Jefferies analyst Lloyd Byrne has maintained their bullish stance on BKR stock, giving a Buy rating on April 25.
Lloyd Byrne has given his Buy rating due to a combination of factors concerning the operational execution and financial performance of Baker Hughes Company. A critical element in his assessment is the company’s strong showing in the first quarter of 2024, particularly within its Integrated Equipment and Technology (IET) segment. Byrne recognizes the company’s Oilfield Services & Equipment (OFSE) segment is poised to benefit from anticipated international market growth. Additionally, the strategic moves Baker Hughes is making are expected to set up the IET business for sustained expansion.
The analyst is also optimistic about Baker Hughes’s trajectory towards achieving their EBITDA margin goal of 20% for the OFSE/IET segment by the 2025/2026 timeline. This confidence is further bolstered by adjustments to the second quarter guidance and an increase in the margin estimates for the OFSE in 2025 and IET in 2026 by approximately 50 basis points. Byrne’s projection is encapsulated by an elevated price target of $45, underpinning the Buy rating and signaling a positive outlook for the company’s stock.
According to TipRanks, Byrne is a top 100 analyst with an average return of 29.0% and a 65.06% success rate. Byrne covers the Energy sector, focusing on stocks such as Baker Hughes Company, EQT, and Exxon Mobil.
In another report released on April 25, Benchmark Co. also assigned a Buy rating to the stock with a $40.00 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).
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