Baker Hughes signs geothermal deal in North America, shares stay on Citi Buy list

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-28, 11:43.

Baker Hughes Co. (US0567521085) highlights its energy-transition profile with a new geothermal development agreement in North America. The NYSE-listed oilfield services group also remains on Citi's Buy list after the bank recently lowered its price target to 74 US dollars.

Geothermal agreement targets 500 MW

According to a report from Zacks on Baker Hughes, the company has entered into a commercial agreement with Mantle Reach Power to accelerate large-scale geothermal deployment across North America. The partners are targeting up to 500 megawatts of geothermal capacity using Baker Hughes subsurface, drilling and digital technologies.

The Zacks report states that Mantle Reach Power is backed by EnCap Energy Transition Fund III, giving the project a dedicated capital base for development. Baker Hughes plans to apply its long-standing oilfield know-how in reservoir characterization and well construction to geothermal wells, building on its existing portfolio of low-carbon solutions.

Citi trims target, keeps Buy on BKR shares

On the equity side, data compiled by Intellectia from a recent Seeking Alpha note show that Citi cut its price target on Baker Hughes shares from 80 to 74 US dollars but maintained a Buy rating on the stock. The same note highlights that Baker Hughes shares have recently declined about 4.35 percent and touched a 20-day low while the Nasdaq-100 and S&P 500 indices were both up more than 0.4 percent. These figures are summarized in an Intellectia analyst monitor on Baker Hughes.

Despite the near-term pullback, Baker Hughes continues to sit in a peer group that includes Schlumberger and Halliburton, which are also pursuing energy-transition opportunities alongside their core oilfield service activities. The Citi Buy stance underscores that large-cap service names remain part of institutional investors' exposure to both traditional hydrocarbons and emerging low-carbon projects.

How Baker Hughes makes its money

Baker Hughes generates revenue across four main segments: Oilfield Services & Equipment, Industrial & Energy Technology, Turbomachinery & Process Solutions, and Digital solutions for asset performance. The company sells compressors, pumps, subsea production systems and software that help energy and industrial clients manage exploration, production and processing assets worldwide.

Where the Baker Hughes shares trade today

The Baker Hughes shares (US0567521085) trade on the NYSE under the ticker BKR; the latest available reference price is 30.50 US dollars as of 2026-06-26, 22:00.

This article is for informational purposes only and does not constitute investment advice, an offer or a solicitation to buy or sell any financial instrument. Historical performance is not a reliable indicator of future results. Readers should conduct their own research and, where appropriate, consult a qualified financial adviser.