Earnings Play: Baker Hughes
Jason Lubin July 21, 2020 4:19 PM
Baker Hughes' 2Q earnings release is expected on Wednesday. Here is what to look out for.
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
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.