreover, Baker Hughes’ revenue not only topped predictions but also demonstrated a significant year-over-year growth, indicating strong financial health and operational efficiency.
Additionally, the International Equipment segment’s performance was particularly impressive, surpassing expectations in both revenue and EBITDA by considerable margins. This, coupled with the company’s dedication to shareholder returns, as evidenced by the significant capital returned in the quarter, paints a picture of a company that is both growing and prioritizing shareholder value. These factors collectively form the basis of Byrne’s Buy rating, reflecting confidence in Baker Hughes’ current trajectory and future prospects.
Byrne covers the Energy sector, focusing on stocks such as Baker Hughes Company, EQT, and Canadian Natural. According to TipRanks, Byrne has an average return of 28.4% and a 64.18% success rate on recommended stocks.
In another report released on April 18, Morgan Stanley also maintained a Buy rating on the stock with a $43.00 price target.
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Baker Hughes Company (BKR) Company Description:
Texas-based Baker Hughes Co. provides a portfolio of technologies and services worldwide. The company operates through four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS).
Read More on BKR:
- Baker Hughes Company Sparks Interest with Informal Update
- Baker Hughes Declares Quarterly Dividend
- Baker Hughes Awarded Significant Gas Technology Scope for Phase 3 of Saudi Arabia’s Master Gas System
- Baker Hughes reports U.S. rig count up 2 to 619 rigs
- Baker Hughes price target raised to $40 from $37.50 at BofA
