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Zacks analyst blog spotlights AVANGRID, Equinor and General Electric

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Chicago, IL – July 14, 2022 – Zacks.com announces the list of stocks featured in the analyst blog. Every day, Zacks Equity Research analysts discuss the latest news and events impacting stocks and financial markets. Stocks recently featured in the blog include: AVANGRID AGR, Equinor EQNR and General Electric GE.

Here are highlights from Wednesday’s analyst blog:

US to add 6 GW of offshore wind power by 2029: actions in brief

According to the U.S. Energy Information Administration’s (EIA’s) latest Preliminary Monthly Power Generator Inventory Report, power plant developers and operators have revealed plans to install more than 6 gigawatts (GW) of offshore wind capacity. , at sites primarily along the East Coast of the United States through 2029. .

This projection is in line with the future expectation of reaching 30 GW of offshore wind capacity in the United States by 2030, as projected by the American group Clean Power (ACP). There is no doubt that such strong projections should benefit stocks like AVANGRID, Equine and General Electricexpanding their offshore wind energy portfolio.

What is driving the demand for offshore wind energy?

Offshore wind speed is generally much stronger and more constant compared to onshore wind speed, a major reason for the growing popularity of offshore wind installations around the world. Strong winds are essential to efficiently operate the large wind blades that support wind turbines.

Also, offshore wind can provide power to populated areas in coastal regions where the demand for electricity is high.

While these have been major growth drivers for offshore wind installation, a major drawback so far has been the relatively higher installation cost of offshore wind power plants compared to onshore wind.

According to comprehensive analyzes conducted by National Renewable Energy Laboratory (NREL) research, it has been found that large wind power plants as well as larger turbines can reduce the average total cost of a plant per megawatt hour over its lifetime. lifespan of more than 23% compared to the average. fixed bottom offshore wind power plant installed in 2019.

Thus, by adopting the above-mentioned measure, one can eliminate the cost headwinds associated with the installation of offshore wind power, thereby providing a further boost to its growing demand.

Actions in brief

Considering the developments mentioned above, it is obvious that stocks engaged in the development of offshore wind energy projects should benefit abundantly in the coming days. These actions are:

AVANGRID: The Company’s subsidiary, Avangrid Renewables, has entered into a Host Community Agreement with the City of Barnstable to advance its Park City Wind project, an 800 megawatt (MW) offshore wind project, in May 2022. The project will provide Avangrid Renewables enough clean energy to provide clean electricity to nearly 400,000 homes per year and reduce greenhouse gas emissions by nearly 1.1 million tonnes per year while removing more than 200,000 cars from the circulation.

AVANGRID is posting a strong long-term earnings growth rate of 5.9%. Zacks consensus estimate for AGR sales in 2022 implies a 4.9% improvement over the figure reported in 2021.

Equinor ASA: In March 2022, the company announced an agreement with BP plc to convert the South Brooklyn Marine Terminal complex in New York into a regional offshore wind hub. The new facility will support growing offshore wind projects on the US East Coast, including the Empire Wind and Beacon Wind projects. The projects are expected to generate a combined energy of 3.3 gigawatts (GW).

Equinor is posting a strong long-term earnings growth rate of 5.7%. Zacks consensus estimate for EQNR sales in 2022 implies a 124% improvement over the figure reported in 2021.

General Electric: The company has successfully installed and commissioned turbines for the first offshore wind farm in the United States, located off Block Island, just south of Rhode Island. Its 12 MW Haliade-X wind turbines will be deployed at two other offshore wind farms in Maryland and New Jersey, with planned commissioning dates for these projects being 2022 and 2024.

General Electric is posting a strong long-term earnings growth rate of 7%. Zacks’ consensus estimate for GE’s sales in 2022 implies a 3.4% improvement over the figure reported in 2021.

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Past performance is not indicative of future results. The potential for loss is inherent in any investment. This document is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold any security. No recommendation or advice is given as to whether any investment is suitable for any particular investor. It should not be assumed that investments in the securities, companies, sectors or markets identified and described have been or will be profitable. All information is current as of the date hereof and is subject to change without notice. The views or opinions expressed may not reflect those of the company as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management of securities. These returns come from hypothetical portfolios composed of stocks with Zacks Rank = 1 that have been rebalanced monthly without transaction fees. These are not the returns of actual stock portfolios. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for more information on the performance figures displayed in this press release.

Zacks names ‘only one best choice for doubling up’

From thousands of stocks, 5 Zacks experts have each picked their favorite to skyrocket by +100% or more in the coming months. Of these 5, Research Director Sheraz Mian selects one to have the most explosive advantage of all.

It’s a little-known chemical company that’s up 65% year-on-year, but still very cheap. With relentless demand, rising earnings estimates for 2022 and $1.5 billion for stock buybacks, retail investors could jump in at any moment.

This company could rival or surpass other recent Zacks stocks which are expected to double, such as Boston Beer Company which jumped +143.0% in just over 9 months and NVIDIA which jumped +175.9% in one. year.

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Equinor ASA (EQNR): Free Stock Analysis Report

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