A month has gone by since the last earnings report for Baker Hughes (BKR) . Shares have added about 2.1% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Baker Hughes due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It turns ...

Group 1: Market Overview - The U.S. oil services companies are facing bearish sentiment due to tariff uncertainty, geopolitical issues, and market volatility [1] - Crude oil prices in the low $60 range discourage drilling activities, negatively impacting oil service companies [2] - OPEC+ nations' decision to increase output is contributing to the downward pressure on crude prices [2] Group 2: Investment Opportunities - Contrarian investors may see potential for crude oil prices to rise as the U.S. shifts towards onshore manufacturing [2] - Oil prices could rise even without demand growth; a drop to around $55 could lead major oil companies to cut production, eventually increasing prices [3] - Three oil services companies are highlighted as potential investment opportunities if oil prices increase [3] Group 3: Company-Specific Insights - Baker Hughes (NASDAQ: BKR) has a 12-month stock price forecast of $49.11, indicating a 36.26% upside, despite being down 8.7% in 2025 [4] - Baker Hughes reported record adjusted EBITDA and maintained full-year guidance, expecting to improve margins through operational efficiency [5] - Halliburton (NYSE: HAL) has a 12-month stock price forecast of $33.53, suggesting a 68.38% upside, with 51% of its revenue coming from international operations [7][8] - Halliburton's current and forward P/E ratios are below sector averages, making it an attractive investment option [9] - Schlumberger (NYSE: SLB) has a market cap over $46 billion and a 12-month stock price forecast of $52.44, indicating a 57.50% upside [10] - SLB's P/E ratio is fairly valued compared to the sector average but at a discount to historical averages [11]

贝克休斯油服：美国钻探公司连续第二周削减石油和天然气钻机数量。 ...

贝克休斯油服：美国钻井公司三周来首次削减石油和天然气钻机数量。 ...

