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Honeywell (HON) Joins EnLink to Market Carbon Capture Solution

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Honeywell International Inc. (HON - Free Report) recently teamed up with EnLink Midstream, LLC (ENLC - Free Report) to market carbon capture solutions for large-scale emitters of carbon dioxide in the U.S. Gulf Coast region.

Honeywell’s share price dipped 1.3% on the last trading day, eventually closing the session at $192.

Inside The Headlines

Honeywell’s solvent carbon capture and hydrogen purification technologies facilitate its users to capture, transport and store carbon dioxide at low cost with high efficiency.

This collaboration will involve both companies in promoting these advanced technologies, which will likely help reduce industries’ carbon emission. The partnership will primarily focus on the areas with a large number of intense carbon dioxide emission sources, particularly from New Orleans to Baton Rouge region. This deal is a testimony to Honeywell's commitment toward driving decarbonization in the society.

Zacks Rank, Price Performance and Earnings Estimate Trend

Honeywell, with a $130.7-billion market capitalization, currently carries a Zacks Rank #3 (Hold). HON is expected to benefit from strength in productivity solutions and services, advanced sensing technologies and gas detection businesses. However, weakness across the personal protective equipment business will adversely impact its near-term results.

Zacks Investment Research
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Shares of Honeywell have gained 2.5% against the 2.7% decline of its industry in the past three months.

The Zacks Consensus Estimate for second-quarter 2022 earnings has decreased 0.5% to $2.03 in the past 60 days. However, earnings estimates for 2022 have moved 1.3% north to $8.68 during the same period.

Stocks to Consider

Two better-ranked companies from the Zacks Conglomerates sector are discussed below:

Griffon Corporation (GFF - Free Report) presently sports a Zacks Rank #1. GFF’s earnings surprise in the last four quarters was 97%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past 60 days, Griffon’s earnings estimates have increased 40% for fiscal 2022 (ending September 2022). The stock has gained 42.4% in the past three months.

Carlisle Companies Incorporated (CSL - Free Report) presently flaunts a Zacks Rank of 1. Its earnings surprise in the last four quarters was 23%, on average.

In the past 60 days, Carlisle’s earnings estimates have increased 22.8% for 2022. CSL’s shares have gained 14.9% in the past three months.

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