Latest news with #BKR
Yahoo
10 hours ago
- Business
- Yahoo
Baker Hughes Announces Sale of PSI Product Line for $1.15B in Cash
Baker Hughes Company BKR, a leading global energy technology company, recently announced that it has inked an agreement with Crane Company CR for the sale of its Precision Sensors & Instrumentation ('PSI') product line, which is part of its Industrial & Energy Technology ('IET') business segment. The PSI product line offers sensor-based technologies and associated instrumentation. The deal involves a total consideration of $1.15 billion in cash. The PSI product line covers three brands — Druck, Reuter-Stokes and Panametrics. These brands provide sensor-based technologies for sensing and assessing pressure conditions, detecting radiation, and analyzing flow, moisture, and gas across several industries and sectors. The transaction involves selling all aspects of the business, including all assets available to PSI, its geographical footprint and associated resources. Crane Company will also have access to patents, trademarks, internal software, and other intellectual property related to the sale of BKR's product line. Baker Hughes has recently sold its Surface Pressure Control Business to Cactus, Inc. in a transaction valued at $344.5 million. BKR will be forming a joint venture with Cactus, offering its surface pressure control ('SPC') product line. The sale of its SPC and PSI product lines demonstrates Baker Hughes' focus on portfolio optimization to generate long-term value. The divestments of these assets enable the company to focus on high-performing assets that provide revenue and cash flow stability. Baker Hughes plans to undertake a disciplined approach to capital allocation by redirecting capital toward high-return business opportunities. The sale of the PSI product line advances BKR's broader goal to focus on IET's core strengths, including rotating equipment, flow control, decarbonization initiatives and performance optimization of related assets. The company is committed to generating long-term value for its shareholders. The deal with Crane Company is expected to be concluded by the end of 2025 or early 2026. The Crane Company is involved in manufacturing highly engineered industrial products in the United States and international markets. The company has two business segments, namely Aerospace & Electronics and Process Flow Technologies. The Aerospace & Electronics segment is involved in the development of original equipment and engineered components that are widely used in the aerospace, defense, and space markets. Crane's Process Flow Technologies segment offers a comprehensive range of products, including lined pipes, commercial pumps and valves, and instrumentation & sampling systems for various industrial end markets. The acquisition of PSI complements its existing product portfolio while boosting its technological capabilities in core end markets, including aerospace, defense, and process sensing, among others. CR noted that the deal aligns with the company's strategic and financial targets. The acquired product line is expected to yield long-term sales growth in line with Crane's expectations and a 10% return on invested capital by the fifth year following the deal's closure. Both BKR and CR currently carry a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK and Energy Transfer ET. While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, Energy Transfer carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Flotek Industries specializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. Flotek develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs. Energy Transfer is a midstream player that owns and operates one of the most diversified portfolios of energy assets in the United States. Boasting a pipeline network extending more than 130,000 miles, its network spans over 44 states. With a presence in all the major U.S. production basins, ET's outlook seems positive. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Energy Transfer LP (ET) : Free Stock Analysis Report Crane Company (CR) : Free Stock Analysis Report Baker Hughes Company (BKR) : Free Stock Analysis Report Flotek Industries, Inc. (FTK) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Insider
5 days ago
- Business
- Business Insider
Baker Hughes reports U.S. rig count down 4 to 559 rigs
13:01 EDT Baker Hughes (BKR) reports U.S. rig count down 4 to 559 rigs Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Korea Herald
6 days ago
- Business
- Korea Herald
Tim Hortons shuts down first directly operated store in Korea, reflects global brand challenges
Canadian coffee brand Tim Hortons, operated in Korea by BKR, closed its Cheongna location in Incheon on Sunday, according to industry sources on Friday. This marks the first closure of a directly operated store since the brand entered Korea, coming just over a year after the location opened in April 2024. Industry experts attribute the decision to multiple factors, including declining profitability and the fierce competition within the saturated Korean coffee market. 'We are currently looking for a more suitable location within the Incheon area to better deliver the brand's original Canadian identity and emotional appeal to a broader range of consumers,' a Tim Hortons official said. Likewise, global coffee brands that have seen success overseas are finding it difficult to gain traction in Korea. Several coffee chains with strong brand loyalty in North America and Japan have recently scaled back or withdrawn their operations in the Korean market. US coffee brand Blue Bottle Coffee is also facing challenges in maintaining profitability. Since launching its first Korean store in Seoul's trendy Seongsu-dong neighborhood in 2019, Blue Bottle has rapidly expanded into key commercial districts. However, the brand now struggles under high fixed costs and intense market saturation. Blue Bottle Coffee Korea's revenue rose to 31.1 billion won ($22.9 million) in 2024, a 17 percent increase from 26.4 billion won in 2023. However, operating profit plummeted by 89 percent, reaching just 200 million won. The company also posted a net loss of 1.1 billion won, marking its first annual loss since entering the Korean market. Industry insiders point to the rapid pace of trend shifts and the unique dynamics of the Korean retail environment as key challenges for foreign coffee brands in Korea. 'Just a decade ago, Korea was often seen as a fallback market for global brands that had lost momentum elsewhere,' an industry official from the food and beverage sector said. 'But now, it's the opposite — if a brand can break through and gain a foothold with Korea's trend-sensitive consumers, it's seen as a stepping stone for faster, easier success in other Asian markets.' Such challenges are not limited to the food and beverage sector. Global beauty retail giant Sephora entered Korea in 2019, opening its first store in Parnas Mall in Seoul's Gangnam district. However, it withdrew from the Korean market in the first half of 2024 after just five years, unable to compete with domestic leader Olive Young. Just before its exit, Sephora Korea posted 13.7 billion won in sales in 2023, but suffered a hefty operating loss of 17.6 billion won.
Business Insider
30-05-2025
- Business
- Business Insider
Baker Hughes reports U.S. rig count down 3 to 563 rigs
13:00 EDT Baker Hughes (BKR) reports U.S. rig count down 3 to 563 rigs Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Business Insider
26-05-2025
- Business
- Business Insider
Evercore ISI Reaffirms Their Buy Rating on Baker Hughes Company (BKR)
In a report released on May 23, Stephen Richardson from Evercore ISI maintained a Buy rating on Baker Hughes Company (BKR – Research Report), with a price target of $50.00. The company's shares closed last Friday at $36.74. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Richardson covers the Energy sector, focusing on stocks such as Baker Hughes Company, BP, and EOG Resources. According to TipRanks, Richardson has an average return of 5.7% and a 51.97% success rate on recommended stocks. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Baker Hughes Company with a $48.81 average price target, a 32.85% upside from current levels. In a report released on May 19, J.P. Morgan also maintained a Buy rating on the stock with a $48.00 price target. BKR market cap is currently $36.4B and has a P/E ratio of 12.55.
