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Up 25% in the Past 3 Months, is Baker Hughes Still a Buy?

Stock MarketsOct 21, 2021 10:01AM ET
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© Reuters. Up 25% in the Past 3 Months, is Baker Hughes Still a Buy?

The shares of Baker Hughes (BKR), an oilfield services company, have gained significantly in price over the past three months. However, the company’s third-quarter results lagged analyst estimates, raising investors’ concerns. In addition, given its industry's poor growth attributes, can the stock maintain its momentum? Let’s discuss.Baker Hughes Company (NYSE:BKR) in Houston, Tex., is an energy technology company that serves energy and industrial customers worldwide. It operates through four segments: Oilfield Services (OFS); Oilfield Equipment (OFE); Turbomachinery & Process Solutions (TPS); and Digital Solutions (DS). In addition, the company has a strategic collaboration with Air Products and Chemicals (NYSE:APD), Inc. to develop hydrogen compression systems.

The stock has surged 10.8% in price over the past month and 26.5% over the past three months to close yesterday’s trading session at $25.35, driven by investors’ optimism about the company’s differentiated AI-based technology solutions. However, the company’s lower-than-expected third-quarter results caused investors some concern. As a result, the stock fell 4% in price in early trading on Wednesday after its quarterly report delivered a negative earnings surprise.

The company’s $5.09 billion in third-quarter revenue fell short of the $5.34 billion consensus estimate, due to the current supply chain crisis and high raw material costs. These conditions could negatively impact the company’s share price in the near term.

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Up 25% in the Past 3 Months, is Baker Hughes Still a Buy?
 

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