General Electric Company’s GE business unit GE Gas Power recently finished providing inspection services on two steam turbines, four 9F.03 gas turbines and six generators at Besmaya, the largest power plant in Iraq. In addition, the company performed several operations and maintenance (“O&M”) services at this Mass Group Holding’s power plant.
General Electric earlier delivered four steam turbines and eight gas turbines along with twelve generators for Phases 1 and 2 of the Besmaya project, which are capable of generating a maximum of 3 GW of electricity. Notably, the company’s service offerings are part of a 20-year service deal for the turbines and generators as well as an O&M agreement for both of the project’s phases. As noted, the services provided by the company helped the power plant to minimize the unplanned downtime risk of power generation equipment, thus, improving the efficiency of power supply.
In addition, the company secured a deal for delivering four 9F.04 gas turbines and four generators for Phase 3 of the project, whose construction work is underway. It is worth mentioning here that experts from General Electric and Mass Group Holding implemented several safety measures, including the use of personal protective equipment, disinfection measures and thermal screenings to safeguard its workers’ safety from the coronavirus pandemic.
General Electric's share price increased 0.4% yesterday, eventually closing the trading session at $6.83.
Zacks Rank, Price Performance and Estimate Trend
The company, with a $59.7-billion market capitalization, currently carries a Zacks Rank #4 (Sell).
Over the past six months, its share price has decreased 42.8% compared with the industry’s decline of 18.1%.
In the past 60 days, the Zacks Consensus Estimate for the company’s earnings has declined 69.2% to 4 cents for 2020.
Stocks to Consider
Some better-ranked companies are Macquarie Infrastructure Company MIC, Activision Blizzard, Inc. ATVI and Astec Industries, Inc. ASTE. All the companies currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Macquarie has a positive earnings surprise of 3.13%, on average, for the trailing four quarters.
Activision Blizzard delivered a positive earnings surprise of 31.34%, on average, in the trailing four quarters.
Astec Industries delivered a positive earnings surprise of 6.68%, on average, in the trailing four quarters.
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