Analyst Consensus ?
ConsensusBuy43 ratings
Bullish3069.8%
Neutral1227.9%
Bearish12.3%
Baker Hughes Company · BKR · FY2024 Q3 · Calendar Q4 2024
Baker Hughes: Record Q3 Margin, Guidance Maintained
The supplied analysis supports a constructive but conditional view: Baker Hughes' record Q3 margin, robust orders and growing recurring-service contribution strengthen the operating case, while project timing, geopolitics and execution risks temper the outlook.
Reported After market closeNASDAQEnergy
$56.28B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.67
Consensus $0.61
EPS surprise
+9.8%
Reported versus consensus
Reported revenue
$6.91B
Consensus $7.21B
Revenue surprise
-4.2%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+2.8%
Event window
SPY move
-0.9%
Same window
Abnormal move
+3.7%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
+19.8%
Up to 20 sessions
BKRSPY benchmark
Ask FN2 about BKR FY2024 Q3
Transcript, numbers and history already loaded
Why did BKR rise 2.8% after beating EPS estimates in FY2024 Q3?What changed in BKR's guidance and outlook in FY2024 Q3?Give me the bull and bear case for BKR after FY2024 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the emphasis shifted from a raised guidance backdrop and record IET bookings to maintained guidance, record Q3 EBITDA and margin, a $6.7 billion order backlog, and recurring services as a core growth engine.
Guidance delta
Management maintained full-year EBITDA guidance and reaffirmed its 20% margin targets for IET by 2026 and OFSE by 2025.
Key takeaways
- Q3 EBITDA reached a record $1.21 billion, with EBITDA margin at 17.5%.
- Orders totaled $6.7 billion, including $2.9 billion from IET.
- Recurring service revenue represented nearly 50% of IET EBITDA.
- Management highlighted digital, aftermarket, CCUS and other new-energy opportunities.
- Execution, project timing and geopolitical exposure remain important risks.
Management priorities
- Expand recurring service contracts and aftermarket upgrades.
- Scale CarbonEdge CCUS monitoring and digital offerings.
- Deploy AI capabilities in Leucipa with Repsol.
- Advance cost-out, Kaizen and supply-chain optimization efforts.
- Pursue a 20% increase in the installed base by 2030.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$56.7Previous close
$21.1Low
$56.3Average
$80High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 12, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Sep 30, 2026 |
| Jefferies | Buy | Buy | Maintain | Sep 29, 2026 |
| Susquehanna | Positive | Positive | Maintain | Sep 10, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 25, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 28, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 28, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 28, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 16, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 8, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 27, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 27, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 27, 2026 |
| Freedom Broker | Sell | Sell | Maintain | Oct 27, 2025 |
| Seaport Global | Neutral | Buy | Downgrade | Jul 30, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 29, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 2, 2025 |
| TD Securities | Buy | Buy | Maintain | Apr 24, 2025 |
| Benchmark | Buy | Buy | Maintain | Feb 11, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 3, 2025 |
| B of A Securities | Buy | Buy | Maintain | Feb 3, 2025 |
| Argus Research | Buy | Hold | Upgrade | Oct 25, 2024 |
| Wolfe Research | Market Perform | Outperform | Downgrade | Jan 29, 2024 |
| HSBC | Buy | Buy | Maintain | Jul 21, 2023 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 21, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 22, 2021 |
| ScotiaBank | Sector Perform | Sector Perform | Maintain | Jul 24, 2020 |
| Northland Capital Markets | Perform | Market Perform | Maintain | May 29, 2020 |
