Nancy Buese, Executive Vice President and Chief Financial Officer of Baker Hughes Co (NASDAQ:BKR), recently sold shares of the company's stock. According to a filing with the Securities and Exchange Commission, Buese sold 5,000 shares of Class A Common Stock on October 31, 2024. The shares were sold at a weighted average price of $38.02, totaling approximately $190,100.
This transaction was conducted under a Rule 10b5-1 trading plan that Buese adopted on April 26, 2024. Following this sale, Buese holds 36,817 shares indirectly through a trust. The sale of these shares was executed in multiple transactions, with prices ranging from $38.00 to $38.04.
In other recent news, Baker Hughes, a global energy technology firm, reported record quarterly EBITDA in its Third Quarter 2024 Earnings Call, with a 20% year-on-year growth for the third consecutive quarter. EBITDA margins reached 17.5%, the highest since 2017. The company also maintained $2.9 billion in orders for its Integrated Energy Technology segment for the eighth consecutive quarter. Despite a slight revenue miss due to project delays, recovery is expected in the fourth quarter and the first quarter of the following year.
In addition, Baker Hughes secured significant contracts with Brazilian state-run oil company Petrobras to supply flexible pipe systems for Brazil's pre-salt oilfields. The delivery of these systems, which are integral to Petrobras' efforts to limit CO2 emissions and enhance oil recovery, is set to begin in mid-2026.
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InvestingPro Insights
Baker Hughes Co (NASDAQ:BKR) continues to demonstrate strong financial performance, as evidenced by recent InvestingPro data. The company's market capitalization stands at $37.45 billion, reflecting its significant presence in the oil and gas equipment and services sector. With a P/E ratio of 16.84, Baker Hughes is trading at a relatively modest valuation compared to its earnings, which could be attractive to value-oriented investors.
InvestingPro Tips highlight Baker Hughes' financial strength and shareholder-friendly policies. The company has maintained dividend payments for an impressive 38 consecutive years, showcasing its commitment to returning value to shareholders. This is further underscored by its current dividend yield of 2.2% and a 5% dividend growth rate over the last twelve months. These factors may provide context for why executives like Nancy Buese might engage in share transactions, as the company's stock appears to be performing well, trading near its 52-week high.
The company's revenue growth of 11.08% over the last twelve months and an EBITDA growth of 15.93% during the same period indicate that Baker Hughes is expanding its business operations effectively. This growth, combined with a moderate level of debt, suggests that the company is managing its finances prudently while pursuing expansion opportunities.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 10 more InvestingPro Tips available for Baker Hughes, which could provide valuable perspective on the company's financial health and market position.
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