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HOUSTON - Baker Hughes (NASDAQ: BKR), a leader in energy technology with a market capitalization of $42 billion and annual revenue of $27.8 billion, has secured an award to provide NovaLT™ gas turbine technology to TURBINE-X Energy Inc., enhancing power supply capabilities for North American data centers. According to InvestingPro analysis, Baker Hughes currently trades near its Fair Value, demonstrating strong financial health with a perfect Piotroski Score of 9. This deal, announced Thursday, aligns with the industry’s escalating need for reliable and flexible power solutions, particularly in the context of the data center market’s growth driven by generative AI demand. The company’s solid positioning is reflected in its impressive 28.5% stock price gain over the past six months, with revenue growth of 9.1% in the last twelve months.
TURBINE-X Energy Inc., part of Baker Hughes’ network of authorized data center packagers, specializes in industrial gas turbine packages for U.S. data center project developers and power producers. The NovaLT™ gas turbines, known for their multi-fuel capabilities, can operate on various fuel blends, including natural gas and hydrogen, up to 100% hydrogen. This versatility is crucial for data centers requiring dependable and sustainable power sources.
Ganesh Ramaswamy, Baker Hughes’ executive vice president of Industrial & Energy Technology, highlighted the company’s readiness to meet the increasing power needs of data centers. Baker Hughes aims to deliver efficient and flexible power generation solutions swiftly through its strategic partnerships.
Baker Hughes’ portfolio includes a variety of power solutions, such as natural gas, geothermal, hydrogen, and cogeneration technologies, positioning the company as a provider of efficient and adaptable power solutions for a range of industrial applications.
The company’s long-standing expertise and global presence, with operations in over 120 countries, underscore its commitment to advancing energy technology for a safer, cleaner, and more efficient planet.
This news is based on a press release statement from Baker Hughes.
In other recent news, Baker Hughes announced the appointment of Ahmed Moghal as its new Chief Financial Officer, effective immediately. This change in leadership comes as the company focuses on profitable growth and margin expansion. Baker Hughes has reaffirmed its outlook for 2025, including a projected 20% EBITDA margin for its OFSE segment. UBS analysts raised the price target for Baker Hughes to $47.00, citing strong fourth-quarter 2024 results, although they maintained a neutral stance due to lower-than-expected revenue guidance for 2025. Benchmark maintained a Buy rating with a $57.00 price target, highlighting growth in the Industrial Energy Technology segment. Meanwhile, JPMorgan reiterated an Overweight rating with a $52.00 target, expressing confidence in the company’s strategic initiatives and market positioning. NextDecade Corporation and Baker Hughes have signed a framework agreement to use Baker Hughes’ technology at the Rio Grande LNG Facility, aimed at enhancing efficiency and reliability. This partnership is expected to support the facility’s expansion and meet growing energy demands.
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