General Electric Co. (GE - Get Report) will keep its stake in oilfield service company Baker Hughes (BHGE - Get Report) and has no plans to raise equity, Chief Financial Officer Jamie Miller said Wednesday, Feb. 21, at the Barclays Industrial Select Conference.

"We've gone through a fairly deep dive into the different elements of the company," Miller said at an investor conference in Miami, Florida. "And we have no plans for an equity raise. It's not been discussed."

Even though GE is not eying an equity raise, Miller said later in the day at Citi's 2018 Industrials Conference that management is "examining everything" when it comes to the capital allocation process.

The Boston-based industrial conglomerate, which is an Action Alerts Plus holding, is in the midst of a dramatic transformation under Chief Executive John Flannery, who became CEO in August. Flannery slashed the dividend and pledged to divest about $20 billion in assets to focus on GE's core business units: aviation, health care and power.

While Miller provided little new information on the asset sales, she did say that General Electric has no plans to alter its stake in oilfield services company Baker Hughes.

"Given today's valuation levels, we see a lot of upside there," Miller said Wednesday. "We like the macro trends. And at this point in time, we have no intent to change anything or execute prior to the expiration of any of the lockup periods."

In November, Flannery said that he would explore selling the stake before restrictions lift in 2019.

"We had previously stated our belief that the shares will be somewhat held back by the uncertainty caused from GE's review of its 62.5% ownership of BHGE and the broader issues under attack at GE," said James West, a senior managing director at Evercore ISI. "However, with the exit strategy now defined more clearly, the ownership concerns surrounding the stock should abate."

Evercore rates Baker Hughes stock at Outperform with a $38 price target. 

Shares of Baker Hughes rose 1.2% to $26.76 on Tuesday. Since the start of the year, the stock has fallen about 14%

Miller also reaffirmed the industrial conglomerate's guidance for the year ahead, citing a "great cycle" in Aviation right now.

"I think guidance was set pragmatically," Miller said Wednesday, Feb. 21, at the Barclays Industrial Select Conference. "The aviation team is really executing well, so we see a nice profile there. I'd say health care should be pretty in line with 2017. They've seen nice revenue growth, they've seen really a nice, steady operating margin expansion over the last 3 years."

GE expects free cash flow of $6 billion to $7 billion and plans to exit the year with more than $15 billion on the balance sheet. 

Shares of GE fell 1.7% to close at $14.49 on Wednesday.

-- This story was updated to include Miller's comments on capital allocation.