Baker Hughes Transfers Stock Exchange Listing

Baker Hughes Transfers Stock Exchange Listing
Baker Hughes expects to commence trading as a Nasdaq-listed company on market open on December 7 of this year.

Baker Hughes, comprising Baker Hughes Company (NYSE: BKR) and Baker Hughes Holdings LLC, has announced it will transfer the listing of its Class A common stock and listed bonds from the New York Stock Exchange to the Nasdaq Global Select Market.

The company said it expects to commence trading as a Nasdaq-listed company on market open on December 7 this year. Baker Hughes’ Class A common stock will continue trading under the ticker symbol ‘BKR’ after the transfer, the company noted.

“Baker Hughes is a leading global energy technology company, providing solutions for energy and industrial customers worldwide, and … [this] announcement strongly aligns to our current and future strategic roadmap to take energy forward,” Lorenzo Simonelli, Baker Hughes’ chairman and chief executive officer said in a company statement.

“The transition to Nasdaq provides us with greater cost savings, and Nasdaq’s long tradition of listing industry-leading technology companies aligns well with Baker Hughes’ mission to lead the energy transition,” he added in the statement.

Adena Friedman, the president and chief executive officer of Nasdaq, said, “Baker Hughes is leading the energy transition across the industrial landscape through technology”.

“The company’s listing on Nasdaq will provide them access to the deepest pool of liquidity in the U.S. equity market, creating value for shareholders and providing more opportunities for the company’s forward momentum,” Friedman added in the statement.

“We are delighted to welcome Baker Hughes to our family of innovative companies,” the Nasdaq president and CEO went on to say.

Baker Hughes stock has been on a steady rise since mid-July, when it closed at $19.65 on July 19. On October 27, the company’s stock closed at $25.01.

The company released its third quarter results statement last week, which showed an adjusted operating income of $402 million for the quarter, which it highlighted was up 21 percent sequentially and up 72 percent year on year. Baker Hughes reported orders of $5.4 billion in 3Q, which was up six percent sequentially and up five percent year on year, and revenue of $5.1 billion, which was down one percent sequentially and up one percent year on year.

To contact the author, email andreas.exarheas@rigzone.com


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