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Chevron (CVX), Hyzon to Invest in Renewable Fuels Company
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Energy major Chevron Corporation (CVX - Free Report) has committed to partner with Hyzon Motors (HYZN - Free Report) , according to a filing with the U.S. securities and Exchange Commission by the fuel-cell truck manufacturer.
Per the agreement, Chevron’s New Energies division and Hyzon Zero Carbon — a subsidiary of the New York-based company — will invest in Raven SR S1 LLC. A wholly owned unit of privately held renewable fuels producer Raven SR, Raven SR S1 LLC will "develop, construct, operate and maintain a solid waste-to-hydrogen generation production facility located in Richmond, California."
The deal entails Chevron to infuse $20 million in Raven, while Hyzon will shell out $10 million for around a 20% stake in the LLC.
Hyzon shares jumped more than 19% on the news. The developer of hydrogen-powered vehicles has had a torrid time of late, with a negative report from professional short-selling outfit Blue Orca Capital in 2021 and revenue recognition timing issues in China this year. With Hyzon yet to come up with quarterly earnings since the first quarter of 2022, the CVX collaboration news comes as some sort of positive for the embattled investors.
For CVX, the Raven SR alliance is another pointer to its growing commitment toward renewable and greener energy. The Zacks Rank #3 (Hold) company is one of the largest publicly traded oil and gas companies in the world, with operations in almost every corner of the globe.
Nine Energy Service: Nine Energy Service is valued at some $409.6 million. The Zacks Consensus Estimate for NINE’s 2022 earnings has been revised 1,325% upward over the past 60 days.
Nine Energy Service, headquartered in Houston, TX, delivered a 137.5% beat in Q3. NINE shares have surged 1,241% so far this year.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.2%, on average.
Patterson-UTI is valued at around $3.5 billion. PTEN has seen its shares gain 101.1% in 2022.
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Chevron (CVX), Hyzon to Invest in Renewable Fuels Company
Energy major Chevron Corporation (CVX - Free Report) has committed to partner with Hyzon Motors (HYZN - Free Report) , according to a filing with the U.S. securities and Exchange Commission by the fuel-cell truck manufacturer.
Per the agreement, Chevron’s New Energies division and Hyzon Zero Carbon — a subsidiary of the New York-based company — will invest in Raven SR S1 LLC. A wholly owned unit of privately held renewable fuels producer Raven SR, Raven SR S1 LLC will "develop, construct, operate and maintain a solid waste-to-hydrogen generation production facility located in Richmond, California."
The deal entails Chevron to infuse $20 million in Raven, while Hyzon will shell out $10 million for around a 20% stake in the LLC.
Hyzon shares jumped more than 19% on the news. The developer of hydrogen-powered vehicles has had a torrid time of late, with a negative report from professional short-selling outfit Blue Orca Capital in 2021 and revenue recognition timing issues in China this year. With Hyzon yet to come up with quarterly earnings since the first quarter of 2022, the CVX collaboration news comes as some sort of positive for the embattled investors.
For CVX, the Raven SR alliance is another pointer to its growing commitment toward renewable and greener energy. The Zacks Rank #3 (Hold) company is one of the largest publicly traded oil and gas companies in the world, with operations in almost every corner of the globe.
Meanwhile, investors interested in the energy sector might look at operators like Nine Energy Service (NINE - Free Report) and Patterson-UTI Energy (PTEN - Free Report) , each carrying a Zacks Rank #1 (Strong Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Nine Energy Service: Nine Energy Service is valued at some $409.6 million. The Zacks Consensus Estimate for NINE’s 2022 earnings has been revised 1,325% upward over the past 60 days.
Nine Energy Service, headquartered in Houston, TX, delivered a 137.5% beat in Q3. NINE shares have surged 1,241% so far this year.
Patterson-UTI Energy: PTEN beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 169.2%, on average.
Patterson-UTI is valued at around $3.5 billion. PTEN has seen its shares gain 101.1% in 2022.