Baker Hughes Company BKR is set to report third-quarter 2021 results on Oct 20, before the opening bell.In the last reported quarter, the company’s earnings of 10 cents per share missed the Zacks Consensus Estimate of 17 cents owing to a decline in cost productivity in Digital Solutions and increased overall costs and expenses. The company missed the Zacks Consensus Estimate for earnings in two of the prior four quarters, met once and beat the same on the other occasion, delivering a negative earnings surprise of 43.9%, on average. This is depicted in the graph below:Baker Hughes Company Price and EPS Surprise Baker Hughes Company price-eps-surprise | Baker Hughes Company QuoteLet’s see how things have shaped up prior to the upcoming earnings announcement.Trend in Estimate RevisionThe Zacks Consensus Estimate for third-quarter earnings per share of 22 cents has seen two upward revisions and one downward movement in the past 30 days. The figure indicates an increase of 450% from the year-ago quarter.Further, the Zacks Consensus Estimate for revenues of $5.4 billion suggests a 5.9% rise from the prior-year quarter.What the Quantitative Model SuggestsOur proven model predicts an earnings beat for Baker Hughes this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.Earnings ESP: Baker Hughes has an Earnings ESP of +15.15%. This is because the Most Accurate Estimate for the quarter’s earnings is 25 cents per share while the Zacks Consensus Estimate is 22 cents. You can uncover the best stocks to buy or sell before they are reported with our /www.zacks.com/premium/esp-buy?adid=zp_article_espfilter&..." target="_blank" rel="nofollow" rel="nofollow">https://www.zacks.com/premium/esp-buy?adid=zp_article_espfil...">Earnings ESP Filter.Zacks Rank: Baker Hughes currently carries a Zacks Rank #3.Factors Driving the Better-Than-Expected EarningsCompared with the September quarter of 2020, the price of oil has recovered significantly, thanks to the rolling out of coronavirus vaccines at a massive scale. Higher oil prices provided incentives to explorers and producers to return to shale plays, improving demand for oilfield services. Being a leading oilfield service player, Baker Hughes is likely to have benefited from the favorable business scenario.The Zacks Consensus Estimate for operating income from the company’s Oilfield Services is pegged at $218 million, suggesting a massive increase from $93 million in the September quarter of last year.Through its Turbomachinery & Process Solutions (TPS) segment, the company is primarily involved in providing equipment and associated services for power-generation applications and compression activities to energy players. Given the improving energy businesses, Baker Hughes is likely to have generated higher cashflows from its TPS unit. The Zacks Consensus Estimate for operating income from the company’s TPS segment is pegged at $237 million, suggesting an increase from $191 million in the third quarter of 2020.Other Stocks That Warrant a LookHere are some other firms that you may want to consider as these too have the right combination of elements to post an earnings beat in the upcoming quarterly reports:ConocoPhillips COP has an Earnings ESP of +1.22% and is a Zacks #1 Ranked player. The company is scheduled to release third-quarter results on Nov 2. You can see /www.zacks.com/stocks/buy-list/?ADID=zp_1link&ICID=zpi" target="_blank" rel="nofollow" rel="nofollow">https://www.zacks.com/stocks/buy-list/?ADID=zp_1link&ICI... _1link">the complete list of today’s Zacks #1 Rank stocks here.BP plc BP has an Earnings ESP of +11.62% and a Zacks Rank of 1. It is scheduled to report third-quarter results on Nov 2.Callon Petroleum Company CPE has an Earnings ESP of +3.28% and a Zacks Rank #2. 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(BP): Free Stock Analysis Report ConocoPhillips (COP): Free Stock Analysis Report Baker Hughes Company (BKR): Free Stock Analysis Report Callon Petroleum Company (CPE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research