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BHGE

Baker Hughes

$23.80

0.17 (0.72%)

, GE

General Electric

$8.61

0.625 (7.83%)

08:52
11/14/18
11/14
08:52
11/14/18
08:52

Baker Hughes 92M share secondary offering by GE prices at $23.00

Baker Hughes, a GE company (BHGE) announced the pricing of a secondary offering of 92M shares of BHGE common stock by General Electric (GE) at a price to the public of $23.00 per share. The stock closed yesterday at $23.80. The underwriters have a 30 day option to purchase up to an additional 9.2M shares of common stock from the selling stockholder. The offering is expected to close on November 16. On November 5, Baker Hughes declared a cash dividend of 18c per share of, payable on November 30, to holders of record on November 16. If the offering closes on November 16 as expected, purchasers of shares in this offering will be entitled to receive this dividend, the company said. BHGE is not offering any shares in the offering and will not receive any proceeds from the sale of shares in the offering. Morgan Stanley and J.P. Morgan are acting as joint lead book-running managers for the offering. Citigroup and Goldman Sachs are acting as joint book-running managers for the offering. Barclays, BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities, Evercore ISI, UBS Investment Bank and BNP PARIBAS are acting as co-managers for the offering.

BHGE

Baker Hughes

$23.80

0.17 (0.72%)

GE

General Electric

$8.61

0.625 (7.83%)

  • 29

    Nov

  • 14

    Nov

BHGE Baker Hughes
$23.80

0.17 (0.72%)

11/05/18
UBSW
11/05/18
NO CHANGE
Target $38
UBSW
Buy
Baker Hughes price target lowered to $38 from $45 at UBS
UBS analyst Sasha Sanwal lowered his price target on Baker Hughes to $38 from $45 following Q3 results. The analyst believes the LNG and offshore businesses are poised for inflection and puts attention on the company as a defensive play. Sanwal reiterated his Buy rating on Baker Hughes shares.
10/31/18
10/31/18
UPGRADE
Target $37

Buy
Baker Hughes upgraded to Buy at Guggenheim
As previously reported, Guggenheim upgraded Baker Hughes (BHGE) to Buy from Neutral with a $37 price target. Analyst Michael LaMotte said Baker Hughes has been executing consistently since the merger closed in July, and this quarter, materialized several project wins that highlight broader macro improvement in offshore/international E&P activity, but also the company's ability to win work and capture share. LaMotte also said Baker Hughes' pending commercialization of Subsea Connect should better position the company to compete for deepwater work with TechnipFMC's (FTI) Subsea 2.0 system, both of which are designed with smaller footprints, lower production and install costs, and have modular capabilities.
10/31/18
GUGG
10/31/18
UPGRADE
GUGG
Buy
Baker Hughes upgraded to Buy from Neutral at Guggenheim
10/17/18
BOFA
10/17/18
NO CHANGE
BOFA
BofA/Merrill reinstating Oilfield Services coverage with Halliburton as top pick
BofA analyst Chase Mulvehill reinstated coverage of U.S. onshore and diversified oilfield service, or OFS, saying he has a bullish near-to-medium term view on the sector. The analyst notes that OFS should outperform thanks to rising oil prices that should lead to "solid" cash flows across the sector. Mulvehill further anticipates investment to increase across the industry, with North America land E&P spending surprising to the upside and U.S. onshore D&C spending rising nearly 20%. The analyst also sees "Permian pipeline relief" adding to the benefits with exposure to the basin. Mulvehill's Top Pick is Halliburton (HAL), and his other Buy-rated names include Baker Hughes (BHGE), C&J Energy Services (CJ), FTS International (FTSI), Keane Group (FRAC), Nabors Industries (NBR), Nine Energy Service (NINE), Patterson-UTI Energy (PTEN), ProPetro Holdings Corp (PUMP), and Schlumberger (SLB).
GE General Electric
$8.61

0.625 (7.83%)

11/13/18
GDHS
11/13/18
NO CHANGE
Target $10
GDHS
Underperform
General Electric liquidity risks could be escalating, says Gordon Haskett
Gordon Haskett analyst John Inch said that despite GE's assurances and those of other analysts that liquidity does not pose a risk, he believes liquidity issues could be escalating given the rapidly raising spreads in GE CDS, which he tells investors "could portend additional GE credit rating downgrades." GE's CEO asserted in interview yesterday that the company has no plans for an equity capital raise, but added "as conditions change in the future we might come back and reconsider that," noted Inch, who thinks that at current GE share price levels the "window to raise equity capital appears to have largely shut." Inch maintains an Underperform rating and $10 price target on GE shares.
11/09/18
JPMS
11/09/18
NO CHANGE
Target $6
JPMS
Underweight
General Electric price target lowered to $6 from $10 at JPMorgan
In a research note wrapping up the company's Q3 results, JPMorgan analyst Stephen Tusa cut his price target for shares of General Electric to $6 from $10. The stock closed yesterday down 8c to $9.10. The outcome of GE's results was worse than expected "on almost all fronts," with forecasts for free cash flow and EBITDA "moving materially lower," Tusa writes. Further, a "material change" in language from the quarterly filing "suggests a negative step down in the leverage situation," he adds. The analyst believes, however, that the story is "not really about liquidity, it's about a deterioration in run rate fundamentals." On that front. Tusa expects the "anchor" on earnings, free cash flow and the dividend to all be down ~85% as "the dust continues to settle. He keeps an Underweight rating on General Electric shares.
11/05/18
GDHS
11/05/18
NO CHANGE
Target $10
GDHS
Underperform
Gordon Haskett sees potential downside to $5 for General Electric shares
Gordon Haskett analyst John Inch, who maintains an Underperform rating and $10 price target on General Electric shares, estimates the stock could trade down to about $5 per share, assuming that GE Capital does not ultimately face insolvency, if the market were to value the stock increasingly on a free cash basis. Right now, it seems to him that most of the bullish analysts and investors are basing their upside views on a sum-of-the-parts valuation, Inch noted. However, he sees this as "academic" as GE cannot completely dismantle due to the fact it must maintain a sufficient base to support all of GE Capital's tens of billions of dollars of debt securities, Inch tells investors.
11/02/18
GDHS
11/02/18
NO CHANGE
Target $10
GDHS
Underperform
GE may still have to raise equity capital due to tax issues, says Gordon Haskett
Gordon Haskett analyst John Inch believes GE's near-term tax liabilities could be about to significantly increase, stating that "it could have been surmised that GE might have owed up to $9B in taxes per the Tax Cuts and Jobs Act," but the company took a much lesser $3.3B charge while pointing to plans to use a variety of "offsets." If even some of these "offsets" are disallowed, the company could wind up owing possibly billions more in incremental cash taxes over the coming months, said Inch. While GE took an equity capital raise off the table, Inch believes the company may make a "future change to this decision" due to ongoing cash and liability pressures, including rising taxes. Inch keeps an Underperform rating on GE shares with a $10 price target.

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Celanese

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WMT

Walmart

$112.12

-1.64 (-1.44%)

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SPY

SPDR S&P 500 ETF Trust

$290.03

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, SPX

S&P 500

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DIA

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URBN

Urban Outfitters

$20.93

0.07 (0.34%)

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WTRH

Waitr Holdings

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CVM

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LIQT

LiqTech

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HTBK

Heritage Commerce

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