Baker Hughes: Valuation Is Full Given Oilfield Service Headwinds (Downgrade)

2026-01-26 10:56:27 ET

Shares of Baker Hughes Company ( BKR ) have been a solid performer over the past year, gaining 18%, thanks to growth in its industrial & energy technology (“IET”) unit. Additionally, shares have been given a boost by regime change action in Venezuela, which has sparked hopes for a significant rebuilding of that country’s oil infrastructure, a potential boon for its legacy oilfield services business (“OFSE”). I last covered shares of Baker Hughes in July when I downgraded them to a Hold, given my view that optimism about LNG and data center demand had been priced in. In fact, there was more upside with shares gaining nearly 18% while the market has added just 8%. With updated financials, now is a good time to revisit BKR....

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