General Electric Company’s ( GE Quick Quote GE - Free Report) business unit GE Renewable Energy recently announced the launch of the most advanced version of its leading Cypress line of onshore wind turbines — the 6.0-164 turbine model. General Electric’s shares moved down 2.1% to eventually close at $10.18, yesterday. Inside the Headlines
Similar to its predecessors in the Cypress onshore wind platform, the company’s new 6.0-164 variant comes with a two-piece blade, facilitating improvement in logistics and lowering of lifecycle costs. Featuring a higher efficiency in service ability and an improved level of annual energy production, the company’s new 6.0-164 turbine will deliver more value to its customers. As noted by General Electric, the latest variant boasts the capability to deliver an 11% improvement in annual energy production compared to its 5.3-158 variant.
Notably, each of its new turbines will be capable of generating adequate electricity for catering to the requirement of around 5,800 households in Europe. The company will start deploying the new variant by 2022. The latest development is based on the success and growing popularity of the company’s Cypress line of turbines in the global market, since its introduction in 2017. Notably, the company has secured in excess of 3.4 GW of orders for its Cypress turbines to date in several countries like Austria, Germany, Sweden, Lithuania, Brazil and Australia, among others. Zacks Rank, Price Performance and Estimate Trend
General Electric, with $89.2 billion market capitalization, currently carries a Zacks Rank #3 (Hold). The company will benefit from its portfolio restructuring program, efforts to deleverage balance sheet and strong liquidity position in the quarters ahead. However, the continued market challenges related to the coronavirus outbreak might affect it in the near term.
In the past three months, the company’s share price has increased 58.3% compared with the industry’s growth of 16.3%. In the past 30 days, the Zacks Consensus Estimate for General Electric’s bottom line for 2020 has gone up from a loss of 4 cents to earnings of 4 cents, owing to five upward estimate revisions versus one downward. The consensus estimate for its earnings for 2021 has remained stable at 28 cents on account of three upward and three downward estimate revisions. Key Picks
Some better-ranked stocks from the same space are
3M Company ( MMM Quick Quote MMM - Free Report) , ITT Inc. ( ITT Quick Quote ITT - Free Report) and Danaher Corporation ( DHR Quick Quote DHR - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here 3M delivered a positive earnings surprise of 1.85%, on average, in the trailing four quarters. ITT delivered a positive earnings surprise of 22.39%, on average, in the trailing four quarters. Danaher delivered a positive earnings surprise of 17.00%, on average, in the trailing four quarters. Legal Marijuana: An Investor’s Dream
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