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Plug Power (PLUG) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Over the past month, shares of this alternative energy company have returned -4.6%, compared to the Zacks S&P 500 composite's +1.3% change. During this period, the Zacks Manufacturing - Electronics industry, which Plug Power falls in, has gained 4.2%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate Revisions
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Plug Power is expected to post a loss of $0.25 per share for the current quarter, representing a year-over-year change of +46.8%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
For the current fiscal year, the consensus earnings estimate of -$1.15 points to a change of +50% from the prior year. Over the last 30 days, this estimate has remained unchanged.
For the next fiscal year, the consensus earnings estimate of -$0.50 indicates a change of +56.8% from what Plug Power is expected to report a year ago. Over the past month, the estimate has remained unchanged.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Plug Power.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue Growth
Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Plug Power, the consensus sales estimate of $241.58 million for the current quarter points to a year-over-year change of +21.6%. The $832.12 million and $1.19 billion estimates for the current and next fiscal years indicate changes of -6.6% and +43.4%, respectively.
Last Reported Results and Surprise History
Plug Power reported revenues of $143.35 million in the last reported quarter, representing a year-over-year change of -44.9%. EPS of -$0.36 for the same period compares with -$0.35 a year ago.
Compared to the Zacks Consensus Estimate of $180.23 million, the reported revenues represent a surprise of -20.46%. The EPS surprise was -20%.
The company could not beat consensus EPS estimates in any of the last four quarters. The company topped consensus revenue estimates just once over this period.
Valuation
Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Plug Power is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Conclusion
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Plug Power. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Zacks Investment Research
Plug Power Inc. shares are trading higher premarket Thursday. The company secured a 25-megawatt (MW) order for its proton exchange membrane (PEM) electrolyzer systems from oil companies BP p.l.c. and Iberdrola S.A.‘s joint venture, Castellón Green Hydrogen S.L.
The project will use five 5 MW containerized PEM electrolyzers to decarbonize BP’s Castellón refinery in Valencia, Spain and is expected to reduce CO2 emissions by 23,000 tons annually.
Plug’s electrolyzers will be deployed in a project led by BP and Iberdrola to produce green hydrogen, replacing a portion of the refinery’s current gray hydrogen, which is generated from natural gas.
This partnership with BP marks the start of a long-term collaboration to decarbonize operations, with potential expansion up to 2 gigawatts of electrolysis capacity.
Plug CEO Andy Marsh said, “The selection of Plug’s technology for this project serves as a clear example of our established industry expertise and proven technology.”
“Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets. This presents a significant opportunity for Plug, and we have the market knowledge and technology readily available to make a substantial impact.”
This month, Plug Power won a contract to support 25 MW of PEM electrolyzers for H2DRIVEN’s green methanol project in Portugal.
The contract will provide Technical Evaluation Phase support for 25 megawatts of Proton Exchange Membrane Electrolyzers during the Front End Engineering Design process for a green methanol project in Portugal.
Apart from this, the company received a $10 million grant from the U.S. Department of Energy to scale its HYPER-Fuel project, which focuses on advanced hydrogen refueling infrastructure for medium and heavy-duty vehicles.
This funding is part of the DOE’s $62 million investment in 20 projects across 15 states to advance next-generation clean hydrogen technologies.
Investors can gain access to the stock via Global X Hydrogen ETF and ETF Series Solutions Defiance Next Gen H2 ETF .
Price Action: PLUG shares are up 5.24% at $2.21 premarket at the last check Thursday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Sept 18 (Reuters) - Plug Power Inc PLUG.O:
PLUG CONTRACTS WITH BP AND IBERDROLA JOINT VENTURE TO SUPPLY 25 MW OF PEM ELECTROLYZERS FOR BP’S CASTELLÓN REFINERY PROJECT IN VALENCIA, SPAIN
PLUG POWER-PROJECT TO EMPLOY 5 OF CO'S 5 MW CONTAINERIZED PEM ELECTROLYZERS WITH 25 MW CAPACITY TO DECARBONIZE OPERATIONS AT BP'S CASTELLÓN REFINERY
Source text for Eikon: (Full Story)
Further company coverage: PLUG.O
On Thursday, Plug Power, Inc. said it has secured a contract with H2DRIVEN, a project developed by Dourogás and CapWatt.
The contract will provide Technical Evaluation Phase support for 25 megawatts of Proton Exchange Membrane Electrolyzers during the Front End Engineering Design process for a green methanol project in Portugal.
Leveraging the success of its Basic Engineering and Design Package for large-scale facilities, Plug has now introduced a comparable solution for projects involving multiple 5 MW PEM electrolyzer units.
The new TEP offering is designed to assist customers by providing essential technical information and support throughout the permit and funding application process, as well as during plant development.
Also Read: Plug Power Misses Q2 Revenues, Analysts Focus On Electrolyzer Deployments: ‘The Bar Was Set Low’
This service aims to minimize risks and help customers make well-informed Final Investment Decisions.
Like the BEDP, the TEP offering focuses on delivering crucial insights and technical expertise to ensure successful project execution.
“This agreement underscores our leadership and expertise in PEM electrolyzer technology,” said Plug CEO Andy Marsh. “With the world’s largest PEM electrolyzer plant and extensive real-world experience, we are well-positioned to provide the technical support needed to advance this project.”
H2DRIVEN aims to strengthen the national economy and enhance resilience by advancing research and development, fostering innovation, diversifying production systems, and decreasing dependence on external markets.
According to Benzinga Pro, PLUG stock has lost over 77% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF .
Price Action: PLUG shares are trading lower by 1.55% to $1.91 at last check Thursday.
Photo via Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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