Core Insights - Baker Hughes reported revenue of $6.43 billion for the quarter ended March 2025, a slight year-over-year increase of 0.1% [1] - The company's EPS for the same period was $0.51, up from $0.43 a year ago, exceeding the consensus estimate of $0.47 by 8.51% [1] - Revenue fell short of the Zacks Consensus Estimate of $6.51 billion, resulting in a surprise of -1.31% [1] Financial Performance - Total orders for the quarter were $6.46 billion, slightly above the average estimate of $6.43 billion [4] - Orders in the Industrial & Energy Technology segment were $3.18 billion, exceeding the $3.09 billion estimate [4] - Oilfield Services & Equipment orders were $3.28 billion, below the $3.42 billion estimate [4] Segment Revenue Analysis - Revenue from Oilfield Services & Equipment International was $2.58 billion, a decline of 7.7% year-over-year, and below the $2.62 billion estimate [4] - North America Oilfield Services & Equipment revenue was $922 million, slightly above the $917.32 million estimate, representing a year-over-year decrease of 6.9% [4] - Revenue from Climate Technology Solutions surged to $178 million, a significant increase of 114.5% year-over-year, surpassing the $146.53 million estimate [4] Stock Performance - Baker Hughes shares have declined by 18.5% over the past month, compared to a 5.1% decline in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Financial Performance - In Q1 2025, Baker Hughes generated revenues of $6.4 billion, an increase of $9 million compared to Q1 2024[110] - Net income decreased by $53 million, or 12%, to $402 million compared to Q1 2024[140] - OFSE segment revenue for Q1 2025 was $3,499 million, a decrease of $285 million or 7.5% compared to Q1 2024[141] - IET segment revenue increased to $2,928 million in Q1 2025, up $294 million or 11% from Q1 2024, driven primarily by Gas Technology Equipment[143] - OFSE segment EBITDA decreased to $623 million in Q1 2025, down $21 million or 3.3% from Q1 2024, due to lower volume and FX impacts[142] - IET segment EBITDA improved to $501 million in Q1 2025, an increase of $114 million or 29.5% compared to Q1 2024, attributed to higher volume and productivity[144] - Operating cash flows for Q1 2025 were $709 million, down from $784 million in Q1 2024[153] - Capital expenditures for Q1 2025 were $300 million, compared to $333 million in Q1 2024[159] Shareholder Returns - The company returned a total of $417 million to shareholders in Q1 2025 through dividends and share repurchases, with a quarterly dividend increase to $0.23 per share[112] - Dividends paid in Q1 2025 totaled $229 million, an increase from $210 million in Q1 2024[160] - The company repurchased 4.4 million shares of Class A common stock for $188 million in Q1 2025[161] Market Conditions - The average Brent oil price in Q1 2025 was $75.87 per barrel, down from $82.92 in Q1 2024[122] - The average WTI oil price in Q1 2025 was $71.78 per barrel, down from $77.50 in Q1 2024[122] - The total rig count worldwide decreased by 5% to 1,706 in Q1 2025 compared to 1,796 in Q1 2024[125] Research and Development - Research and development costs decreased by $18 million, or 11%, to $146 million, mainly due to timing of project spending[136] Future Outlook and Risks - The company anticipates capital expenditures in 2025 to be up to 5% of annual revenue, primarily for recurring items necessary to support the business[163] - The Company includes forward-looking statements in its Quarterly Report, which are subject to risks and uncertainties that may cause actual results to differ materially from expectations[170] - The Company does not undertake any obligation to update forward-looking statements unless required by law, cautioning readers against placing undue reliance on them[171] - Market risk exposure has not changed materially since December 31, 2024, as detailed in the 2024 Annual Report[172] Performance Obligations - Remaining Performance Obligations totaled $33.2 billion as of March 31, 2025, with OFSE at $2.8 billion and IET at $30.4 billion[135] Sustainability Goals - Baker Hughes aims to reduce Scope 1 and 2 carbon dioxide equivalent emissions by 50% by 2030 and achieve net-zero emissions by 2050, reporting a 28.3% reduction as of 2023[116]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $1.04 billion, a 10% increase year-over-year, driven by strong performance in the Industrial & Energy Technology (IET) segment [21][43] - GAAP diluted earnings per share were $0.40, while adjusted earnings per share were $0.51, reflecting a 19% increase compared to the same quarter last year [43] - Free cash flow generated during the quarter was $454 million, with a target for full-year free cash flow conversion of 45% to 50% [22][44] Business Line Data and Key Metrics Changes - IET segment booked $3.2 billion in orders, with a record backlog of $30.4 billion, and revenue increased by 11% year-over-year to $2.9 billion [21][47] - OFSE segment revenue was $3.5 billion, down 10% sequentially, primarily due to seasonal weakness and delayed discretionary spending [50][52] - IET EBITDA margin expanded by 240 basis points to 17.1%, while OFSE EBITDA margin improved by 80 basis points year-over-year to 17.8% despite revenue decline [48][52] Market Data and Key Metrics Changes - Global upstream spending is expected to decline by high-single digits in 2025, with a mid- to high-single-digit decrease internationally and a low-double-digit decrease in North America [10][61] - Natural gas demand increased by 115 bcm or 2.7% in 2024, with strong LNG contracting trends reported [14][15] - The company secured $1.7 billion in orders for U.S. LNG projects over the past two quarters, indicating a positive outlook for LNG demand [16][30] Company Strategy and Development Direction - The company is focused on profitable growth and sustained margin improvement, with a clear strategy to mitigate tariff impacts and enhance operational efficiency [5][19] - Emphasis on expanding into new markets such as data centers and gas infrastructure, with significant orders booked in these areas [24][27] - The company aims to maintain a strong balance sheet, with a net debt-to-EBITDA ratio of 0.6x and liquidity of $6.3 billion [45] Management's Comments on Operating Environment and Future Outlook - Management highlighted ongoing geopolitical tensions, trade policy uncertainty, and inflationary pressures as key challenges impacting the macro environment [8][10] - The company expects to outperform the broader North American market, supported by a production-weighted portfolio, despite limited visibility for the second half of the year [12][19] - Management remains confident in the long-term growth of global energy demand, particularly for natural gas, as part of the transition to lower emissions [68] Other Important Information - The company returned $417 million to shareholders in Q1 2025, including $229 million in dividends and $188 million in share repurchases [45] - Significant commercial momentum was noted, with record attendance at the Annual Meeting in Florence, Italy, indicating strong customer engagement [23] Q&A Session Summary Question: Guidance amidst tariff and OPEC+ uncertainty - Management acknowledged the uncertainty surrounding tariffs and OPEC+ policies, emphasizing the need for a flexible guidance framework [72][75] Question: Data center opportunities and macro impact on IET - Management expressed confidence in the data center market, highlighting strong order flow and a positive outlook for LNG and gas infrastructure [90][92] Question: Mitigation initiatives for tariff impacts - Management detailed proactive steps taken to mitigate tariff impacts, including leveraging a global supply chain and exploring domestic sourcing alternatives [101][104] Question: OFSE revenue decline and margin targets - Management discussed the impact of delayed discretionary spending and seasonal weakness on OFSE revenue, while reaffirming commitment to the 20% EBITDA margin target [115][121] Question: IET margin progression and future expectations - Management indicated expectations for continued margin improvement in IET, despite potential headwinds from tariffs and economic conditions [127][132]

