What's in the Cards for Baker Hughes This Earnings Season?

Baker Hughes Company BKR is set to report third-quarter 2024 results on Oct. 22, after the closing bell.In the last reported quarter, the oilfield service provider’s adjusted earnings of 57 cents per share beat the Zacks Consensus Estimate of 49 cents, driven by significant contracts in its Oilfield Services & Equipment segment, including major contracts with Petrobras and the State Oil Company of Azerbaijan Republic.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The company beat on earnings in each of the trailing four quarters, delivering an average surprise of 10.0%. This is depicted in the graph below:Baker Hughes Company Price and EPS Surprise Baker Hughes Company price-eps-surprise | Baker Hughes Company QuoteEstimate TrendThe Zacks Consensus Estimate for third-quarter earnings per share of 60 cents has witnessed two upward revisions and one downward revision in the past 30 days. The consensus estimate implies an increase of almost 43% from the year-ago reported number.The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $7.2 billion indicates a 9% improvement from the year-ago reported figure.Factors to Consider for BKRAccording to the U.S. Energy Information Administration, the average spot prices for West Texas Intermediate crude at Cushing, OK, were $81.80 per barrel in July, $76.68 per barrel in August and $70.24 per barrel in September. This indicates that the crude pricing environment in the third quarter was highly favorable for exploration and production activities.Favorable prices of the commodity are likely to have aided exploration and production activities which in turn might have supported demand for the company’s oilfield services. The Zacks Consensus Estimate for BKR’s operating income from the Oilfield Services & Equipment business is pegged at $525.6 million, higher than $465 million reported in the year-ago quarter.Earnings WhispersOur proven model doesn’t predict 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. That is not the case here, as you will see below.Earnings ESP: Baker Hughes has an Earnings ESP of -2.03%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: The company currently carries a Zacks Rank #3.Stocks to ConsiderHere are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.Cheniere Energy, Inc. LNG currently has an Earnings ESP of +2.27% and a Zacks Rank #2.Cheniere Energy is scheduled to release third-quarter earnings on Oct. 31. The Zacks Consensus Estimate for LNG’s earnings is pegged at $1.84 per share, suggesting a 22.4% decrease from the prior-year reported figure.Murphy USA Inc. MUSA currently has an Earnings ESP of +1.76% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.MUSA is scheduled to release third-quarter earnings on Oct. 30. The Zacks Consensus Estimate for earnings is pegged at $6.69 per share, suggesting a 13% decrease from the prior-year reported figure.Oceaneering International, Inc. OII has an Earnings ESP of +2.27% and a Zacks Rank #3.Oceaneering is scheduled to release third-quarter earnings on Oct. 23. The Zacks Consensus Estimate for earnings is pegged at 44 cents per share, suggesting a 16% improvement from the prior-year reported figure.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Oceaneering International, Inc. (OII): Free Stock Analysis Report Murphy USA Inc. (MUSA): Free Stock Analysis Report Cheniere Energy, Inc. (LNG): Free Stock Analysis Report Baker Hughes Company (BKR): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks