Seeking to further expand its Waukesha gas engine sales presence in Australia’s mineral and oil and gas sectors, General Electric Company (NYSE:GE) announced Clarke Energy will serve as a new authorized distributor and service provider for GE’s Waukesha gas engines and genuine parts in Australia.
Clarke Energy is a multinational specialist in distributed power and reciprocating engine technology. The company is the existing distributor in Australia for GE’s Jenbacher and diesel-fuelled power generation technologies. The company’s services range from the supply of an engine through to the turnkey delivery of a multiengine power plant. Clarke Energy’s focus is on delivering quality installations, backed up by industry-leading, reliable aftersales product support.
“Our new distribution and services agreement with GE gives Clarke Energy an expanded portfolio of GE products to supply in Australia. GE’s Waukesha gas engines complement our existing diesel and gas-fuelled GE products, and we will now deliver an enhanced level of Waukesha products and services support for the gas compression and power generation industry in Australia,” said Greg Columbus, managing director of Clarke Energy’s Australian and New Zealand operations.
The new agreement will enable both Clarke Energy and GE to support an even wider range of oil and gas production projects throughout Australia as Waukesha gas engines are ideally suited for a variety of on-site mechanical drive, gas compression and power generation applications.
“This agreement will bring quality service delivery to both existing and new Waukesha gas engine customers in Australia,” said Geoff Culbert, president & CEO, GE Australia and New Zealand. “It is a testament of GE’s commitment to bring more distributed power solutions to our customers in both mechanical drive and power generation applications. Clarke Energy has built a strong service track record in Australia and will extend this record of excellence to GE’s Waukesha customers.” (Original Source)
Shares of General Electric opened today at $25.89 and are currently trading slightly up at $25.975. GE has a 1-year high of $28.68 and a 1-year low of $23.41. The stock’s 50-day moving average is $26.65 and its 200-day moving average is $25.97.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on July 20, UBS analyst Shannon O’Callaghan reiterated a Buy rating on GE, with a price target of $32, which represents a potential upside of 23.6% from where the stock is currently trading. Separately, on June 26, William Blair’s Nicholas Heymann reiterated a Hold rating on the stock and has a price target of $30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Shannon O’Callaghan and Nicholas Heymann have a total average return of 16.9% and 1.0% respectively. O’Callaghan has a success rate of 79.5% and is ranked #151 out of 3724 analysts, while Heymann has a success rate of 44.4% and is ranked #2442.
The street is mostly Bullish on GE stock. Out of 7 analysts who cover the stock, 4 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $33.00, which represents a potential upside of 27.5% from where the stock is currently trading.