General Electric (GE) signs agreement on wind turbines in India
General Electricity CompanyThe GE business unit of GE Renewable Energy was recently awarded a contract from Continuum Green Energy India Pvt Ltd for the delivery, installation and commissioning of onshore wind turbines. Financial terms of the contract were not disclosed by the parties involved.
The company’s stock price fell 0.7% yesterday, ultimately closing the trading session at $ 13.44.
Inside the title
As reported, GE Renewable Energy will be responsible for the supply of 55 sets of 2.7 to 132 onshore wind turbines for the 148.5 MW wind farm based in Morjar, Bhuj, Gujarat. The deal is likely to help the wind farm generate enough electricity for 125,000 households, thus meeting consumers’ growing needs for renewable and sustainable energy. Notably, the contract also includes a long-term full service contract for the wind turbines.
It should be noted here that the blades for the wind turbines will be supplied by the company’s factories located in Vadodara while the assembly of the product will be carried out at the multimodal manufacturing plant in Pune. Wind turbines are expected to operate efficiently in Gujarat, where the wind speed is low.
In addition, the company was awarded a contract with EnergyAustralia to supply one of its 9F.05 gas turbines to power the Tallawarra B power plant located in New South Wales, Australia.
Zacks Rank, Price Performance and Trend in Profit Estimates
The company with a market cap of $ 118 billion currently carries a Zacks Rank # 3 (Hold). It should benefit from its portfolio restructuring program, the expansion of its digital activities and its balance sheet deleveraging efforts in the coming quarters. However, persistent market challenges in the aviation sector as well as the weak onshore wind market in the United States remain a near-term concern.
Shares of the company gained 24.4% against industry growth of 11.9% in the past six months.
Image source: Zacks Investment Research
Zacks’ consensus estimate for second quarter 2021 earnings has risen 33.3% to 4 cents in the past 60 days. In addition, profit estimates for 2021 have moved 8.3% north to 26 cents over the same period.
Choice of keys
Some higher ranked actions from the same space are Griffon Company GFF, Crane Co. CR and ITT Inc. ITT, each currently wearing a Zacks Rank # 2 (Buy). You can see The full list of today’s Zacks # 1 Rank (Strong Buy) stocks here.
Griffon made a surprise profit of 50% in the last published quarter.
Crane made a surprise profit of 26.72% in the last published quarter.
ITT made a surprise profit of 21.84% in the last published quarter.
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