BlackRock Trims Baker Hughes Stake to 5.0%

Ticker: BKR · Form: SC 13G/A · Filed: 2024-02-07T00:00:00.000Z

Sentiment: neutral

Topics: institutional-ownership, passive-investing, portfolio-rebalancing

TL;DR

**BlackRock cut its Baker Hughes stake to 5.0% as of Jan 31.**

AI Summary

BlackRock Inc. filed an amended SC 13G/A on February 7, 2024, disclosing its ownership of 48,103,400 shares of Class A Common Stock in Baker Hughes Co. as of January 31, 2024. This represents a 5.0% stake in the oil and gas equipment company. This filing indicates a slight decrease in BlackRock's reported ownership from previous filings, which could signal a minor shift in institutional confidence or portfolio rebalancing, potentially impacting investor sentiment for Baker Hughes stock.

Why It Matters

This filing shows a major institutional investor, BlackRock, has slightly reduced its stake in Baker Hughes, which could be interpreted as a minor bearish signal or simply portfolio rebalancing.

Risk Assessment

Risk Level: low — A minor change in institutional ownership by a passive investor like BlackRock typically has a low direct impact on a company's fundamentals.

Analyst Insight

Investors should note BlackRock's slight reduction in its Baker Hughes stake, but given BlackRock's role as a passive asset manager, this change is likely part of routine portfolio rebalancing rather than a strong directional signal. It warrants monitoring for further institutional shifts but doesn't necessitate immediate drastic action.

Key Numbers

48,103,400 — Shares Owned (BlackRock's total beneficial ownership of Baker Hughes Class A Common Stock)
5.0% — Ownership Percentage (BlackRock's percentage of Baker Hughes Class A Common Stock)
January 31, 2024 — Event Date (The date as of which BlackRock's ownership was calculated for this filing)

Key Players & Entities

BlackRock Inc. (company) — the institutional investor filing the SC 13G/A
Baker Hughes Co. (company) — the subject company in which BlackRock holds shares
48,103,400 (dollar_amount) — number of Class A Common Stock shares owned by BlackRock
5.0% (dollar_amount) — percentage of Baker Hughes Co. Class A Common Stock owned by BlackRock
January 31, 2024 (date) — the date of the event requiring the filing
February 7, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

Baker Hughes Co. stock price may experience minor downward pressure or increased volatility due to the reported decrease in institutional ownership. (Baker Hughes Co.) — low confidence, target: Within 1-2 weeks
Other institutional investors may review their positions in Baker Hughes Co. following BlackRock's adjustment. (Institutional Investors) — medium confidence, target: Within 1 month

FAQ

What is the purpose of this SC 13G/A filing?

This SC 13G/A is an amendment (Amendment No: 2) filed by BlackRock Inc. to update its beneficial ownership of Class A Common Stock in Baker Hughes Co. as required by Rule 13d-1(b) of the Securities Exchange Act of 1934.

Which company is the subject of this ownership disclosure?

The subject company is Baker Hughes Co., identified by the CUSIP Number 05722G100 and the name 'BAKER HUGHES CO' in the filing.

How many shares of Baker Hughes Co. Class A Common Stock does BlackRock Inc. beneficially own?

As of January 31, 2024, BlackRock Inc. beneficially owns 48,103,400 shares of Baker Hughes Co. Class A Common Stock.

What percentage of Baker Hughes Co. Class A Common Stock does BlackRock Inc. own?

BlackRock Inc. owns 5.0% of the Class A Common Stock of Baker Hughes Co. as reported in this filing.

When was the event that triggered this filing?

The event which required the filing of this statement occurred on January 31, 2024, as stated in the filing.

From the Filing

0001086364-24-006797.txt : 20240207 0001086364-24-006797.hdr.sgml : 20240207 20240207170541 ACCESSION NUMBER: 0001086364-24-006797 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240207 DATE AS OF CHANGE: 20240207 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Baker Hughes Co CENTRAL INDEX KEY: 0001701605 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] ORGANIZATION NAME: 06 Technology IRS NUMBER: 814403168 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-90045 FILM NUMBER: 24605130 BUSINESS ADDRESS: STREET 1: 575 NORTH DAIRY ASHFORD ROAD, SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77079-1121 BUSINESS PHONE: 713-439-8600 MAIL ADDRESS: STREET 1: 575 NORTH DAIRY ASHFORD ROAD, SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77079-1121 FORMER COMPANY: FORMER CONFORMED NAME: Baker Hughes a GE Co DATE OF NAME CHANGE: 20170703 FORMER COMPANY: FORMER CONFORMED NAME: Bear Newco, Inc. DATE OF NAME CHANGE: 20170321 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Inc. CENTRAL INDEX KEY: 0001364742 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] ORGANIZATION NAME: 02 Finance IRS NUMBER: 320174431 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 50 HUDSON YARDS CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 212-810-5300 MAIL ADDRESS: STREET 1: 50 HUDSON YARDS CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock, Inc. DATE OF NAME CHANGE: 20060929 FORMER COMPANY: FORMER CONFORMED NAME: New BlackRock, Inc. DATE OF NAME CHANGE: 20060601 SC 13G/A 1 us05722g1004_020724.txt us05722g1004_020724.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No: 2) BAKER HUGHES CO -------------------------------------------------------- (Name of Issuer) Class A Common Stock -------------------------------------------------------- (Title of Class of Securities) 05722G100 -------------------------------------------------------- (CUSIP Number) January 31, 2024 -------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 05722G100 (1)Names of reporting persons. BlackRock, Inc. (2) Check the appropriate box if a member of a group (a) [ ] (b) [X] (3) SEC use only (4) Citizenship or place of organization Delaware Number of shares beneficially owned by each reporting person with: (5) Sole voting power 88299038 (6) Shared voting power 0 (7) Sole dispositive power 100938292 (8) Shared dispositive power 0 (9) Aggregate amount beneficially owned by each reporting person 100938292 (10) Check if the aggregate amount in Row (9) excludes certain shares (11) Percent of class represented by amount in Row 9 10.1% (12) Type of reporting person HC Item 1. Item 1(a) Name of issuer: ----------------------------------------------------------------------- BAKER HUGHES CO Item 1(b) Address of issuer's principal executive offices: ----------------------------------------------------------------------- 575 NORTH DAIRY ASHFORD ROAD, SUITE 100