|Bid||21.00 x 1800|
|Ask||23.62 x 1800|
|Day's Range||21.28 - 21.96|
|52 Week Range||20.09 - 34.49|
|Beta (3Y Monthly)||0.87|
|PE Ratio (TTM)||62.66|
|Earnings Date||Oct 28, 2019 - Nov 1, 2019|
|Forward Dividend & Yield||0.72 (3.41%)|
|1y Target Est||29.88|
Today we'll take a closer look at Baker Hughes, a GE company (NYSE:BHGE) from a dividend investor's perspective...
Baker Hughes, a GE company (BHGE) announced today that it has been awarded a contract and granted notice to proceed on the construction of its comprehensive LNG technology solution for Venture Global LNG’s Calcasieu Pass project.
Baker Hughes CEO Lorenzo Simonelli and two directors bought shares of the energy firm last week as GE, the majority owner of Baker Hughes, contended with an allegation of accounting fraud.
General Electric Co reinforced its defense of its accounting practices on Monday after investors asked more questions about an unusual research report last week that accused the jet engine and power plant maker of financial fraud. The 175-page report https://www.gefraud.com, published on Thursday by Harry Markopolos, who blew the whistle on Bernard Madoff's Ponzi scheme, renewed concern about GE's finances and sent its stock tumbling. "Some of (the) questions I've been receiving go straight to the heart of GE's culture, so let me be clear: we operate with absolute integrity and stand behind our financial reporting," Steve Winoker, GE's investor relations chief, said in a statement on Monday.
General Electric Co intensified its defense of its accounting practices on Monday after investors questioned it about an unusual research report alleging GE failed to put aside money to cover $29 billion in potential insurance losses and improperly counted profit from subsidiary Baker Hughes. The Boston-based conglomerate's new comments follow the release on Thursday of a 175-page research report https://www.gefraud.com that alleged there was fraud in GE's accounting, renewing concern about the company's financial position. GE's shares fell as much as 15% after financial investigators Harry Markopolos and John McPherson published the report on Thursday, which said GE needed to set aside $29 billion for insurance reserves.
General Electric Co reinforced its defence of its accounting practices on Monday after investors asked more questions about an unusual research report last week that accused the jet engine and power plant maker of financial fraud. The 175-page report https://www.gefraud.com, published on Thursday by Harry Markopolos, who blew the whistle on Bernard Madoff's Ponzi scheme, renewed concern about GE's finances and sent its stock tumbling. "Some of (the) questions I've been receiving go straight to the heart of GE's culture, so let me be clear: we operate with absolute integrity and stand behind our financial reporting," Steve Winoker, GE's investor relations chief, said in a statement on Monday.
Chairman, President and CEO of Baker Hughes, A Ge Co (30-Year Financial, Insider Trades) Lorenzo Simonelli (insider trades) bought 15,000 shares of BHGE on 08/15/2019 at an average price of $20.61 a share. Continue reading...
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil rose by 6 to 770 this week. That followed a declines in each of the past six weeks. The total active U.S. rig count, meanwhile, also climbed by 1 to 935, according to Baker Hughes. September West Texas Intermediate crude continued to trade modestly higher, up 13 cents, or 0.2%, at 54.61 a barrel.
Companies added six oil rigs in the week to Aug. 16, the biggest increase since April, bringing the total count to 770, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Production has continued to rise despite the decline in the rig count because productivity has increased in most basins this year, meaning drillers are getting more oil and gas out of each new well even though they are operating fewer rigs. The U.S. Energy Information Administration (EIA) this week projected U.S. crude output from seven major shale formations would rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd.
After the worst fall in 11 years, GE stock opened higher on Friday. The stock, which closed at just over $8 on Thursday, rose 8.8% at 12:03 PM ET.
(Bloomberg) -- General Electric Co. shares bounced back on Friday after a brutal rout Thursday as Wall Street analysts defended the industrial conglomerate against allegations from a prominent financial examiner and reiterated their faith in the chief executive officer.Shares rose as much as 9.2%, following Thursday’s 11% decline, which marked the steepest drop since 2008. William Blair analyst Nicholas Heymann questioned whether the whistleblower report is “the last Molotov cocktail” and said he does not believe GE’s financial statements purposely misrepresented the company’s financial condition and potential liabilities.The report’s effort to portray GE’s financial condition with an assumption that charges worth about $38 billion should have been previously recognized was “at best disingenuous and at worst highly inaccurate,” he wrote.Harry Markopolos, who was involved in exposing the frauds of investment manager Bernie Madoff, said in a report on Thursday that GE would need to raise its insurance reserves immediately by $18.5 billion in cash -- plus an additional non-cash charge of $10.5 billion when new accounting rules take effect. He also claimed that GE was hiding a loss of more than $9 billion on its holdings in Baker Hughes.Markopolos said that the company’s cash situation was “far worse than disclosed in their 2018” annual report.Citi analyst Andrew Kaplowitz said there were “sufficient shortcomings” in the report itself, and that he continued to believe in CEO Larry Culp’s ability to improve the company. Some of the allegations made in the report were already known and others were “known unknowns,” the analyst said, adding that the Baker Hughes write-off was already expected.Baker Hughes shares also rose as much as 2.1% on Friday in New York.The resurgence in GE shares on Friday will also mean some gains for Culp, who bought $2 million of GE stock on Thursday, a move that reflected “high conviction that the allegations do not represent incremental unknown challenges,” Citi’s Kaplowitz said. Baker Hughes’ Chief Executive Officer Lorenzo Simonelli also bought $309,081 of shares in the oil and gas services provider yesterday.(Updates share move in second paragraph; adds stock purchases by GE, Baker Hughes CEOs in eighth paragraph.)To contact the reporter on this story: Esha Dey in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Will Daley, Scott SchnipperFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
