Baker Hughes Announces $3 Billion Share Repurchase Program

On November 6, Baker Hughes (BHGE), a GE company, announced that its Board of Directors authorized a $3 billion share repurchase program. Baker Hughes will repurchase up to $3 billion of its common units from BHGE and GE and then use those proceeds to repurchase its own Class A shares. At the current share price, this represents around 8% of the company’s current outstanding shares.

 

Sonal caught the news and issued an alert at 7:00 am. The next trade was for $31.50 at 9:07 am. The market opened for regular trading at $31.55.

The stock price continued to climb throughout the day before closing at $33.94. That makes a gain of around 7.5% for the day of the announcement.

 

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