|Bid||23.53 x 1000|
|Ask||23.47 x 3100|
|Day's Range||22.92 - 23.60|
|52 Week Range||20.09 - 34.49|
|Beta (3Y Monthly)||0.90|
|PE Ratio (TTM)||68.98|
|Earnings Date||Oct 28, 2019 - Nov 1, 2019|
|Forward Dividend & Yield||0.72 (3.10%)|
|1y Target Est||29.52|
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 14 to 719 this week. That followed declines in each of the last four weeks. The total active U.S. rig count, meanwhile, also fell by 18 to 868, according to Baker Hughes. October West Texas Intermediate crude was up 83 cents, or 1.4%, at $58.96 a barrel.
Hydrostor, a leading developer of Advanced Compressed Air Energy Storage (A-CAES) projects, announced today the closing of US$37 million (C$49 million) in growth financing. RBC Capital Markets acted as Hydrostor’s advisor on the transaction. Meridiam, the global developer, asset and fund manager specializing in sustainable infrastructure and energy transition projects, has formed a strategic partnership to support the origination and development of Hydrostor projects.
Baker Hughes (BHGE) will eliminate references of General Electric Company (GE) from its name as the U.S. industrial conglomerate has lowered its ownership stake in the oilfield service firm.
Midstream biggie Energy Transfer (ET) said on Monday it would buy SemGroup (SEMG) for $5.1 billion. Meanwhile, supermajor ExxonMobil (XOM) confirmed its 14th oil discovery off the coast of Guyana.
Equity investors seeking to profit from rising oil prices amid escalating violence in the Middle East should focus on eight energy stocks and suppliers that are uniquely positioned to outperform. Stocks that could see the biggest sustained gains include energy producers Brigham Minerals Inc. (MNRL), Murphy Oil Corp. (MUR), Pioneer Natural Resources Co. (PXD), and EOG Resources Inc. (EOG). Also poised to benefit are energy industry suppliers such as valve and seal maker Flowserve Corp. (FLS), compressor maker Gardner Denver Holdings Inc. (GDI), valve maker Circor International Inc. (CIR), and General Electric Co. (GE), which owns 40% stake in Baker Hughes (BHGE).
Baker Hughes a GE Co. said Monday it closed a secondary offering of 132.25 million Class A shares by General Electric Co. and certain affiliates at a price of $21.50 a share. The oilfield products song said it also repurchased 11.9 million shares of Class B voting from "one or more" of GE and its affiliates, which means GE now holds less than half of the voting power of the company. Baker Hughes stock jumped 2.2% in morning trading, while GE shares edged up 0.1%. Baker Hughes said the deal reduces the number of individuals GE is entitled to designate to Baker Hughes' board to one from five. And Baker Hughes plans to change its corporate name to Baker Hughes Co., with the ticker symbol for the Class A shares to change to "BKR." Baker Hughes stock has gained 4.9% over the past three months, while GE shares have shed 8.6% and the Dow Jones Industrial Average has gained 3.8%.
Baker Hughes, a GE company (NYSE: BHGE or the “Company”) announced today the closing of a secondary offering (the “offering”) of 132.25 million shares of BHGE Class A common stock, par value $0.0001 per share (the “Class A common stock”) by General Electric Company (“GE”) and GE Oil & Gas US Holdings I, Inc., GE Holdings (US), Inc. and GE Oil & Gas US Holdings IV, Inc. (collectively, together with GE, the “selling stockholders”) at a price to the public of $21.50 per share. This closing includes the underwriters’ exercise of their option in full, purchasing an additional 17.25 million shares of Class A common stock from the selling stockholders.
While the tally of oil rigs in Permian fell for five consecutive weeks, crude drillers in Cana Woodford removed rigs for two successive weeks.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by five to 733 this week. That followed three consecutive weekly declines in the oil-rig count. The total active U.S. rig count, meanwhile, also fell by 12 to 886, according to Baker Hughes. October West Texas Intermediate crude was down 8 cents, or 0.2%, at $55.01 a barrel. It was trading lower for the session at $54.96 before the rig data.
General Electric’s decision to reduce its stake in Baker Hughes a GE Company is another important step in the former’s deleveraging journey, argues Credit Suisse, although the firm isn’t ready to be bullish just yet.
General Electric's (GE) tender offerings to purchase its U.S. dollar and Euro-denominated debt securities will help it strengthen the balance sheet.
GE will receive $2.7 billion in net proceeds from reducing its stake in Baker Hughes. GE announced tender offers for its dollar- and euro-denominated bonds.
Baker Hughes said it was committed to safety and that it operates its oilfield services facility in Kenai in compliance with the law. "We vigorously deny the claims made against us, and will exercise our right to present evidence that the allegations are without merit. We have confidence in the judicial system and that the full facts will be presented in court,” a spokesperson said.
