|Bid||0.00 x 1800|
|Ask||0.00 x 1300|
|Day's Range||23.45 - 24.46|
|52 Week Range||23.45 - 37.76|
|Beta (3Y Monthly)||0.78|
|PE Ratio (TTM)||81.51|
|Earnings Date||Jan 22, 2019 - Jan 28, 2019|
|Forward Dividend & Yield||0.72 (2.69%)|
|1y Target Est||36.80|
Getting rid of the ridiculous name won’t be the only prize for owners of Baker Hughes, a GE Co. The Baker Hughes ownership saga goes back to the autumn of 2014 at the start of oil’s bear market. When those plans finally unraveled in the spring of 2016, Baker Hughes was left at the altar with a $3.5 billion cash consolation prize.
General Electric Co. said it reached a deal to sell part of its stake in oil services company Baker Hughes, providing around $4 billion in cash for the struggling conglomerate. GE will sell up to 101 million shares in a secondary offering to the market and Baker Hughes has agreed to repurchase about 65 million shares from its controlling shareholder. GE had told investors in June it planned to sell down its 62.5% stake in Baker Hughes as part of a restructuring plan to raise cash and break up the conglomerate.
GE will sell as many as 166.2 million shares in the oilfield-services provider through a secondary offering and a stock repurchase by Baker Hughes, the companies said in statements Tuesday. Culp’s decision punctuates GE’s pivot away from the oilfield businesses that had been championed by former CEO Jeffrey Immelt, who spent $10 billion on deals in the decade through 2013 and agreed in 2016 to merge GE’s crude-related assets with Baker Hughes.
to just above 50%, a release from lock-up restrictions that prevented GE from shedding shares of the oilfield services company until July 2019, and a series of long-term commercial agreements with Baker Hughes. GE currently owns 62.5% of Baker Hughes, which has a market capitalization of $26 billion. Shares of GE rose 7.8% to $8.61 on Tuesday, its best daily gain since Oct. 1, the day the company named Larry Culp its new CEO.
General Electric ramped up plans to exit its majority stake in Baker Hughes. GE stock and Baker Hughes stock bounced back on the news.
Shares of General Electric Co. shoot higher Tuesday, as the struggling industrial giant’s planned sale of its stake in Baker Hughes gives investors reason to cheer after a bruising period.
NEW YORK/HOUSTON (Reuters) - General Electric Co (GE.N) plans to raise $4 billion (£3.08 billion) in needed cash by year end, the company said on Tuesday, speeding its planned sale of a stake in oilfield services unit Baker Hughes (BHGE.N). Before the announcement, prices on a number of its bonds had fallen far below par value, after new Chief Executive Officer Larry Culp noted the "urgency" of shoring up the conglomerate's weak finances. GE said it will sell up to 101.2 million Baker Hughes shares on the open market and that Baker Hughes will buy 65 million of its own shares from GE, using a $1.5 billion repurchase arsenal Baker Huges already has authorized.
NEW YORK/HOUSTON (Reuters) - General Electric Co (GE.N) plans to raise $4 billion in needed cash by year end, the company said on Tuesday, speeding its planned sale of a stake in oilfield services unit Baker Hughes (BHGE.N). Before the announcement, prices on a number of its bonds had fallen far below par value, after new Chief Executive Officer Larry Culp noted the "urgency" of shoring up the conglomerate's weak finances. GE said it will sell up to 101.2 million Baker Hughes shares on the open market and that Baker Hughes will buy 65 million of its own shares from GE, using a $1.5 billion repurchase arsenal Baker Huges already has authorized.
General Electric Company (NYSE: GE ) is having a rare green day Tuesday, gaining more than 12 percent after the company announced a new strategic plan for its stake in Baker Hughes a GE Co (NYSE: BHGE ...
The sale of Baker Hughes stock will bring GE's stake to just over 50 percent in the oil field services company. GE CEO Larry Culp told CNBC on Monday that he feels the urgent need to reduce the company's leverage, saying he will do so through asset sales. General Electric GE will reduce its stake in Baker Hughes to a slight majority position, the company announced Tuesday, bringing in much-needed cash for the embattled industrial conglomerate.
GE had revealed in June that it planned to sell its Baker Hughes stake, but the company has come under pressure from investors to speed up the divestiture.
The embattled industrial conglomerate said on Tuesday that it will start chipping away at its 62.5 percent stake in Baker Hughes, a GE Co. GE gained this holding when it merged its energy assets into Baker Hughes in 2017. GE will knock its stake down to just above 50 percent by selling stock back to Baker Hughes and offering another chunk to investors in the public market. GE unofficially put its Baker Hughes stake on the block last year as then-CEO John Flannery tried to come up with a plan to refocus the company and plug its cash holes.
Its the latest divestiture for the embattled conglomerate, whose stock has slid to multiyear lows, as new CEO Larry Culp tries to right the ship.
The agreements are related to selling part of GE’s stake in Baker Hughes plus the long-term commercial and technological relationships between the two companies.
The entities also agreed on a release from the lock-up restrictions under their stockholders agreement, which prevented GE from disposing its stake in Baker Hughes' common stock until July 2019. Baker Hughes CEO Lorenzo Simonelli said Tuesday's announcement should offer clarity for its customers, employees and shareholders.
Baker Hughes, a GE company and General Electric Co. announced Tuesday a number of long-term agreements, including a reduction in Baker Hughes payments to GE, a collaboration on critical rotating equipment and creating a joint venture to provide aeroderivative engine services. GE's stock rallied 1.6% in premarket trade, after tumbling 12% the past two sessions to close Monday at a 9 1/2-year low. Baker Hughes shares dropped 2.7% premarket after falling 12% the previous two sessions. The rotating equipment deal will include aeroderivative and heavy-duty gas turbine technology, while the JV will serve the oil and gas and industrial markets. GE has recently had issues with an H-frame gas turbine blade, which forced a shutdown of an Exelon Corp. facility. Separately, Baker Hughes will have access to GE Digital software and technology, the companies have agreed to maintain current operations and pricing levels within Baker Hughes' Control product line, GE will transfer certain U.K. pension liabilities to Baker Hughes, and the intercompany services fee that Baker Hughes pays to GE will be reduced over time beginning next year. GE's stock has plunged 36% over the past three months through Monday and Baker Hughes shares have tumbled 31%, while the S&P 500 has lost 3.4%.
Baker Hughes, a GE company (BHGE) (“BHGE” or the “Company”) announced today that General Electric Company (“GE” or the “selling stockholder”) has commenced a secondary offering (the “offering”) of 92,000,000 shares of BHGE Class A common stock, par value $0.0001 per share (the “Class A common stock”). The underwriters will have a 30-day option to purchase up to an additional 9,200,000 shares of Class A common stock from the selling stockholder (such option, the “Option” and, such shares, the “Option Shares”).
Baker Hughes, a GE company (BHGE) (“BHGE” or the “Company”) and General Electric Company (GE) (“GE”) jointly announced today the entry into a series of long-term agreements (the “Agreements”) that amend the commercial and technological relationships between the two companies.
The announcement helped lift the company’s shares 8 per cent by early Tuesday afternoon in New York, reversing all of the previous day’s drop. In return, GE has agreed to allow Baker Hughes to continue to use its software and made commitments on issues including pensions, tax, and intercompany services costs.
The number of active oil and gas rigs increased this week, despite the string of bearish news that continues to impact oil prices