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Shell (SHEL) Purchases Indian Renewable Company Sprng Energy
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The British energy major Shell plc (SHEL - Free Report) recently announced that it signed agreements to acquire the Indian renewable power supplier, Sprng Energy, for about $1.55 billion, thereby enhancing Shell’s low-carbon output as it moves away from oil and gas.
Per the deal, SHEL will acquire 100% of Solenergi Power, which was set up by the buyout firm Actis – the direct shareholder of Sprng Energy.
Set up in 2017, Sprng Energy supplies solar and wind power to electricity distribution companies in India, which is seen as a key growth market concerning renewable energy in the coming years. As of now, Sprng’s portfolio comprises 2.9 gigawatts-peak (GWp) of renewable energy assets. Out of 2.9 GW, 2.1 GW is in operation and the remaining is under construction. In its pipeline, the company has an additional 7.5 GW of renewable energy developments.
This transaction, which will triple Shell’s current renewable energy capacity, is anticipated to be closed later this year subject to regulatory approvals.
Wael Sawan, Shell’s Integrated Gas, Renewables and Energy Solutions Director, said “This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India.”
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
PBF Energy’s stock has increased 94.2% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 215.6% over the past 60 days from $1.73 to $5.46 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $5.46 per share, up about 318.4% from the projected year-ago loss of $2.50.
The Zacks Consensus Estimate for Vista’s 2022 earnings is projected at $1.67 per share, up about 209.3% from the projected year-ago earnings of 54 cents.
Vista’s stock has rallied 239.3% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised about 7.7% upward over the past 60 days from $1.55 per share to $1.67.
PDC Energy’s stock has gone up 103.2% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 22.1% upward over the past 60 days from $13.32 per share to $16.27.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $16.27 per share, up 103.6% from the projected year-ago earnings of $7.99.
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Shell (SHEL) Purchases Indian Renewable Company Sprng Energy
The British energy major Shell plc (SHEL - Free Report) recently announced that it signed agreements to acquire the Indian renewable power supplier, Sprng Energy, for about $1.55 billion, thereby enhancing Shell’s low-carbon output as it moves away from oil and gas.
Per the deal, SHEL will acquire 100% of Solenergi Power, which was set up by the buyout firm Actis – the direct shareholder of Sprng Energy.
Set up in 2017, Sprng Energy supplies solar and wind power to electricity distribution companies in India, which is seen as a key growth market concerning renewable energy in the coming years. As of now, Sprng’s portfolio comprises 2.9 gigawatts-peak (GWp) of renewable energy assets. Out of 2.9 GW, 2.1 GW is in operation and the remaining is under construction. In its pipeline, the company has an additional 7.5 GW of renewable energy developments.
This transaction, which will triple Shell’s current renewable energy capacity, is anticipated to be closed later this year subject to regulatory approvals.
Wael Sawan, Shell’s Integrated Gas, Renewables and Energy Solutions Director, said “This deal positions Shell as one of the first movers in building a truly integrated energy transition business in India.”
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently sports a Zacks Rank #1 (Strong Buy). Investors interested in the energy space might also look at the following companies — PBF Energy (PBF - Free Report) , Vista Oil & Gas (VIST - Free Report) and PDC Energy — each sporting a similar Zacks Rank. You can see the complete list of today’s Zacks #1 Rank stocks here.
PBF Energy’s stock has increased 94.2% in a year. The Zacks Consensus Estimate for PBF Energy’s 2022 earnings has been revised upward by about 215.6% over the past 60 days from $1.73 to $5.46 per share.
The Zacks Consensus Estimate for PBF’s 2022 earnings is projected at $5.46 per share, up about 318.4% from the projected year-ago loss of $2.50.
The Zacks Consensus Estimate for Vista’s 2022 earnings is projected at $1.67 per share, up about 209.3% from the projected year-ago earnings of 54 cents.
Vista’s stock has rallied 239.3% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised about 7.7% upward over the past 60 days from $1.55 per share to $1.67.
PDC Energy’s stock has gone up 103.2% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 22.1% upward over the past 60 days from $13.32 per share to $16.27.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $16.27 per share, up 103.6% from the projected year-ago earnings of $7.99.