General Electric Company (NYSE: GE ) announced Wednesday that it will divest part of its stake of Baker Hughes A GE Co (NYSE: BHGE ) and released pricing details. What Happened GE said in a press release ...
The move will take GE out of majority control over Baker Hughes, a change that the duo have worked toward for more than a year.
GE will sell about $3 billion of Baker Hughes stock, a move that would take it from a majority owner, with just over a 50% stake in the company, to a minority one.
Larry Culp has been CEO of General Electric (NYSE:GE) for a year now and has made impressive strides against one of its biggest problems: the huge debts incurred by predecessor Jeff Immelt.Source: Jonathan Weiss / Shutterstock.com Long-term debt was down to $90 billion in June, and Culp has set plans to reduce it by about $30 billion more. These plans include the sale of GE Healthcare's biopharma unit to Danaher (NYSE:DHR) and a slow exit from Baker Hughes (NYSE:BHGE).But some of the biggest overhangs from the Immelt era, like GE Power, remain. So does one from the era of Jack Welch -- the reinsurance of long-term care policies highlighted by whistleblower Harry Markopolos.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Where's the Beef?What's worse is that the asset sales leave GE with few avenues to growth -- and these growth avenues are why investors buy stocks.GE reported a small loss of 1 cent per share for the June quarter. Its $28.8 billion of revenue was down over $1 billion from the previous June. Losing the biopharma unit and, eventually, taking Baker Hughes' revenue off the balance sheet, will reduce revenue further. * 10 Battered Tech Stocks to Buy Now Culp seems to be two-thirds of the way to a turnaround. He has stopped the bleeding and created a new, more transparent corporate culture. Growth is the next step.In December 2018, GE filed to spinoff its most promising growth avenue, GE Healthcare, through a mid-2019 IPO. But Culp hasn't talked about it in months. In February, Culp told CNBC that a 2019 IPO looks "unlikely." Many investors are waiting for an update.GE Healthcare accounts for one-sixth of the company's sales and nearly half its profit during good times. It seems to be the perfect platform on which Culp could work the magic he worked at Danaher. There he bought smaller healthcare companies, built their value and sold judiciously.GE Aviation, the other big profit driver, faces a $400 million per quarter hit to cash flow from the Boeing 737-MAX scandal. But the unit continues to perform, generating military contracts even as foreign nationals get hauled into court for stealing GE's trade secrets. Analysts are Pounding the Table for GE StockDespite a lack of growth catalysts, analysts keep pounding the table for GE stock. A Citi analyst has a "buy" rating on the stock. Others have dismissed Markopolos' charges, which I detailed in July, as overwrought.The argument is that with less debt and business prospects improving, the company is trading at barely two-thirds its sales.Any kind of profit would thus be a catalyst for the shares, initially as a defensive play but later, based on Culp's acquisition wizardry. This is especially true if, as some analysts now believe, it has enough reserves to handle the long-term care losses. The Bottom Line on General Electric StockIt's hard for me to buy the optimism yet, but there's an argument to be made.I think analysts still underestimate the damage Welch's long-term care time bomb could do. Given the high cost of nursing care, and the average age of those insured, this will remain a problem for years to come.But by the end of this year Culp may have cut GE's debt nearly in half through asset sales. If GE Power really is on a "positive trajectory," as one analyst recently claimed, it would take care of the last big downside risk.The question then becomes how Culp can create growth. The June quarter showed GE with over $71 billion in cash and short-term investments on its books. Some of that is committed to the remains of GE Capital, which Immelt used as a cash cow to build his power and energy conglomerate.But there may be enough there for Culp to shop for a healthcare acquisition. If he makes one, the stock will rise.Dana Blankenhorn is a financial and technology journalist. He is the author of the mystery thriller, The Reluctant Detective Finds Her Family, available at the Amazon Kindle store. Write him at email@example.com or follow him on Twitter at @danablankenhorn. As of this writing he owned no shares in companies mentioned in this article. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Battered Tech Stocks to Buy Now * 7 Strong-Buy Stocks Hedge Funds Are Buying Now * The 7 Best Penny Stocks to Buy The post Can General Electric Stock Move Past Immelt and Welch's Sins? appeared first on InvestorPlace.
