Baker Hughes stock has dropped almost by 33.05% over the last 52 weeks. Baker Hughes Company received a consensus recommendation of Buy, based on a mean score of 1.90. The company’s market capitalization equals $15.508 billion. The stock rises almost 2% as of the last trading session, the pre-market shows a 3% rise.
Baker Hughes, which provides services to the oil and gas industry, reported a drop in adjusted profit due to lower spending. While oil demand has started to recover from the pandemic lows, production has remained subdued as many companies hold back on raising output. This has boosted oil prices.
The recovery in oil demand could be threatened by new strains of COVID-19. Baker Hughes has been transitioning away from its traditional oil and gas businesses and focusing on energy technology. During the first half of 2018, its revenue declined 2% year-over-year. Net income applicable to the company rose to $83 million, excluding items, in the second quarter.
Finance and Tech Contributor