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GE

General Electric

$9.34

0.2 (2.19%)

, BHGE

Baker Hughes

$22.09

-1.27 (-5.44%)

20:03
09/11/19
09/11
20:03
09/11/19
20:03

General Electric completes reduction of ownership in Baker Hughes, netting $2.7B

GE (GE) announced the reduction of its ownership in Baker Hughes (BHGE) through a public offering of 115 million shares of Class A common stock of BHGE and a concurrent private sale to BHGE of ownership interests in BHGE. The offering upsized and priced today at a price to the public of $21.50 per share. The underwriters have a 30-day option to purchase up to an additional 17.25 million shares of Class A common stock from GE or one or more of its affiliates. The offering is expected to close on September 16, 2019, subject to customary closing conditions. In addition, GE is selling to BHGE, in a privately negotiated transaction, $250 million of shares of BHGE Class B common stock, par value $0.0001 per share, together with an equal number of associated membership interests of Baker Hughes, a GE company, LLC, at a price equal to the price per share at which the underwriters will purchase shares of Class A common stock from GE in the offering. The repurchase is expected to be completed immediately following the offering on September 16, 2019. Although the repurchase is conditioned upon the closing of the offering, the closing of the offering is not conditioned upon the closing of the repurchase. Combined net proceeds of the offering and the repurchase will be approximately $2.7 billion, or approximately $3.0 billion assuming full exercise of the underwriters' option to purchase additional shares in the offering.

GE

General Electric

$9.34

0.2 (2.19%)

BHGE

Baker Hughes

$22.09

-1.27 (-5.44%)

  • 11

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  • 30

    Oct

  • 12

    Sep

GE General Electric
$9.34

0.2 (2.19%)

09/04/19
SBSH
09/04/19
NO CHANGE
SBSH
Buy
GE making 'meaningful progress' on simplifying company, says Citi
Following a recent breakfast with management, including CEO Larry Culp, Citi analyst Andrew Kaplowitz remains encouraged by General Electric's "positive momentum," despite "still considerable improvements needed." In the near-term, GE's 2019 framework of negative $1B to positive $1B free cash flow and earnings per share of 55c-65c seems largely intact, "albeit with some risks to monitor," especially relative to elevated U.S.-China trade tensions, Kaplowitz tells investors in a research note. The analyst, however, believes simplifying the company remains a high priority and one on he thinks "meaningful progress is underway." Further, longer-term, GE's runway for improving results in 2020 and beyond "could be more significant than we think some investors appreciate," says the analyst. He keeps a Buy rating on shares of General Electric.
09/05/19
MSCO
09/05/19
INITIATION
Target $10
MSCO
Equal Weight
General Electric initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Joshua Pokrzywinski initiated coverage of General Electric with an Equal Weight rating and $10 price target. The stock's risk/reward "appears reasonable," but comes with an "unfavorable catalyst timing" and unresolved risks outside the core business, particularly in Long-Term Care, Pokrzywinski tells investors in a research note. He believes the GE's "reasonable" valuation and strength in its Aviation platform are offset by "opaque potential cash needs" in Long-Term Care and the long-term market and share potential in Power as competition evolves. Most of the uncertainty in the shares resides outside the core business, making GE less of a fundamental call, says the analyst.
09/05/19
09/05/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. General Electric (GE) initiated with an Equal Weight at Morgan Stanley. 2. Organigram (OGI) initiated with a Perform at Oppenheimer. 3. Wingstop (WING) initiated with a Market Perform at Raymond James. 4. Boston Scientific (BSX) reinstated with an Overweight at JPMorgan. 5. Cubic (CUB) initiated with a Hold at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/11/19
STFL
09/11/19
NO CHANGE
Target $34
STFL
Buy
GE shrinking ownership positive news for Baker Hughes, says Stifel
Stifel analyst Stephen Gengaro noted that General Electric (GE) will cut its ownership stake in Baker Hughes (BHGE) to about 39.5% from 50.3% via Baker Hughes' repurchase of $250M of its Class B common stock and GE's secondary offering of 105M Class A shares. While he said Baker Hughes shares could weaken on the offering, Gengaro views this as positive news for the company, calling it a positive step towards removing the overhang of GE's ownership. He reiterated a Buy rating and $34 price target on Baker Hughes shares.
BHGE Baker Hughes
$22.09

-1.27 (-5.44%)

05/01/19
RBCM
05/01/19
NO CHANGE
Target $33
RBCM
Outperform
Baker Hughes price target lowered to $33 from $40 at RBC Capital
RBC Capital analyst Kurt Hallead lowered his price target on Baker Hughes to $33, adjusting the time frame for average forward multiple in his model to late 2017 from mid-2014 since that was the first combined reporting period for the company. The analyst is also keeping his Outperform rating on Baker Hughes and remains positive on its "multiple levers of growth" amid "robust" LNG equipment demand trends.
06/06/19
JEFF
06/06/19
NO CHANGE
Target $32
JEFF
Buy
Baker Hughes remains a top large-cap pick at Jefferies
Jefferies analyst Brad Handler says Baker Hughes remains his top large-cap pick. The company's Middle East growth should benefit from recent awards and the ADNOC partnership, Handler tells investors in a research note. The analyst finds the shares "very attractive" post the selloff in the group. He keeps a Buy rating on Baker Hughes with a $32 price target.
08/28/19
BOFA
08/28/19
DOWNGRADE
BOFA
Neutral
Nabors, Quintana Energy Services, Nine Energy cut to Neutral at BofA/Merrill
BofA/Merrill analyst Chase Mulvehill downgraded Nabors (NBR), Quintana Energy Services (QES), and Nine Energy Services (NINE) to Neutral from Buy in a broader research note, saying E&P companies are increasingly focused on efficiency gains. The analyst notes however that the technology adoption and service integration are still in the "early innings" of reducing capital intensity. Mulvehill adds that the rating change for these U.S. companies is driven by heightened global macro uncertainty and the resulting oil price volatility, stating that he prefers names with international exposure like Schlumberger (SLB) and Baker Hughes (BHGE).

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HR

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NBIX

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04:55
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  • 23

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SIBN

SI-Bone

$20.18

0.28 (1.41%)

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TXN

Texas Instruments

$126.70

-2.1 (-1.63%)

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CLDR

Cloudera

$9.00

0.33 (3.81%)

04:55
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IMAX

Imax

$21.83

0.04 (0.18%)

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  • 24

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KNSL

Kinsale Capital Group

$99.46

-1.68 (-1.66%)

04:55
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HKMPY

Hikma

$0.00

(0.00%)

04:55
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DNOW

NOW Inc.

$12.05

-0.055 (-0.45%)

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BRKR

Bruker

$43.62

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  • 23

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SPOT

Spotify

$120.73

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$9.02

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Etsy

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UPS

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