Air Products' (APD) LNG Technology Selected for ECA Project
Air Products and Chemicals, Inc. APD has entered into an agreement to provide its proprietary liquefied natural gas (“LNG”) technology, equipment and related process license and advisory services to the Energia Costa Azul (“ECA”) LNG Export Terminal Project. Notably, ECA LNG is a joint venture between Sempra LNG, IEnova and Total.
Air Products’ manufacturing facility in Port Manatee, FL will manufacture the coil wound heat exchangers for its AP-DMR LNG Process technology. This will be shipped to the project export site in Ensenada, Mexico.
Air Products’ LNG equipment will be producing roughly three million tons per annum at the Mexico site. As per the agreement, Air Products’ DMR process technology and engineering, design and manufacturing of the heat exchanger equipment for the liquefaction section will be provided for the single production train.
The company’s LNG technology is critical to meet the world’s rising energy needs and demand for clean energy, processes and cryogenically liquefies valuable natural gas for consumer and industrial use.
Shares of Air Product have gained 10.9% in the past year compared with 21.1% rise of the industry.
Air Products’, in its fourth-quarter fiscal 2020 call, stated that its on-site businesses (representing more than half of its sales) continue to deliver stable cash flow amid a challenging COVID-19 environment. The company announced a landmark gasification and hydrogen for mobility megaprojects, which will help address the increasing energy needs globally.
Air Products and Chemicals, Inc. Price and Consensus
Air Products and Chemicals, Inc. price-consensus-chart | Air Products and Chemicals, Inc. Quote
Zacks Rank & Key Picks
Air Products currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited FSUGY, BHP Group BHP and Impala Platinum Holdings Limited IMPUY.
Fortescue has a projected earnings growth rate of 74.2% for the current fiscal. The company’s shares have surged around 124.2% in a year. It currently sports a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BHP has an expected earnings growth rate of 59.5% for the current fiscal. The company’s shares have gained around 28.6% in the past year. It currently flaunts a Zacks Rank #1.
Impala has an expected earnings growth rate of 189.4% for the current fiscal. The company’s shares have rallied around 37.9% in the past year. It currently sports a Zacks Rank #1.
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