SCHEDULE 13G/A: JPMorgan Chase & Co. Files Amendment No. 4, Disclosing 9.3% Stake in Baker Hughes Company

JPMorgan Chase & Co. has filed its fourth amendment to Schedule 13G, revealing a beneficial ownership of 9.3% of Baker Hughes Company's Class A Common Stock as of March 31, 2025.

Summary

• JPMorgan Chase & Co. reported beneficial ownership of 92,496,774 shares of Baker Hughes Company's Class A Common Stock.
• This aggregate amount represents 9.3% of the total Class A Common Stock outstanding.
• The filing indicates that JPMorgan Chase & Co. holds 81,871,529 shares with sole voting power and 199,737 shares with shared voting power.
• The firm also holds 91,800,228 shares with sole dispositive power and 671,875 shares with shared dispositive power.
• The shares are held by various subsidiaries, including J.P. Morgan Trust Company of Delaware, J.P. Morgan Securities LLC, JPMorgan Chase Bank, National Association, JPMorgan Asset Management (Asia Pacific) Limited, JPMorgan Asset Management (UK) Limited, JPMorgan Asset Management Holdings Inc., J.P. Morgan Investment Management Inc., J.P. Morgan Mansart Management Limited, JPMorgan Asset Management (Taiwan) Limited, J.P. Morgan Private Investments Inc., JPMorgan Asset Management (China) Company Limited, J.P. MORGAN SE, and 55I, LLC.
• JPMorgan Chase & Co. certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Baker Hughes.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain subjective language or performance metrics that would indicate a positive or negative sentiment. It is neutral.

Positives

• The disclosure of a significant stake by a major financial institution like JPMorgan Chase & Co. can be viewed as a vote of confidence in Baker Hughes Company.
• A large institutional holding can contribute to market stability for the stock.

Negatives

• The filing itself does not present any direct negative implications for Baker Hughes Company.

Risks

• This filing is a disclosure of beneficial ownership and does not detail specific operational or financial risks related to Baker Hughes Company.

Future Outlook

This document does not contain forward-looking statements or guidance from Baker Hughes Company.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11." (Statement from Rachel Tsvaygoft, Vice President of JPMorgan Chase & Co.)

Industry Context

This Schedule 13G filing indicates a significant passive investment by a major financial institution, JPMorgan Chase & Co., in Baker Hughes Company, a prominent player in the energy technology and services industry. Such disclosures are common for large asset managers and banks that hold substantial equity stakes across various sectors for investment purposes, rather than for control. It reflects the ongoing institutional interest in the energy sector, particularly in companies providing essential services and technology to the oil and gas industry.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure for institutional investors holding more than 5% of a company's outstanding shares.
• JPMorgan Chase & Co.'s 9.3% stake in Baker Hughes is a substantial holding, aligning with typical large institutional positions seen in major energy services companies like Schlumberger or Halliburton, where institutional ownership often exceeds 70-80% of outstanding shares.
• The breakdown of sole vs. shared voting and dispositive power is also standard for a large financial institution managing assets across various funds and client accounts.

Stakeholder Impact

• Shareholders: The disclosure of a large institutional holder can provide a sense of stability and validation for existing shareholders. It may also influence trading activity.
• Management: Awareness of a significant passive institutional holder, though not seeking control, can be a factor in corporate strategy and investor relations.

Next Steps

• JPMorgan Chase & Co. will continue to file amendments to Schedule 13G if there are material changes to their beneficial ownership of Baker Hughes Company's Class A Common Stock.

Key Dates

Keywords

Baker Hughes Company, JPMorgan Chase & Co., Schedule 13G, Beneficial Ownership, Class A Common Stock, SEC Filing, Institutional Investor, Shareholding, Energy Services, Oilfield Services