General Electric Company (NYSE:GE) and ENGIE signed a memorandum of understanding to conduct innovative initiatives and jointly review digital solutions, in particular to optimize the performance of the electricity generation assets of ENGIE, one of the largest technology operators developed by GE in the world.
This partnership features collaboration between the world’s largest digital industrial group and a global energy player committed to be the leader in energy transition worldwide. GE has well-rounded experience in Internet industrial solutions and energy management software. The ENGIE Group brings its unique know-how in energy engineering, electricity generation and distribution, as well as in renewable energies and energy storage technologies.
At the MOU signing, Judith Hartmann, Executive Vice-President of ENGIE, declared: “With this partnership, we are continuing the Group’s digital transformation. Thanks to GE’s expertise in the field we will be able to accelerate the ramp-up of our Digital Factory and improve the management of our energy assets, thereby enhancing operational performance.”
“This partnership constitutes a key step for the energy industry in the digital era,” emphasized Mark Hutchinson, Chairman and CEO of GE Europe. “Combining our expertise with ENGIE enables us to explore new digital solutions in very different areas and create value.” (Original Source)
Shares of General Electric are currently trading at $31.28, up $0.03 or 0.10%. GE has a 1-year high of $33 and a 1-year low of $19.37. The stock’s 50-day moving average is $31.32 and its 200-day moving average is $30.04.
On the ratings front, GE has been the subject of a number of recent research reports. In a report issued on July 26, Bernstein Research analyst Steven Winoker maintained a Hold rating on GE, with a price target of $34, which represents a potential upside of 8.8% from where the stock is currently trading. Separately, on July 25, Argus’ John Eade reiterated a Buy rating on the stock and has a price target of $36.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steven Winoker and John Eade have a total average return of 9.8% and 11.3% respectively. Winoker has a success rate of 76% and is ranked #593 out of 4087 analysts, while Eade has a success rate of 74% and is ranked #118.
Overall, 2 research analysts have rated the stock with a Sell rating, 5 research analysts have assigned a Hold rating and 7 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $32.71 which is 4.7% above where the stock closed yesterday.