| CFRA | Hold | Hold | Maintain | Apr 23, 2020 |
| Bernstein | Outperform | Underperform | Upgrade | Apr 6, 2020 |
| Tudor Pickering | Buy | Hold | Upgrade | Mar 26, 2020 |
| Edward Jones | Hold | Buy | Downgrade | Feb 20, 2020 |
| Deutsche Bank | Buy | Buy | Maintain | Jan 28, 2020 |
| Bank of America | Buy | Buy | Maintain | Dec 4, 2019 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 31, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 11, 2018 |
| B. Riley FBR | Buy | Neutral | Upgrade | Aug 20, 2018 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jul 24, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Apr 3, 2018 |
| Loop Capital | Hold | Hold | Maintain | Oct 23, 2017 |
| Argus | Buy | Buy | Maintain | Aug 21, 2017 |
| FBR Capital | Perform | Market Perform | Maintain | Jul 17, 2017 |
| KeyBanc | Hold | Buy | Downgrade | Feb 4, 2013 |
| DA Davidson | Neutral | Neutral | Maintain | Jan 8, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $56.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $69 | $55.92 | +21.7% | Sep 30, 2026 |
| Goldman Sachs | Neil Mehta | $71 | $57.12 | +25.2% | Sep 29, 2026 |
| Jefferies | Analyst unavailable | $77 | $57.12 | +35.8% | Sep 29, 2026 |
| UBS | Analyst unavailable | $72 | $59.06 | +27.0% | Sep 14, 2026 |
| UBS | Josh Silverstein | $70 | $63.64 | +23.5% | Sep 10, 2026 |
| Susquehanna | Charles Minervino | $75 | $63.64 | +32.3% | Sep 10, 2026 |
| RBC Capital | Keith Mackey | $76 | $61.98 | +34.0% | Aug 25, 2026 |
| Morgan Stanley | Joe Laetsch | $70 | $62.75 | +23.5% | Aug 7, 2026 |
| UBS | Analyst unavailable | $51 | $58.46 | -10.1% | Jul 28, 2026 |
| UBS | Josh Silverstein | $71 | $60.1 | +25.2% | Jul 28, 2026 |
| Susquehanna | Charles Minervino | $72 | $60.59 | +27.0% | Jul 28, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $75 | $60.59 | +32.3% | Jul 28, 2026 |
| Piper Sandler | Analyst unavailable | $73 | $60.59 | +28.7% | Jul 28, 2026 |
| Barclays | Analyst unavailable | $72 | $57.25 | +27.0% | Jul 16, 2026 |
| Piper Sandler | Analyst unavailable | $71 | $57.66 | +25.2% | Jul 14, 2026 |
| Wolfe Research | Analyst unavailable | $70 | $56.43 | +23.5% | Jul 8, 2026 |
| Susquehanna | Analyst unavailable | $70 | $54.47 | +23.5% | Jul 8, 2026 |
| Barclays | David Anderson | $74 | $66.67 | +30.5% | May 7, 2026 |
| Susquehanna | Analyst unavailable | $80 | $68.74 | +41.1% | Apr 27, 2026 |
| UBS | Analyst unavailable | $73 | $68.62 | +28.7% | Apr 27, 2026 |
| BMO Capital | Phillip Jungwirth | $80 | $68.75 | +41.1% | Apr 27, 2026 |
| RBC Capital | Analyst unavailable | $71 | $69.65 | +25.2% | Apr 27, 2026 |
| Evercore ISI | Analyst unavailable | $76 | $68.94 | +34.0% | Apr 27, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $74 | $68.94 | +30.5% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $62 | $68.94 | +9.3% | Apr 27, 2026 |
| Jefferies | Analyst unavailable | $80 | $68.94 | +41.1% | Apr 26, 2026 |
| Piper Sandler | Analyst unavailable | $64 | $61.49 | +12.9% | Apr 15, 2026 |
| Evercore ISI | Stephen Richardson | $68 | $60.5 | +19.9% | Feb 11, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $63 | $56.04 | +11.1% | Feb 2, 2026 |
| Jefferies | Lloyd Byrne | $67 | $56.04 | +18.2% | Jan 31, 2026 |
| BMO Capital | Phillip Jungwirth | $65 | $56.29 | +14.6% | Jan 27, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $60 | $56.29 | +5.8% | Jan 27, 2026 |
| Susquehanna | Analyst unavailable | $65 | $56.29 | +14.6% | Jan 27, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $58 | $56.29 | +2.3% | Jan 27, 2026 |
| Barclays | Analyst unavailable | $57 | $56.29 | +0.5% | Jan 27, 2026 |
| Stifel Nicolaus | Analyst unavailable | $57 | $53.19 | +0.5% | Jan 21, 2026 |
| RBC Capital | Keith Mackey | $57 | $51.59 | +0.5% | Jan 15, 2026 |
| Susquehanna | Charles Minervino | $58 | $49.61 | +2.3% | Jan 7, 2026 |
| UBS | Josh Silverstein | $54 | $47.22 | -4.8% | Dec 12, 2025 |
| Evercore ISI | Analyst unavailable | $54 | $47.3 | -4.8% | Oct 27, 2025 |
| Barclays | Analyst unavailable | $55 | $46.39 | -3.0% | Oct 27, 2025 |