贝克休斯：持续的不确定性以及近期油价的波动对下半年美国陆上油气开发活动可能构成下行风险。 ...

Core Insights - Baker Hughes Company (BKR) reported first-quarter 2025 adjusted earnings of 51 cents per share, exceeding the Zacks Consensus Estimate of 47 cents and improving from 43 cents a year ago [1] - Total quarterly revenues were $6,427 million, slightly missing the Zacks Consensus Estimate of $6,512 million but increasing from $6,418 million in the previous year [1] Segment Performance - The company reorganized into two operating segments: Oilfield Services and Equipment (OFSE) and Industrial and Energy Technology (IET) [3] - Revenues from the OFSE unit were $3,499 million, down 8% from $3,783 million a year ago and below the estimate of $3,598 million [3] - EBITDA from the OFSE segment totaled $623 million, down 3% from $644 million in Q1 2024, attributed to lower volume despite productivity improvements [4] - Revenues from the IET unit were $2,928 million, up 11% from $2,634 million a year ago and beating the estimate of $2,896 million [4] - EBITDA from the IET segment was $501 million, up 30% from $386 million in the previous year, driven by productivity and increased volume [5] Financial Overview - Total costs and expenses for the first quarter were $5,866 million, up from $5,777 million a year ago, and slightly below the projection of $5,874.7 million [6] - Orders from all business segments amounted to $6,459 million, down 1% from $6,542 million a year ago, primarily due to lower order intake in the OFSE segment [7] - Free cash flow generated was $454 million, compared to $502 million a year ago [8] - Net capital expenditure in the first quarter was $255 million, with cash and cash equivalents of $3,277 million as of March 31, 2025 [9] - Long-term debt stood at $5,969 million, with a debt-to-capitalization ratio of 25.9% [9] Market Position - Baker Hughes currently holds a Zacks Rank 3 (Hold) [10] - Other energy sector stocks with better rankings include Archrock Inc. (AROC) with a Zacks Rank 1 (Strong Buy), and Kinder Morgan, Inc. (KMI) and Enterprise Products Partners L.P. (EPD), both with a Zacks Rank 2 (Buy) [11]

Core Viewpoint - Baker Hughes (BKR) reported quarterly earnings of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and showing an increase from $0.43 per share a year ago, indicating a positive earnings surprise of 8.51% [1][2] Financial Performance - The company posted revenues of $6.43 billion for the quarter ended March 2025, which was slightly below the Zacks Consensus Estimate by 1.31%, and comparable to year-ago revenues of $6.42 billion [2] - Over the last four quarters, Baker Hughes has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [2] Stock Performance - Baker Hughes shares have declined approximately 7.9% since the beginning of the year, while the S&P 500 has seen a decline of 12.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.59 on revenues of $6.86 billion, and for the current fiscal year, it is $2.53 on revenues of $27.73 billion [7] - The outlook for the Oil and Gas - Field Services industry is positive, ranking in the top 34% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]