We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
GE Secures Deal to Launch Saudi Arabia's First Wind Turbine
Read MoreHide Full Article
General Electric Company (GE - Free Report) recently secured a contract from Saudi Aramco to launch Saudi Arabia's first wind turbine next month. The deal will allow Armaco diversify energy supplies and meet the increasing customer demand.
Based in Dhahran, Saudi Aramco is a leading Saudi Arabian petroleum and natural gas company worth approximately $10 trillion. On completion of the launch, General Electric will provide power to Saudi Aramco's bulk plant in Turaif, northwest Saudi Arabia by Jan 2017. As part of a reform plan called Vision 2030, the company plans to generate 9.5 gigawatts of electricity from renewable energy.
Per the deal, the new wind turbine will generate a maximum power of 2.75 megawatts, sufficient to power around 250 Saudi households. This will enable the company to reduce the burning of diesel for power generation by 18,600 barrels of oil per year.
General Electric expects to overcome weakness in its oil and gas business in the upcoming year. Notwithstanding the headwinds in the energy market, General Electric outperformed the Zacks categorized Diversified Operations industry with an average return of 7.0% compared with 6.2% of the latter. Also, in the last one year, the company’s revenues have risen considerably.
A couple of months back, General Electric has inked a definitive agreement with Baker Hughes to merge its Oil & Gas business with the latter to form an industry leader with an unrivalled mix of service and equipment capabilities. General Electric will own the majority stake of 62.5% in the new company. With a complimentary portfolio of operating assets and integrated offerings, the new entity will be able to better serve the customers. The transaction will reportedly create the second largest player in the oilfield equipment and services industry and portrays re-conglomeration efforts by General Electric to arrest the dwindling sales of its Oil & Gas business.
We remain impressed with the focused growth initiatives of this Zacks Rank #3 (Hold) stock to improve its revenues. Some better-ranked stocks in the industry include Leucadia National Corporation , Hitachi, Ltd. (HTHIY - Free Report) and Macquarie Infrastructure Corporation . Leucadia and Macquarie both sport a Zacks Rank #1 (Strong Buy), while Hitachi carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Leucadia has a long-term earnings growth expectation of 18% and is currently trading at a forward P/E of 106.6x.
Macquarie has a positive average earnings surprise of 29.6% for the last four quarters, beating estimates twice.
Hitachi has a long-term earnings growth expectation of 13% and has beaten estimates thrice in the trailing four quarters for an average positive earnings surprise of 103.5%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
GE Secures Deal to Launch Saudi Arabia's First Wind Turbine
General Electric Company (GE - Free Report) recently secured a contract from Saudi Aramco to launch Saudi Arabia's first wind turbine next month. The deal will allow Armaco diversify energy supplies and meet the increasing customer demand.
Based in Dhahran, Saudi Aramco is a leading Saudi Arabian petroleum and natural gas company worth approximately $10 trillion. On completion of the launch, General Electric will provide power to Saudi Aramco's bulk plant in Turaif, northwest Saudi Arabia by Jan 2017. As part of a reform plan called Vision 2030, the company plans to generate 9.5 gigawatts of electricity from renewable energy.
Per the deal, the new wind turbine will generate a maximum power of 2.75 megawatts, sufficient to power around 250 Saudi households. This will enable the company to reduce the burning of diesel for power generation by 18,600 barrels of oil per year.
General Electric expects to overcome weakness in its oil and gas business in the upcoming year. Notwithstanding the headwinds in the energy market, General Electric outperformed the Zacks categorized Diversified Operations industry with an average return of 7.0% compared with 6.2% of the latter. Also, in the last one year, the company’s revenues have risen considerably.
A couple of months back, General Electric has inked a definitive agreement with Baker Hughes to merge its Oil & Gas business with the latter to form an industry leader with an unrivalled mix of service and equipment capabilities. General Electric will own the majority stake of 62.5% in the new company. With a complimentary portfolio of operating assets and integrated offerings, the new entity will be able to better serve the customers. The transaction will reportedly create the second largest player in the oilfield equipment and services industry and portrays re-conglomeration efforts by General Electric to arrest the dwindling sales of its Oil & Gas business.
We remain impressed with the focused growth initiatives of this Zacks Rank #3 (Hold) stock to improve its revenues. Some better-ranked stocks in the industry include Leucadia National Corporation , Hitachi, Ltd. (HTHIY - Free Report) and Macquarie Infrastructure Corporation . Leucadia and Macquarie both sport a Zacks Rank #1 (Strong Buy), while Hitachi carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Leucadia has a long-term earnings growth expectation of 18% and is currently trading at a forward P/E of 106.6x.
Macquarie has a positive average earnings surprise of 29.6% for the last four quarters, beating estimates twice.
Hitachi has a long-term earnings growth expectation of 13% and has beaten estimates thrice in the trailing four quarters for an average positive earnings surprise of 103.5%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>