Earnings Play: Baker Hughes

Baker Hughes' 2Q earnings release is expected on Wednesday. Here is what to look out for.

Energy 14

On Wednesday, before market, Baker Hughes (BKR) is anticipated to report second quarter LPS of $0.01 compared to an EPS of $0.20 a year ago on revenue of approximately $4.7 vs. $6.0B last year. Baker Hughes is an oilfield services and equipment company and its current analyst consensus rating is 24 buys, 5 holds and 0 sells, according to Bloomberg.

Looking at a daily chart, Baker Hughes' stock price is breaking to the upside of a symmetrical triangle pattern that price has been bouncing within since early-June. The breakout from the upper trend line in the symmetrical triangle pattern indicates the start of a new bullish trend. The RSI is currently above its 50 level and rising. The blue dotted arrows represent a measured move using the peak and trough of the triangle pattern. Price will likely advance towards the $17.25 level, surpass it and grind upwards to retest the most recent high at $19.25. If price cannot hold above the upper trend line, then it will probably fall back to the $14.00 support. Price could bounce off the $14.00 level and continue upwards, however if price breaks below $14.00, it could possibly drop back to $12.00.      

Source: GAIN Capital, TradingView

More from Earnings

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.