| Stifel Nicolaus | Analyst unavailable | $52 | $47.3 | -8.3% | Oct 27, 2025 |
| Piper Sandler | Analyst unavailable | $52 | $44.47 | -8.3% | Oct 16, 2025 |
| UBS | Josh Silverstein | $48 | $48.5 | -15.3% | Oct 6, 2025 |
| Jefferies | Analyst unavailable | $58 | $45.53 | +2.3% | Jul 30, 2025 |
| Industrial Alliance Securities | Analyst unavailable | $53 | $45.53 | -6.5% | Jul 30, 2025 |
| UBS | Analyst unavailable | $46 | $45.53 | -18.9% | Jul 30, 2025 |
| Stifel Nicolaus | Stephen Gengaro | $50 | $35.67 | -11.8% | Apr 24, 2025 |
| Goldman Sachs | Neil Mehta | $52 | $45.81 | -8.3% | Jan 22, 2025 |
| Jefferies | Lloyd Byrne | $50 | $42.38 | -11.8% | Jan 3, 2025 |
| BMO Capital | Phillip Jungwirth | $45 | $37.59 | -20.6% | Oct 10, 2024 |
| Morgan Stanley | Daniel Kutz | $45 | $37.22 | -20.6% | Oct 3, 2024 |
| Citigroup | Scott Gruber | $42 | $34.77 | -25.9% | Sep 27, 2024 |
| Wells Fargo | Roger Read | $42 | $36.34 | -25.9% | Sep 24, 2024 |
| Susquehanna | Charles Minervino | $46 | $37.65 | -18.9% | Jul 29, 2024 |
| Evercore ISI | James West | $46 | $37.65 | -18.9% | Jul 26, 2024 |
| Piper Sandler | Luke Lemoine | $44 | $34.5 | -22.4% | Jul 15, 2024 |
| Jefferies | Lloyd Byrne | $46 | $34.42 | -18.9% | Jun 27, 2024 |
| UBS | Josh Silverstein | $37 | $31.63 | -34.7% | Jun 5, 2024 |
| BMO Capital | Analyst unavailable | $36 | $31 | -36.5% | Feb 2, 2023 |
| Morgan Stanley | Analyst unavailable | $35 | $27.94 | -38.3% | Jan 4, 2023 |
| Wells Fargo | Roger Read | $29 | $26.4 | -48.9% | Oct 26, 2022 |
| Barclays | David Anderson | $44 | $25.23 | -22.4% | Aug 4, 2022 |
| Barclays | David Anderson | $47 | $33.54 | -17.1% | Jun 14, 2022 |
| Barclays | Analyst unavailable | $40 | $31.27 | -29.5% | Apr 27, 2022 |
| RBC Capital | Keith Mackey | $41 | $32.27 | -27.7% | Apr 26, 2022 |
| Susquehanna | Analyst unavailable | $41 | $34.46 | -27.7% | Apr 21, 2022 |
| Stifel Nicolaus | Stephen Gengaro | $41 | $36.47 | -27.7% | Apr 11, 2022 |
| Wells Fargo | Roger Read | $43 | $36.42 | -24.2% | Apr 3, 2022 |
| Goldman Sachs | Neil Mehta | $41 | $37.35 | -27.7% | Mar 30, 2022 |
| UBS | Lloyd Byrne | $43 | $36.22 | -24.2% | Mar 21, 2022 |
| Barclays | David Anderson | $31 | $26.59 | -45.3% | Feb 6, 2022 |
| Seaport Global | Tom Curran | $33 | $27.93 | -41.8% | Jan 25, 2022 |
| Cowen & Co. | Marc Bianchi | $35 | $27.05 | -38.3% | Jan 21, 2022 |
| Piper Sandler | Ian Macpherson | $37.5 | $27.05 | -33.9% | Jan 21, 2022 |
| Credit Suisse | Jens Zimmermann | $30 | $27.05 | -47.1% | Jan 21, 2022 |
| J.P. Morgan | Arun Jayaram | $30 | $27.05 | -47.1% | Jan 21, 2022 |
| BMO Capital | Phillip Jungwirth | $32 | $27.05 | -43.6% | Jan 21, 2022 |
| Morgan Stanley | Connor Lynagh | $30 | $25.09 | -47.1% | Oct 11, 2021 |
| HSBC | Abhishek Kumar | $21.1 | $20.17 | -62.8% | Aug 4, 2021 |
| Citigroup | Scott Gruber | $30 | $23.6 | -47.1% | May 25, 2021 |
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Start freeCompany context
Snapshot as of publicationBaker Hughes Co. is a holding company, which engages in the provision of oilfield products, services, and digital solutions. It operates through the Oilfield Services and Equipment (OFSE) and industrial and Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides services for onshore and offshore oilfield operations. The IET segment combines expertise, technologies, and services for industrial and energy customers including on and off-shore, LNG, pipeline and gas storage, refining, petrochemical, distributed gas, flow and process control, and industrial segments such as nuclear, aviation, automotive, marine, food and beverage, mining, cement and utilities. The company was founded in April 1987 and is headquartered in Houston, TX.
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
- Polygon adjusted daily market bars · 2026-10-12T10:40:43.798774+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-12T10:40:43.796062+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-12. For educational purposes only; not investment advice.