Westport Innovations Inc. (USA) (NASDAQ:WPRT), engineering the world’s most advanced natural gas engines and vehicles, announced the company will offer dedicated, liquid propane systems for 2016 Ford 5.0L F-150 trucks. This new liquid propane system will be offered in addition to Westport’s compressed natural gas (CNG) package for 2016 Ford F-150 trucks. Both fuel options are part of the Westport WiNG™ Power System and are expected to be certified to EPA and CARB standards.
“We understand that many fleets use different types of alternative fuels based on availability and business needs,” said Paul Shaffer, vice president and managing director of Westport’s Dallas operations. “By offering dedicated liquid propane in addition to bi-fuel and dedicated CNG vehicles, we are evolving to a full-service alternative fuel provider for fleets operating the popular Ford F-150 pickup truck. We are putting the needs of fleets first and delivering stability to our customers’ supply chain by offering diverse alternative fuel options.”
Westport is taking advantage of Ford’s new natural gas and propane gaseous-prep package, which is now available on model year 2016 vehicles. Designed to transport passengers and cargo, the 2016 Ford F-150 offers a 5.0 L engine with improved emissions compared to gasoline. The new aluminum alloy body reduces the weight of the truck by as much as 700 lbs. In addition, the existing Ford OEM warranty remains intact.
The benefits of Westport’s new liquid propane system include:
- Standard 24 gallon fuel tank or optional 16 gallon tank
- Simplified maintenance of an easily replaceable inline filter
- No additional scanning tools required for diagnostic service
- Fuel pump life expectancy of 150,000 miles
- Consistent volumetric efficiency resulting in superior power and emissions when compared to existing vapor propane systems
While most liquefied petroleum gas (LPG) offerings in the market today take up valuable truck bed space, Westport’s tank packages will be located underbody, thereby creating additional capability and productivity for fleets. (Original Source)
Shares of Westport Innovations closed yesterday at $4.30. WPRT has a 1-year high of $18.98 and a 1-year low of $3.24. The stock’s 50-day moving average is $5.27 and its 200-day moving average is $4.67.
On the ratings front, Westport has been the subject of a number of recent research reports. In a report issued on May 11, Jefferies Co. analyst Laurence Alexander maintained a Hold rating on WPRT, with a price target of $6, which represents a potential upside of 39.5% from where the stock is currently trading. Separately, on May 8, Lake Street Capital’s Robert Brown upgraded the stock to Buy and has a price target of $9.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Laurence Alexander and Robert Brown have a total average return of 14.2% and 18.8% respectively. Alexander has a success rate of 63.2% and is ranked #87 out of 3691 analysts, while Brown has a success rate of 36.4% and is ranked #1095.
The street is mostly Neutral on WPRT stock. Out of 5 analysts who cover the stock, 4 suggest a Hold rating and one recommend to Buy the stock. The 12-month average price target assigned to the stock is $6.83, which represents a potential upside of 58.8% from where the stock is currently trading.
Westport Innovations Inc is a provider of high-performance, low-emission engine and fuel system technologies utilizing gaseous fuels.Its segments include On-Road Systems, Applied Technologies, and Corporate and Technology Investments.