General Electric Company ( GE Quick Quote GE - Free Report) yesterday communicated that the financial requirements for Phase A and B of the Dogger Bank Wind Farm have been taken care of by the co-sponsors. With this, a green signal to begin construction for the Phase A has been issued, signaling toward the requirement for the conglomerate’s Haliade-X wind turbines. To recap, GE Renewable Energy finalized contracts to supply Haliade-X wind turbines at the Dogger Bank this September. The financial terms of the contract were not disclosed. General Electric’s shares gained 0.5% yesterday, ending the trading session at $10.50 per share. Inside the Headlines
Dogger Bank is a joint venture between
Equinor ASA ( EQNR Quick Quote EQNR - Free Report) and SSE Renewables. It is situated in the northeast coast of England. To be developed in three phases, Dogger Bank will be the biggest offshore wind farm upon completion in 2026. Its combined installed capacity will be 3.6 GW of electricity. As noted, a go-ahead to the commencement of construction work at Phase A of Dogger Bank means that healthy business for GE Renewable Energy in the fourth quarter of 2020. As agreed upon earlier, GE Renewable Energy will supply 95 units of Haliade-X 13 MW wind turbines for Phase A of the project. A similar number of turbines will also be supplied for Phase B. In addition to the turbines, Renewable Energy will be providing operational support to the turbines for five years per the terms of the Services and Warranty agreement. Also, GE Energy Financial Services in association with the project’s co-sponsors participated by supporting Bpifrance Assurance Export’s insurance cover. Zacks Rank, Estimate Trend and Price Performance
With a market capitalization of $85.5 billion, General Electric currently carries a Zacks Rank #3 (Hold). Solid liquidity position and the company’s efforts to deleverage balance sheet as well as portfolio-restructuring initiatives are expected to be beneficial in the quarters ahead. However, the pandemic-related woes are impacting businesses, which are concerning.
In the past 30 days, the company’s bottom-line estimates decreased from 8 cents to 7 cents for the fourth quarter of 2020, while the same has been stable at earnings of 5 cents for the first quarter of 2021.
In the past three months, General Electric's shares have gained 58.8% compared with the
industry’s growth of 17.5%. Stocks to Consider
Two better-ranked stocks in the industry are
3M Company ( MMM Quick Quote MMM - Free Report) and Danaher Corporation ( DHR Quick Quote DHR - Free Report) . The two companies currently carry a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here In the past 30 days, earnings estimates for these companies have improved for the current year. Also, earnings surprise for the last four reported quarters, on average, was 1.85% for 3M and 17.00% for Danaher. Looking for Stocks with Skyrocketing Upside?
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