Nancy Buese, the Executive Vice President and Chief Financial Officer of Baker Hughes Co (NASDAQ:BKR), has reported the sale of shares totaling $371,010. The transactions, which took place on October 24, involved the sale of 10,000 shares of Class A Common Stock at prices ranging from $37.08 to $37.11 per share. Following these transactions, Buese holds 41,817 shares indirectly through a trust. These sales were conducted under a pre-established Rule 10b5-1 trading plan, which Buese adopted on April 26, 2024.
In other recent news, energy technology firm Baker Hughes has reported significant developments. The company announced a record quarterly EBITDA in its Third Quarter 2024 Earnings Call, with a 20% year-on-year EBITDA growth for the third consecutive quarter. EBITDA margins reached 17.5%, the highest since 2017, and the company maintained $2.9 billion in orders for the Integrated Energy Technology segment for the eighth straight quarter.
Baker Hughes has also secured substantial contracts with Petrobras, the Brazilian state-run oil company, to supply flexible pipe systems for Brazil's pre-salt oilfields. The contracts involve the delivery of 77 kilometers of flexible pipes designed to withstand the corrosive effects of high CO2 concentrations. These systems are scheduled to start delivery in mid-2026 and will support Petrobras' efforts to limit CO2 emissions and enhance oil recovery.
Despite Q3 revenue falling slightly below expectations due to project delays, Baker Hughes expects recovery in Q4 and Q1. The company also anticipates a 20% growth in natural gas demand by 2040 and targets $6 billion to $7 billion in new energy orders by 2030. These are recent developments in the company's performance and outlook.
InvestingPro Insights
As Baker Hughes Co (NASDAQ:BKR) experiences insider selling activity, it's worth examining the company's current financial position and market performance. According to InvestingPro data, Baker Hughes boasts a market capitalization of $37.13 billion, reflecting its significant presence in the oil and gas equipment and services sector.
The company's P/E ratio stands at 16.84, which is relatively low compared to its PEG ratio of 0.49 for the last twelve months as of Q3 2024. This suggests that Baker Hughes may be undervalued relative to its earnings growth potential, aligning with an InvestingPro Tip that the company is trading at a low P/E ratio relative to near-term earnings growth.
Baker Hughes has demonstrated solid financial performance, with revenue growth of 11.08% over the last twelve months as of Q3 2024, reaching $27.3 billion. The company's profitability is also noteworthy, with an operating income margin of 11.93% for the same period.
Investors may find comfort in Baker Hughes' dividend history. An InvestingPro Tip highlights that the company has maintained dividend payments for 38 consecutive years, showcasing its commitment to shareholder returns. The current dividend yield stands at 2.24%, with a 5% dividend growth rate over the last twelve months as of Q3 2024.
It's also worth noting that Baker Hughes is trading near its 52-week high, with the stock price at 95.88% of its highest point over the past year. This strength is reflected in the company's year-to-date total return of 11.98% as of the latest data.
For those interested in a deeper analysis, InvestingPro offers additional insights with 10 more tips available for Baker Hughes, providing a comprehensive view of the company's financial health and market position.
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