HOUSTON and LONDON - Baker Hughes (NASDAQ:BKR (NASDAQ:BKR)), a global energy technology company, has declared an increased quarterly cash dividend. Today, the company's Board of Directors announced the dividend of $0.21 per share of Class A common stock, which is scheduled to be paid on February 23, 2024, to stockholders of record as of February 13, 2024.
This latest dividend represents a 5% increase from the previous quarter's dividend and an 11% rise compared to the same quarter of the previous year. The company has indicated that this increase is a step towards achieving its stated objective of responsibly growing the dividend over time.
Baker Hughes has expressed confidence in its ability to fund the quarterly cash dividend through cash generated from operations. The company, with a history spanning over a century, operates in more than 120 countries and is known for its innovative technologies and services aimed at advancing energy to be safer, cleaner, and more efficient for people and the planet.
InvestingPro Insights
In light of Baker Hughes' recent announcement of a dividend increase, real-time data from InvestingPro provides a deeper financial perspective on the company's performance. With a market capitalization of $28.44 billion and a P/E ratio standing at a reasonable 16.11 based on the last twelve months as of Q4 2023, Baker Hughes appears to be maintaining a solid financial position. Furthermore, the company's revenue growth of over 20% in the last twelve months is a testament to its operational strength and market presence.
From an investor's standpoint, one of the InvestingPro Tips indicates that Baker Hughes has maintained dividend payments for 37 consecutive years, reinforcing the company's commitment to shareholder returns. Moreover, analysts remain optimistic about the company's profitability, with predictions of continued earnings this year. This is backed by a track record of profitability over the last twelve months.
For investors seeking detailed analysis and additional insights, InvestingPro offers a wealth of information, including further InvestingPro Tips for Baker Hughes. Subscribing to InvestingPro now comes with a special New Year sale offering discounts of up to 50%. Plus, use coupon code SFY24 for an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 for an additional 10% off a 1-year subscription. With these subscriptions, investors can unlock numerous additional tips to inform their investment decisions.
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