Category Archives: Energy
Baker Hughes (BKR) 25Q1 Update
BKR reported 25Q1 GAAP diluted EPS of $0.40 vs. 24Q1’s $0.45 and my estimate of $0.55. Net income was lower than expected due mostly to a $140 million loss from the change in fair value of certain equity securities. Total … Continue reading
Baker Hughes 24Q4 Update
BKR reported 24Q4 GAAP diluted EPS of $1.18 vs. 23Q4’s $0.43 and my estimate of $0.66. Its net income was higher than expected due mostly to a large income tax benefit. Operating income was 34% below my estimate, mostly because … Continue reading
Baker Hughes (BKR) 24Q3 Update
BKR reported 24Q3 GAAP diluted EPS of $0.77 vs. 23Q3’s $0.51 and my estimate of $0.63. Non-GAAP EPS was $0.67, compared with $0.42 last year and my estimate of $0.65. Revenues of $6.9 billion rose 4.0% vs. 23Q3, but was … Continue reading
Baker Hughes (BKR) 24Q2 Update
BKR reported 24Q2 GAAP diluted EPS of $0.58 vs. 23Q2’s $0.40 and my estimate of $0.47. Non-GAAP EPS was $0.57 compared with $0.39 last year and my estimate of $0.48. Revenues of $7.5 billion rose 13.1% vs. 23Q2, and were … Continue reading
Baker Hughes (BKR) 24Q1 Update
BKR reported 23Q4 GAAP diluted EPS of $0.45 vs. 23Q1’s $0.57 and my estimate of $0.34. Non-GAAP EPS was $0.43 compared with $0.28 last year and my estimate of $0.35. Revenues of $6.42 billion rose 12.3% vs. 23Q1, and matched … Continue reading
Baker Hughes (BKR) 23Q4 Update
BKR reported 23Q4 GAAP diluted EPS of $0.43 vs. 22Q4’s $0.18 and my estimate of $0.43. Non-GAAP EPS was $0.51 compared with $0.18 last year and my estimate of $0.47. Revenues of $6.84 billion rose 15.7% vs. 22Q4, in line … Continue reading
Baker Hughes (BKR) 23Q3 Update
BKR reported 23Q3 GAAP diluted EPS of $0.51 vs. a loss of $0.02 a year ago and my estimate of $0.35. Non-GAAP EPS was $0.42 compared with $0.26 last year and my estimate of $0.35. Revenues of $6.64 billion rose … Continue reading
Baker Hughes (BKR) 23Q2 Update
BKR reported 23Q2 GAAP diluted EPS of $0.40 vs. a loss of $0.84 a year ago and my estimate of $0.27. Non-GAAP EPS was $0.39 compared with $0.11 last year and my estimate of $0.33. Revenues of $6.3 billion rose … Continue reading
Baker Hughes (BKR) 23Q1 Update Report
BKR reported 23Q1 GAAP EPS of $0.57 vs. $0.08 a year ago and my estimate of $0.19. Non-GAAP EPS was $0.28 compared with $0.15 last year and my estimate of $0.29. Revenues of $5.7 billion rose 18.2% vs. 22Q1, 4% … Continue reading
Baker Hughes (BKR) 22Q4 Update
On Jan. 23, BKR reported 22Q4 GAAP EPS of $0.18 vs. $0.32 a year ago and my estimate of $0.29. Non-GAAP EPS was $0.38 compared with $0.25 last year and my estimate of $0.41. Revenues of $5.9 billion increased 7.7% … Continue reading
2022 Large Cap Performance Analysis
Large cap stocks, as measured by the Lark Research Large Cap Index (the “Index”)[1] which mirrors the S&P 500, posted a decline of 19.5% in 2022. As in previous years, most of the performance was driven by a handful of … Continue reading
Baker Hughes (BKR) 22Q3 Update
BKR reported a 22Q3 GAAP net loss of $0.02 per share vs. 21Q3’s profit of $0.01. Non-GAAP adjusted EPS was $0.26 vs. $0.16. I had anticipated 22Q3 GAAP EPS of $0.18 and Non-GAAP EPS of $0.30. BKR’s 22Q3 non-GAAP EPS … Continue reading
The Drivers of Large Cap Stock Performance in 2021
Estimated Returns by Sectors, Industry Groups and Industries Large cap stocks, as measured by the Lark Research Large Cap index (the “Index”) which currently mirrors the S&P 500, turned in another impressive performance in 2021. The Index posted a price … Continue reading
2021 Market Outlook – Part 2: S&P 500 Sector Analysis
2020 was of course dominated by the impact of the pandemic on the economy and specifically on the revenues and profits of each of the S&P 500 constituents. There was a sharp stock market sell-off in March-April, followed by a … Continue reading
The Outlook Begins to Improve (Gradually) for BHGE
The net income and EPS figures for the 2019 first quarter for Baker Hughes, a GE company, are confusing as presented. The company reported net income (before income or loss allocated to the non-controlling interest, which is GE) of $71 … Continue reading
Arch Coal (ARCH) 18Q1 Update
2018 First Quarter Results. On April 26, Arch Coal reported disappointing 2018 first quarter results. Adjusted EPS for the quarter was $2.95, up from $2.82 last year, but behind the consensus forecast of $4.22. Revenues declined 4.3% to $575.3 million, … Continue reading
Imperial Oil (IMO): The Poor Stepchild of Exxon Mobil
Imperial Oil (IMO), in which Exxon Mobil Corp. has a 69.6% stake, is the largest integrated oil company in Canada. Across the value chain, it is a leading producer of oil (primarily through its assets in the Athabasca oil sands), … Continue reading
Baker Hughes Will Likely Reinstate Its Dividend
Baker Hughes and General Electric completed their merger on July 3, 2017. Baker Hughes shareholders received $17.50 in cash and one share of new Baker Hughes stock (BHGE).
Thoughts and Analysis from Tenaris’s Investor Day
Tenaris S.A. (TS) is one of the world’s leading manufacturers of seamless and welded steel casing and tubing, otherwise known as “oil country tubular goods.” Its products are used mostly in oil & gas drilling operations.
Coal Sector Update
The Dow Jones U.S. Coal Mining Sector Index has more than doubled so far this year, up 117.6% through July 15, obviously much better than the broader DJ US Total Market Index’s gain of 5.7%. Much of coal’s gains reflect “dead … Continue reading