Baker Hughes (NASDAQ: BKR) proved its shareholders right and its skeptics wrong with a double-beat in its third-quarter earnings report. The energy technology company generated revenue of $7.01 billion, more than the $6.81 billion expected and up by 1% year-over-year (YOY). On the bottom line, the company delivered adjusted earnings per share (EPS) of 68 cents. That beat estimates for 62 cents and was slightly above the 67 cents it delivered a year earlier.
After initially climbing over 1% in after-hours trading, BKR stock pulled back modestly, reflecting broader volatility in the energy sector. In the weeks prior to the report, analysts had been raising their price targets for BKR stock, which closed approximately 8% below its consensus price target. However, with the volatile price movement after the report, investors will want to see if sentiment remains strong in the coming days.
