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General Electric (GE) Commissions Turbine Units in Nigeria
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General Electric Company’s (GE - Free Report) unit, GE Vernova’s Hydro Power business, recently completed the commissioning of four 175 MW Francis hydropower turbines and generators in the Nigeria-based Zungeru project.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Hydro Power business creates state-of-the-art technologies, which use the power of water to deliver reliable energy to some of the world's largest economies and remote communities.
Situated on the Kadina River in Niger State, the Zungeru project is Nigeria's second-largest hydropower plant with a total capacity of 700 MW. Upon completion, this facility is likely to cater to approximately 10% of the country’s total domestic electricity requirements, mainly with sustainable and reliable energy. The project will also play a pivotal role in flood control and will provide support for regional irrigation as well.
EPC (Engineering, Procurement, and Construction) company China National Electrical Equipment Corporation has selected GE to design, supply and supervise the installation as well as commission the four turbine units located at the Zungeru project. The hydropower plant project has also received necessary investment support from the Export-Import Bank of China.
Price Performance
Shares of General Electric have risen 66.7% in a year against the industry‘s 1.6% decline.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
General Electric currently carries a Zacks Rank #2 (Buy). Some top-ranked companies are discussed below:
The company delivered a trailing four-quarter earnings surprise of approximately 60.2%, on average. In the past 60 days, estimates for Axon’s earnings have increased 2.9% for 2023. The stock has soared 81.8% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently sports a Zacks Rank of 1 and a trailing four-quarter earnings surprise of 15%, on average.
AIT’s earnings estimates have increased 1.8% for fiscal 2024 (ending June 2024) in the past 60 days. Shares of Applied Industrial have risen 45.8% in the past year.
Caterpillar Inc. (CAT - Free Report) presently carries a Zacks Rank of 2. CAT’s earnings surprise in the last four quarters was 18.5%, on average.
In the past 60 days, estimates for Caterpillar’s 2023 earnings have increased 1.3%. The stock has gained 48.9% in the past year.
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General Electric (GE) Commissions Turbine Units in Nigeria
General Electric Company’s (GE - Free Report) unit, GE Vernova’s Hydro Power business, recently completed the commissioning of four 175 MW Francis hydropower turbines and generators in the Nigeria-based Zungeru project.
GE Vernova is the combined operations of GE Digital, Renewable Energy and GE Power. Its Hydro Power business creates state-of-the-art technologies, which use the power of water to deliver reliable energy to some of the world's largest economies and remote communities.
Situated on the Kadina River in Niger State, the Zungeru project is Nigeria's second-largest hydropower plant with a total capacity of 700 MW. Upon completion, this facility is likely to cater to approximately 10% of the country’s total domestic electricity requirements, mainly with sustainable and reliable energy. The project will also play a pivotal role in flood control and will provide support for regional irrigation as well.
EPC (Engineering, Procurement, and Construction) company China National Electrical Equipment Corporation has selected GE to design, supply and supervise the installation as well as commission the four turbine units located at the Zungeru project. The hydropower plant project has also received necessary investment support from the Export-Import Bank of China.
Price Performance
Shares of General Electric have risen 66.7% in a year against the industry‘s 1.6% decline.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
General Electric currently carries a Zacks Rank #2 (Buy). Some top-ranked companies are discussed below:
Axon Enterprise, Inc. (AXON - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The company delivered a trailing four-quarter earnings surprise of approximately 60.2%, on average. In the past 60 days, estimates for Axon’s earnings have increased 2.9% for 2023. The stock has soared 81.8% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently sports a Zacks Rank of 1 and a trailing four-quarter earnings surprise of 15%, on average.
AIT’s earnings estimates have increased 1.8% for fiscal 2024 (ending June 2024) in the past 60 days. Shares of Applied Industrial have risen 45.8% in the past year.
Caterpillar Inc. (CAT - Free Report) presently carries a Zacks Rank of 2. CAT’s earnings surprise in the last four quarters was 18.5%, on average.
In the past 60 days, estimates for Caterpillar’s 2023 earnings have increased 1.3%. The stock has gained 48.9% in the past year.