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

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.