It has been about a month since the last earnings report for Baker Hughes (BKR). Shares have lost about 1.4% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Baker Hughes due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Baker Hughes Q3 Earnings & Revenues Miss EstimatesBaker Hughes reported third-quarter 2021 adjusted earnings of 16 cents per share, missing the Zacks Consensus Estimate of 22 cents. However, the bottom line improved drastically from the year-ago period’s profit of 4 cents per share.Revenues totaled $5,093 million, missing the Zacks Consensus Estimate of $5,343 million. The figure increased from the year-ago quarter’s $5,049 million.The lower-than-expected results were caused by a decline in cost productivity in Digital Solutions. This was offset by higher contributions from the Turbomachinery & Process Solutions business unit.Segmental PerformanceRevenues from the Oilfield Services (OFS) unit amounted to $2,419 million, up 5% from the year-ago figure of $2,308 million. Operating income from the segment was $190 million, up from $93 million reported in third-quarter 2020 backed by higher volumes. Sales in regions like the Middle East, Latin America and Russia CIS increased in the third quarter.Revenues from the Oilfield Equipment (OFE) unit totaled $603 million, down 17% from the prior-year quarter’s $726 million. The segment was affected by a decline in volumes in the company’s Subsea Production Systems. The segment reported a profit of $14 million, down from $19 million, primarily due to decreased volume.Revenues from the Turbomachinery & Process Solutions (TPS) unit increased to $1,562 million from $1,513 million a year ago owing to higher equipment and services volumes. Segmental income increased to $278 million from $191 million in the third quarter of 2020 owing to higher cost productivity and volumes.Revenues from the Digital Solutions (DS) segment amounted to $510 million, up 1% from $503 million in the year-ago quarter. Process & Pipeline Services and Waygate Technologies businesses witnessed higher volumes that supported revenue growth. Operating profit at the segment totaled $26 million, down 44% from the year-ago quarter’s $46 million. The segment was affected by a decline in cost productivity.Costs and ExpensesThe company recorded total costs and expenses of $4,715 million for the third quarter, down from the year-ago figure of $5,098 million.OrdersTotal orders from all business segments for third-quarter 2021 were $5,378 million, up 5% year over year due to higher order intakes from segments like Oilfield Equipment as well as Oilfield Services.Free Cash FlowThe company generated positive free cash flow of $305 million in the reported quarter compared with $52 million in the year-ago period.Capex & Balance SheetBaker Hughes’ net capital expenditure for the third quarter totaled $111 million.As of Sep 30, 2021, the company had cash and cash equivalents of $3,926 million. At the third quarter-end, it had a long-term debt of $6,708 million, implying a debt to capitalization of 28.4%.OutlookThe company expects continued recovery in the global economy in the remainder of this year and next year. Thus, demand for oil and natural will continue to ramp up, brightening the outlook for oilfield services.How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month. The consensus estimate has shifted -8.42% due to these changes.VGM ScoresAt this time, Baker Hughes has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Baker Hughes has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! 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