The bulls were decidedly back in charge on Wednesday, pushing the S&P 500 up to the tune of 0.72%. The advance goes against the odds, but hopes for progress on the trade war front are giving rise to investing optimism.Source: Shutterstock Blue chips like AT&T (NYSE:T) and General Electric (NYSE:GE) led the charge. The telco rallied 3%, with investors increasingly loving the prospect that new activist shareholder Elliott Management will be able to impose change for the better. GE shares, meanwhile, advanced 2.4% in response to news that it would be raising $3 billion by selling its Baker Hughes (NYSE:BHGE) division and using the proceeds to pay down debt.Holding the market back more than most names was Square (NYSE:SQ), down 2.8%, renewing a selloff that got rolling early last month. The close of $59.20 was the lowest close since January.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 Battered Tech Stocks to Buy Now As for names worth a closer inspection on Thursday though, take a look at the stock charts of Regions Financial (NYSE:RF), Conagra Brands (NYSE:CAG) and Paypal Holdings (NASDAQ:PYPL). They're each moving into a curious technical situation. Paypal Holdings (PYPL)July was a tough month for most stocks, and PayPal Holdings was no exception to that weakness. The stock seemingly started to bounce back in August though, hinting at a renewal of an incredible rally effort that took shape early on in the year.That rebound effort was wholeheartedly up-ended last week though, right where one would have expected a pushback to take shape. Now PYPL stock is hanging by a thread, pressuring its last support level anywhere nearby on the horizon. * Click to EnlargeThe support line in question is the 200-day moving average line, plotted in white on both stock charts. However, it's become clear there's something about the $102.23 level as well, marked in yellow. * The prod for the renewed weakness was a bump into the purple 50-day and ray 100-day moving average line, the former of which has since fallen below the latter (highlighted). * If the current technical floors fail to keep PayPal shares propped up, the next most likely line in the sand is the line that connects the key lows from 2018, marked as a dashed blue line on the weekly chart. Conagra Brands (CAG)The final quarter of last year was a tough one for most stocks, but it was downright miserable for Conagra Brands and its shareholders. Shares of the food company fell by roughly half their value in just a matter of weeks.That steep selloff may have ultimately served as a capitulation though, at a time when the company (along with the food industry as a whole) found its bearings again. The action since then suggests that at the very least stability is in the cards, and one more good day could put a full-blown rally into motion. * 7 Strong-Buy Stocks Hedge Funds Are Buying Now * Click to EnlargeThe compelling clue here is the converging wedge pattern that's taken shape since early this year, framed by red and blue dashed lines on both stock charts. CAG stock is now above that upper boundary. * Another apparent resistance line has formed in the meantime, however. Horizontal resistance around $30.15 appears to be in play, plotted in yellow on both stock charts. * Although not overwhelmingly so, the volume behind the past four days of bullishness has been better than the recent average. It's a sign there may be buyers waiting in the wings, ready to pile in. Regions Financial (RF)Finally, in step with most other bank stocks, Regions Financial shares have soared over the course of the past three weeks. A rebound in interest rates prodded the bulk of the bounceback.This sort of thrust is enticing, suggesting a huge bullish motion is underway. And, maybe that's how this one will pan out. It's worth noting, however, that we've seen this sort of effort peter out before, right as it bumped into a technical ceiling that has been encountered just within the past few weeks. * Click to EnlargeThe technical line in question is the connector of all the key highs since April, marked as a white dashed line on both stock charts. * Although overheated and too aggressive, the fact that the purple 50-day moving average line is close to crossing back above the white 200-day moving average line is meaningful. That's a strong buy sign. * Underscoring the move that has taken shape so far is very solid volume behind the buying, though the sheer pace of the move still leaves Regions Financial vulnerable to profit-taking.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about him at his website jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Battered Tech Stocks to Buy Now * 7 Strong-Buy Stocks Hedge Funds Are Buying Now * The 7 Best Penny Stocks to Buy The post 3 Big Stock Charts for Thursday: Regions Financial, PayPal and Conagra Brands appeared first on InvestorPlace.
General Electric's (GE) offering of Baker Hughes' shares to the public and Baker Hughes' decision to buy back own shares will likely raise roughly $3 billion. Funds will help in reducing debts.
The U.S. conglomerate, which will lose majority control of Baker Hughes, said it would raise the amount through a public offering of 115 million Baker Hughes Class A shares priced at $21.50 each, and through a private sale of $250 million Class B Baker Hughes shares to the oilfield services provider. General Electric said it expects to continue divesting the remainder of its holding in Baker Hughes over time. In a separate statement, Baker Hughes said it expects the public offering of its Class A shares to close on Sept. 16, and that underwriters will have 30 days to purchase up to an additional 17.25 million shares from the selling stockholders.
General Electric Co (GE) on Wednesday said it plans to reduce its ownership in oil and gas company Baker Hughes A GE Co to 38.4% from 50.4% at June-end, and aims to raise $2.7 billion in the process. The U.S. conglomerate, which will lose majority control of Baker Hughes, said it would raise the amount through a public offering of 115 million Baker Hughes Class A shares priced at $21.50 each, and through a private sale of $250 million Class B Baker Hughes shares to the oilfield services provider. General Electric said it expects to continue divesting the remainder of its holding in Baker Hughes over time.