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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.
The most recent trading session ended with BP (BP) standing at $32.55, reflecting a +0.77% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily gain of 0.03%. Meanwhile, the Dow lost 0.04%, and the Nasdaq, a tech-heavy index, added 0.2%.
The oil and gas company's shares have seen a decrease of 5.39% over the last month, not keeping up with the Oils-Energy sector's loss of 3.35% and the S&P 500's gain of 1.54%.
Investors will be eagerly watching for the performance of BP in its upcoming earnings disclosure. On that day, BP is projected to report earnings of $0.94 per share, which would represent a year-over-year decline of 18.26%. Meanwhile, our latest consensus estimate is calling for revenue of $66.8 billion, up 23.67% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.96 per share and revenue of $229.67 billion, which would represent changes of -17.15% and +7.81%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for BP. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.29% decrease. Right now, BP possesses a Zacks Rank of #5 (Strong Sell).
Investors should also note BP's current valuation metrics, including its Forward P/E ratio of 8.17. This valuation marks a premium compared to its industry's average Forward P/E of 7.8.
One should further note that BP currently holds a PEG ratio of 4.08. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Integrated - International industry had an average PEG ratio of 1.53.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 230, which puts it in the bottom 10% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
BP plc (BP), a leading UK-based energy company, has announced plans to sell its onshore wind business in the United States. This marks a strategic shift as the energy giant refocuses on its solar partnership and other renewable energy sources. The move, which came amid challenges in the wind sector, signals BP’s shift from certain renewables despite previous efforts to diversify its energy portfolio.
BP to Exit Onshore Wind
The company revealed its intention to sell BP Wind Energy, which holds interests in 10 onshore wind projects across seven U.S. states, with a combined generating capacity of 1.3 gigawatts (GW). BP cited the misalignment of the business with its future growth strategies as the primary reason behind the sale. William Lin, BP’s executive vice president for gas and low-carbon energy, stated that the wind business “is likely to be of greater value for another owner.”
The onshore wind sector has encountered significant challenges of late, including high material costs, rising interest rates and supply-chain issues. Several companies in the sector have been compelled to cancel or renegotiate contracts, laying pressure on BP’s wind assets.
Focus Shifts to Lightsource BP Solar Partnership
In contrast to its wind energy divestment, BP is increasing its solar efforts. The company recently announced plans to take full ownership of Lightsource BP, Europe’s largest solar developer. This move aligns with BP’s broader strategy to concentrate on its solar partnership, which it considers to be on par with its current growth objectives.
The wind business sale marks a pivotal moment for BP as it realigns its energy transition strategy, pivoting away from wind energy to enhance its core oil and gas operations and focus on certain renewable sectors.
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, Core Laboratories Inc. CLB and VAALCO Energy, Inc. EGY, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value and A for Growth. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
Zacks Investment Research
Energy stocks rose late Monday afternoon with the NYSE Energy Sector Index advancing 1% and the Energy Select Sector SPDR Fund (XLE) gaining 0.9%.
The Philadelphia Oil Service Sector index increased 2%, and the Dow Jones US Utilities index climbed 0.7%.
Front-month West Texas Intermediate crude oil rose 2.4% to $70.30 a barrel while global benchmark Brent advanced 1.7% to $72.82 a barrel. Henry Hub natural gas futures jumped 3.1% to $2.38 per 1 million BTU.
In corporate news, Waterous Energy Fund Management said Monday that it agreed to buy a more than 43% stake in Greenfire Resources from Allard Services, Annapurna and Modro Holdings for 327.8 million Canadian dollars ($241.1 million). Greenfire Resources shares jumped 11%.
Exxon Mobil and Chevron were among the oil majors getting a legal victory after a federal appeals court dismissed a case brought by consumers alleging the companies colluded with foreign nations and former President Donald Trump to cut production and raise prices. Exxon shares rose 1.3% and Chevron added 0.9%.
BP has agreed to sell a non-controlling stake in BP Pipelines TAP to Apollo Global Management (APO) in a deal valued at $1 billion. BP shares were rising 1.2%.
FirstEnergy shares were shedding 0.3% after it said Monday its FirstEnergy Pennsylvania Electric unit has reached a $225 million settlement in its base rate review, expanding bill assistance for low-income residential customers.
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