Baker Hughes Co Class A

BKR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$29.00	Fly	Yvkdttdq

Baker Hughes Earnings: Energy Demand and Margin Improvement Opportunity Remain Underappreciated

Joshua Aguilar

Apr 24, 2024

We see no reason to change our $39 fair value estimate for no-moat-rated Baker Hughes. The company’s first-quarter earnings results were largely in line with our expectations. Revenue of roughly $6.4 billion rose 12% year on year driven by Baker Hughes’ industrial and energy technology, or IET, business. While IET represents a smaller portion of Baker’s sales mix, we consider it the better business.

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