My long-time friend Martin Bayne had Parkinson's disease for decades, forcing him into nursing care in his middle-age years. The cost of his care over 20 years was enormous, unbearable by either him, his family or (more important) any of the long-term care policies he had previously been in the business of selling, evaluating and recommending as "Mr. Long-Term Care."Source: JPstock / Shutterstock.com What Bernie Madoff whistleblower Harry Markopolos is calling a "fraud" by General Electric (NYSE:GE) of just over $38 billion, enough to sink the company, is mostly the natural consequence of forcing an unlimited draw on a limited pool of funds. The Cost of Long-Term CareThat's what long-term care represents. It's not just waiting to bankrupt GE, but you and your family -- even if you think you're comfortable. It can hit at any moment, from an accident, disease, or just natural aging.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNursing home care costs an average of $245 per day. That's $1,715 per week and almost $90,000 per year. This doesn't include the costs of doctors, drugs and the occasional hospitalization. * 10 Cheap Stocks to Buy Now The companies that sell long-term care policies are aware of these costs when they quote premiums. But they haven't always been, and many carriers have gone bankrupt. So have senior care centers and hospitals. So did my friend Martin Bayne. What Immelt Did Not DoAccording to Markopolos' report, GE should have been accounting for its unsustainable obligations with reserve funds back in 2012. The whistleblower claims General Electric didn't acknowledge them until new management came in. This created a $15 billion hit that had to be spread out over seven years.This was during the time when then-CEO Jeff Immelt was transforming GE from the banking-and-entertainment giant that predecessor Jack Welch had built into an industrial enterprise. This was highlighted by the $10 billion acquisition of French power and grid business Alstom in 2015. Analysts called the Alstom deal "brilliant" but it eventually became a disaster. General Electric's GE Power has been dragging the rest of the company down ever since.But the company's refusal to account for policy costs is worse, Markopolos writes. GE is stuck with reinsurance on policies written in the twentieth century, long before the real costs were known. They have just $1,133 of premium, on average, 70% of which cover lifetime benefits for customers whose average age is now 75.Markopolos also claims that GE is hiding $9.1 billion in losses on its acquisition of what is now Baker Hughes (NYSE:BHGE), which the company closed on in June 2017. This was just four months before Immelt's sudden retirement that October. Markopolos estimates GE stock's current ratio of assets to liabilities at 0.67, once Baker Hughes' numbers are taken out of the balance sheet. The Bottom Line on General Electric StockNeither John Flannery, who succeeded Immelt as CEO, nor current General Electric CEO Larry Culp, who once headed Danaher (NYSE:DHR), caused GE's problems.Culp, who was brought in from the Harvard Business School, responded to Markopolos' accusation by buying $2 million in GE stock and calling the report "market manipulation."But I have 20 years of second-hand experience in the horrors of long-term care, of how it bankrupts everyone it touches -- those who need care, who provide care, and those who try to insure against the un-insurable costs of care.I can't speak to Baker Hughes but, to me, the long-term care section of Markopolos' report adds up. Reinsurance costs have always hung like a Sword of Damocles over GE stock's books, perhaps even before Immelt became CEO in 2001.If you want to get to the bottom of this, ask Jack Welch when GE wrote that reinsurance. Meanwhile, get out of General Electric stock if you can.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 firstname.lastname@example.org 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 Cheap Dividend Stocks to Load Up On * The 10 Biggest Losers from Q2 Earnings * 5 Dependable Dividend Stocks to Buy The post Long-Term Care Costs Might Kill General Electric Stock appeared first on InvestorPlace.
A new report claims that GE stock is doomed and that accounting fraud will land the industrial conglomerate in bankruptcy court. Yet the allegations contain more innuendo than substance.
Unfortunately for GE that someone may have arrived. Harry Markopolos, an accounting expert best known for flagging Bernie Madoff’s Ponzi scheme, claims GE has a $38bn gap in its accounts. This week he accused it of running an accounting fraud that is “bigger than Enron and WorldCom combined”. He makes some good points, though none is new. First, GE has not fully accounted for losses related to its legacy US healthcare insurance liabilities.
Baker Hughes, a GE company announced today that the Baker Hughes international rig count for July 2019 was 1,162, up 24 from the 1,138 counted in June 2019, and up 165 from the 997 counted in July 2018.
Since taking over, Larry Culp has emphasized two big things: shrinking GE Capital and strengthening operations. The shares are up, but even he admits he’s in the second inning of a long game.
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by 6 to 770 this week. That followed declines in each of the past four weeks. The total active U.S. rig count, meanwhile, also fell by 4 to 942, according to Baker Hughes. September West Texas Intermediate crude held onto the bulk of its gains, up $1.68, or 3.1%, at $55.63 a barrel.
Baker Hughes, a GE company announced today that the BHGE Board of Directors declared a cash dividend of $.18 per share of Class A common stock payable on August 23, 2019 to holders of record on August 13, 2019.