Baker Hughes' Oilfield Services Segment Margin Improvement Looks Encouraging
Baker Hughes reported somewhat disappointing first-quarter results at the top line, with a 7% sequential revenue decline. However, adjusted operating margins only dipped modestly (from 7.3% to 7%), which we see as evidence that the company is continuing to realize incremental benefit from post-merger synergies and restructuring. Our fair value estimate and no-moat rating are unchanged for now.More encouragingly, the company’s largest segment, Oilfield Services, reported a strengthening of segme...
Baker Hughes is an energy technology company. The company's segments are: Oilfield Services, which provides products and services for onshore and offshore operations ranging from drilling, evaluation, completion, production, and intervention; Oilfield Equipment, which provides products and services for the subsea, offshore surface and onshore operating environments; Turbomachinery and Processing Solutions, which provides equipment and related services for mechanical-drive, compression and power-generation applications; and Digital Solutions, which includes condition monitoring, industrial controls, non-destructive technologies, measurement, sensing, and pipeline solutions.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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