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What's in the Offing for Baker Hughes' (BKR) Q4 Earnings?
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Baker Hughes Company (BKR - Free Report) is set to report fourth-quarter 2023 results on Jan 23, after the closing bell.
In the last reported quarter, the oilfield service provider’s adjusted earnings of 42 cents per share beat the Zacks Consensus Estimate of 39 cents, driven by higher contributions from the Oilfield Services and Equipment and the Industrial & Energy Technology business units.
Baker Hughes beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the earnings surprise being 7.5%, on average. This is depicted in the graph below:
The Zacks Consensus Estimate for fourth-quarter earnings per share of 47 cents has witnessed one downward revision in the past 30 days. The consensus estimate suggests an increase of 23.7% from the year-ago reported number.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $6.9 billion indicates a 17% improvement from the year-ago reported figure.
Factors to Consider
The pricing scenario of oil was remarkable in the fourth quarter of 2023. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate spot crude price per barrel in the December quarter was $78.63. Although the price was not as high as in the year-ago quarter, the commodity price was favorable. This is likely to have provided incentives to the exploration and production companies to produce more of the commodity, although the growth rate has been slowing.
Higher upstream operations are likely to have increased demand for oil field service and equipment. We project Baker Hughes’ EBITDA from the Oilfield Services and Equipment business at $688.7 million, suggesting an increase of 12.2% year over year.
Earnings Whispers
Our proven model does not indicate an earnings beat for Baker Hughes this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. But that is not the case here.
Earnings ESP: Baker Hughes has an Earnings ESP of -8.12%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Baker Hughes currently carries a Zacks Rank #3.
Stocks to Consider
Here are two firms that you may want to consider, as these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
CNX Resources (CNX - Free Report) presently has an Earnings ESP of +3.25% and a Zacks Rank #3.
CNX Resources is scheduled to release fourth-quarter earnings on Jan 25. The Zacks Consensus Estimate for CNX’s earnings is pegged at 29 cents per share, suggesting an 82.3% decline from the prior-year reported figure. You can see the complete list of today’s Zacks #1 Rank stocks here.
Exxon Mobil Corporation (XOM - Free Report) currently has an Earnings ESP of +1.93% and a Zacks Rank #3.
ExxonMobil is scheduled to release fourth-quarter earnings on Feb 2. The Zacks Consensus Estimate for XOM’s earnings is pegged at $2.17 per share.
Image: Bigstock
What's in the Offing for Baker Hughes' (BKR) Q4 Earnings?
Baker Hughes Company (BKR - Free Report) is set to report fourth-quarter 2023 results on Jan 23, after the closing bell.
In the last reported quarter, the oilfield service provider’s adjusted earnings of 42 cents per share beat the Zacks Consensus Estimate of 39 cents, driven by higher contributions from the Oilfield Services and Equipment and the Industrial & Energy Technology business units.
Baker Hughes beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the earnings surprise being 7.5%, on average. This is depicted in the graph below:
Baker Hughes Company Price and EPS Surprise
Baker Hughes Company price-eps-surprise | Baker Hughes Company Quote
Estimate Trend
The Zacks Consensus Estimate for fourth-quarter earnings per share of 47 cents has witnessed one downward revision in the past 30 days. The consensus estimate suggests an increase of 23.7% from the year-ago reported number.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $6.9 billion indicates a 17% improvement from the year-ago reported figure.
Factors to Consider
The pricing scenario of oil was remarkable in the fourth quarter of 2023. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate spot crude price per barrel in the December quarter was $78.63. Although the price was not as high as in the year-ago quarter, the commodity price was favorable. This is likely to have provided incentives to the exploration and production companies to produce more of the commodity, although the growth rate has been slowing.
Higher upstream operations are likely to have increased demand for oil field service and equipment. We project Baker Hughes’ EBITDA from the Oilfield Services and Equipment business at $688.7 million, suggesting an increase of 12.2% year over year.
Earnings Whispers
Our proven model does not indicate an earnings beat for Baker Hughes this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. But that is not the case here.
Earnings ESP: Baker Hughes has an Earnings ESP of -8.12%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Baker Hughes currently carries a Zacks Rank #3.
Stocks to Consider
Here are two firms that you may want to consider, as these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
CNX Resources (CNX - Free Report) presently has an Earnings ESP of +3.25% and a Zacks Rank #3.
CNX Resources is scheduled to release fourth-quarter earnings on Jan 25. The Zacks Consensus Estimate for CNX’s earnings is pegged at 29 cents per share, suggesting an 82.3% decline from the prior-year reported figure. You can see the complete list of today’s Zacks #1 Rank stocks here.
Exxon Mobil Corporation (XOM - Free Report) currently has an Earnings ESP of +1.93% and a Zacks Rank #3.
ExxonMobil is scheduled to release fourth-quarter earnings on Feb 2. The Zacks Consensus Estimate for XOM’s earnings is pegged at $2.17 per share.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.