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CVS Health (CVS) Invests in Renewable Energy With New Pact
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CVS Health Corporation (CVS - Free Report) recently announced a 12-year agreement with Constellation (CEG) effective from April 2025. Through the deal, CVS will purchase zero-emission, renewable energy equivalent to the annual electricity use of its 147 CVS Health locations throughout Michigan.
Investing in renewable energy is part of CVS Health’s commitment to reducing its environmental impact. The recent development prioritizes the company’s efforts toward sustainability.
Significance of the Deal
Per the terms of the deal, CVS Health will purchase energy and renewable energy certificates (RECs) from Swift Current Energy’s Double Black Diamond Solar Project in Illinois. This is equal to procuring nearly 35,000 megawatt hours of energy per year. The deal follows a long-term agreement between Constellation and Swift Current Energy under which Constellation will purchase a portion of the energy and RECs generated by Double Black Diamond. The construction of the project has begun in March 2023.
Image Source: Zacks Investment Research
CVS Health will use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction. This agreement will help the company reduce its carbon footprint by nearly 17,000 metric tons each year. Per U.S. EPA greenhouse gas equivalencies, this is the equivalent emission of nearly 3,800 gasoline-powered passenger vehicles driven for a year.
Recognized as a corporate leader in climate action, CVS Health is one of the first to have its net-zero targets validated by the Science-Based Target Initiative. The company continues to reduce resource consumption across its operations through lighting and transportation upgrades, optimizing digital solutions to reduce paper, alternatives to single-use bags and offering products that are good for customers and the environment.
Industry Prospects
Per a Research report, the global renewable energy market was valued at $1.1 trillion in 2022 and is expected to witness a CAGR of 16.9% by 2030.
Recent Developments
CVS Health’s retail medical clinic, MinuteClinic, was recently awarded its sixth consecutive Ambulatory Health Care Accreditation from The Joint Commission. MinuteClinic has been achieving the Gold Seal of Approval since 2006 when it became the first retail medical clinic in the United States to receive such accreditation by proving consistent adherence to the widely acknowledged criteria.
In May 2023, CVS Health completed its acquisition of Oak Street Health in an all-cash transaction. The acquisition will broaden CVS Health’s value-based primary care platform and improve patient outcomes and reduce costs, particularly in underserved communities.
Price Performance
In the past six months, CVS shares have decreased 29.1% compared with the industry’s fall of 26.9%.
Zacks Rank and Key Picks
CVS Health currently carries a Zacks Rank #3 (Hold).
Penumbra’s stock has risen 190.8% in the past year. The Zacks Consensus Estimate for Penumbra’s earnings per share (EPS) has remained constant at $1.56 for 2023 and $2.56 for 2024 in the past 30 days.
PEN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 109.42%. In the last reported quarter, the company registered an earnings surprise of 109.09%.
The Zacks Consensus Estimate for Lantheus’ 2023 EPS has remained constant at $5.60 in the past 30 days. Shares of the company have improved 44.7% in the past year against the industry’s 20.8% decline.
LNTH’s earnings beat estimates in each of the trailing four quarters, the average surprise being 25.77%. In the last reported quarter, the company recorded an earnings surprise of 13.95%.
Estimates for Haemonetics’ EPS have increased from $3.29 to $3.55 for 2023 in the past 30 days. Shares of the company have increased 42.7% in the past year against the industry’s 20.8% decline.
HAE’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.21%. In the last reported quarter, Haemonetics delivered an earnings surprise of 13.24%.
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CVS Health (CVS) Invests in Renewable Energy With New Pact
CVS Health Corporation (CVS - Free Report) recently announced a 12-year agreement with Constellation (CEG) effective from April 2025. Through the deal, CVS will purchase zero-emission, renewable energy equivalent to the annual electricity use of its 147 CVS Health locations throughout Michigan.
Investing in renewable energy is part of CVS Health’s commitment to reducing its environmental impact. The recent development prioritizes the company’s efforts toward sustainability.
Significance of the Deal
Per the terms of the deal, CVS Health will purchase energy and renewable energy certificates (RECs) from Swift Current Energy’s Double Black Diamond Solar Project in Illinois. This is equal to procuring nearly 35,000 megawatt hours of energy per year. The deal follows a long-term agreement between Constellation and Swift Current Energy under which Constellation will purchase a portion of the energy and RECs generated by Double Black Diamond. The construction of the project has begun in March 2023.
Image Source: Zacks Investment Research
CVS Health will use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction. This agreement will help the company reduce its carbon footprint by nearly 17,000 metric tons each year. Per U.S. EPA greenhouse gas equivalencies, this is the equivalent emission of nearly 3,800 gasoline-powered passenger vehicles driven for a year.
Recognized as a corporate leader in climate action, CVS Health is one of the first to have its net-zero targets validated by the Science-Based Target Initiative. The company continues to reduce resource consumption across its operations through lighting and transportation upgrades, optimizing digital solutions to reduce paper, alternatives to single-use bags and offering products that are good for customers and the environment.
Industry Prospects
Per a Research report, the global renewable energy market was valued at $1.1 trillion in 2022 and is expected to witness a CAGR of 16.9% by 2030.
Recent Developments
CVS Health’s retail medical clinic, MinuteClinic, was recently awarded its sixth consecutive Ambulatory Health Care Accreditation from The Joint Commission. MinuteClinic has been achieving the Gold Seal of Approval since 2006 when it became the first retail medical clinic in the United States to receive such accreditation by proving consistent adherence to the widely acknowledged criteria.
In May 2023, CVS Health completed its acquisition of Oak Street Health in an all-cash transaction. The acquisition will broaden CVS Health’s value-based primary care platform and improve patient outcomes and reduce costs, particularly in underserved communities.
Price Performance
In the past six months, CVS shares have decreased 29.1% compared with the industry’s fall of 26.9%.
Zacks Rank and Key Picks
CVS Health currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the overall healthcare sector are Penumbra (PEN - Free Report) , Lantheus (LNTH - Free Report) and Haemonetics (HAE - Free Report) . While Penumbra and Lantheus each sport a Zacks Rank #1 (Strong Buy), Haemonetics carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Penumbra’s stock has risen 190.8% in the past year. The Zacks Consensus Estimate for Penumbra’s earnings per share (EPS) has remained constant at $1.56 for 2023 and $2.56 for 2024 in the past 30 days.
PEN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 109.42%. In the last reported quarter, the company registered an earnings surprise of 109.09%.
The Zacks Consensus Estimate for Lantheus’ 2023 EPS has remained constant at $5.60 in the past 30 days. Shares of the company have improved 44.7% in the past year against the industry’s 20.8% decline.
LNTH’s earnings beat estimates in each of the trailing four quarters, the average surprise being 25.77%. In the last reported quarter, the company recorded an earnings surprise of 13.95%.
Estimates for Haemonetics’ EPS have increased from $3.29 to $3.55 for 2023 in the past 30 days. Shares of the company have increased 42.7% in the past year against the industry’s 20.8% decline.
HAE’s earnings beat estimates in each of the trailing four quarters, the average surprise being 12.21%. In the last reported quarter, Haemonetics delivered an earnings surprise of 13.24%.