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JetBlue (JBLU) Inks MOU With Fidelis for 92M Gallons SAF
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JetBlue Airways Corporation (JBLU - Free Report) is marching ahead to achieve its target of reaching 10% of its total fuel usage as sustainable aviation fuel (SAF) on a blended basis by 2030.
To this end, JetBlue has entered into a memorandum of understanding (MOU) with Fidelis New Energy, LLC (Fidelis) for 92 million gallons of blended SAF from Fidelis' Gron Fuels GigaSystem at the Port of Greater Baton Rouge in Louisiana. This SAF is anticipated to be delivered over a five-year term beginning 2025.
Fidelis' Gron Fuels GigaSystem, one of the leading renewable fuels facility in North America, is expected to generate almost 1 billion gallons per year (65,000 barrels per day) of sustainable aviation fuel, renewable diesel and other low-carbon products. Gron Fuels GigaSystem produces carbon-negative SAF by integrating carbon capture & sequestration (CCS) and biomass energy with CCS (BECCS).
Sara Bogdan, director of sustainability and environmental social governance, JetBlue, stated, "With partners like Fidelis and their carbon negative Grön Fuels GigaSystem, we are not only supplying our own growing SAF needs, we're sending a powerful signal that significant demand for SAF exists. By introducing negative carbon intensity SAF to our network, we are also taking steps towards reaching true carbon neutrality as an airline."
Considering the buoyancy in air-travel demand post-COVID-19 travel restrictions and re-opening of the global economy, this energy sign agreement for 92 million gallons of SAF should boost JetBlue’s competitive position in the aviation industry.
Notably, JetBlue is the only U.S. carrier using SAF for regular domestic flights. We believe JetBlue is leading the way toward a more sustainable aviation industry with increased usage of SAF.
Some better-ranked stocks from the broader Zacks Transportation sector are Air Transport Services Group (ATSG - Free Report) , Ryder Systems (R - Free Report) and Teekay Tankers Ltd. (TNK - Free Report) ),each currently carrying a Zacks Rank #2 (Buy).
ATSG has an expected earnings growth rate of 34.34% for the current year. ATSG delivered a trailing four-quarter earnings surprise of 17.78%, on average.
The Zacks Consensus Estimate for ATSG’s current-year earnings has improved 5.2% over the past 90 days. Shares of ATSG have gained 7.9% over the past year.
Ryder has an expected earnings growth rate of 67.12% for the current year. R delivered a trailing four-quarter earnings surprise of 30.13%, on average.
The Zacks Consensus Estimate for R’s current-year earnings has improved 6.9% over the past 90 days. Shares of R have gained 12.7% over the past year.
Teekay Tankers has an expected earnings growth rate of 214.91% for the current year. TNK delivered a trailing four-quarter earnings surprise of 42.23%, on average. Teekay Tankers has a long-term expected growth rate of 3%.
The Zacks Consensus Estimate for TNK’s current-year earnings has improved 95% over the past 90 days. Shares of TNK have soared 190% over the past year.
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JetBlue (JBLU) Inks MOU With Fidelis for 92M Gallons SAF
JetBlue Airways Corporation (JBLU - Free Report) is marching ahead to achieve its target of reaching 10% of its total fuel usage as sustainable aviation fuel (SAF) on a blended basis by 2030.
To this end, JetBlue has entered into a memorandum of understanding (MOU) with Fidelis New Energy, LLC (Fidelis) for 92 million gallons of blended SAF from Fidelis' Gron Fuels GigaSystem at the Port of Greater Baton Rouge in Louisiana. This SAF is anticipated to be delivered over a five-year term beginning 2025.
Fidelis' Gron Fuels GigaSystem, one of the leading renewable fuels facility in North America, is expected to generate almost 1 billion gallons per year (65,000 barrels per day) of sustainable aviation fuel, renewable diesel and other low-carbon products. Gron Fuels GigaSystem produces carbon-negative SAF by integrating carbon capture & sequestration (CCS) and biomass energy with CCS (BECCS).
Sara Bogdan, director of sustainability and environmental social governance, JetBlue, stated, "With partners like Fidelis and their carbon negative Grön Fuels GigaSystem, we are not only supplying our own growing SAF needs, we're sending a powerful signal that significant demand for SAF exists. By introducing negative carbon intensity SAF to our network, we are also taking steps towards reaching true carbon neutrality as an airline."
Considering the buoyancy in air-travel demand post-COVID-19 travel restrictions and re-opening of the global economy, this energy sign agreement for 92 million gallons of SAF should boost JetBlue’s competitive position in the aviation industry.
Notably, JetBlue is the only U.S. carrier using SAF for regular domestic flights. We believe JetBlue is leading the way toward a more sustainable aviation industry with increased usage of SAF.
Zacks Rank and Stocks to Consider
Currently, JetBlue carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks from the broader Zacks Transportation sector are Air Transport Services Group (ATSG - Free Report) , Ryder Systems (R - Free Report) and Teekay Tankers Ltd. (TNK - Free Report) ), each currently carrying a Zacks Rank #2 (Buy).
ATSG has an expected earnings growth rate of 34.34% for the current year. ATSG delivered a trailing four-quarter earnings surprise of 17.78%, on average.
The Zacks Consensus Estimate for ATSG’s current-year earnings has improved 5.2% over the past 90 days. Shares of ATSG have gained 7.9% over the past year.
Ryder has an expected earnings growth rate of 67.12% for the current year. R delivered a trailing four-quarter earnings surprise of 30.13%, on average.
The Zacks Consensus Estimate for R’s current-year earnings has improved 6.9% over the past 90 days. Shares of R have gained 12.7% over the past year.
Teekay Tankers has an expected earnings growth rate of 214.91% for the current year. TNK delivered a trailing four-quarter earnings surprise of 42.23%, on average. Teekay Tankers has a long-term expected growth rate of 3%.
The Zacks Consensus Estimate for TNK’s current-year earnings has improved 95% over the past 90 days. Shares of TNK have soared 190% over the past year.