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ExxonMobil is still delivering for shareholders despite lower earnings. A high price of oil should support underlying growth at Baker Hughes EOG is a leader in energy exploration, and the stock sits in the bargain bin.
The oilfield services industry is in a supercycle that has yet to play out. However, the Q1 results aligned with expectations and failed to spur individual names to new highs.
Currently, two major conditions are converging to continue the strong performance of energy stocks in 2024. Chief among high-performance energy stocks are those in the oil sector which currently adhere to geopolitical shifts.
Baker Hughes is well-positioned for the shift in global energy interests towards emissions control and the growing demand for natural gas and hydrogen fuel. The company is experiencing growth in its gas tech business and expects a 50% increase in segment orders for the next fiscal year. Baker Hughes's technology can be scaled for both natural gas and hydrogen power generation, providing cost-saving benefits and potential growth opportunities.
Baker Hughes Company (NASDAQ:BKR ) Q1 2024 Earnings Conference Call April 24, 2024 9:30 AM ET Company Participants Chase Mulvehill - VP, IR Lorenzo Simonelli - Chairman and CEO Nancy Buese - CFO Conference Call Participants Scott Gruber - Citigroup Arun Jayaram - JPMorgan Securities LLC Dave Anderson - Barclays James West - Evercore ISI Luke Lemoine - Piper Sandler Operator Good day, ladies and gentlemen, and welcome to the Baker Hughes Company First Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode.
Baker Hughes' (BKR) Q1 earnings benefit from higher contributions from Oilfield Services and Equipment, as well as the Industrial & Energy Technology business units, fueled by significant contract wins.
Baker Hughes (BKR) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.40 per share. This compares to earnings of $0.28 per share a year ago.
Oilfield services firm Baker Hughes beat analysts' estimates for first-quarter profit on higher international drilling demand.
C3.ai's stock has plunged more than 50% below its IPO price. It disappointed investors with its slowing growth and persistent losses.
In its weekly release, Baker Hughes (BKR) reports that the total count of oil rigs in the United States increased, but the count for natural gas declines.