Clorox Achieves Renewable Electricity Goal Four Years Earlier Than Planned

Clorox announced today that it has delivered on its ESG commitments as part of its corporate strategy, IGNITE, and has achieved its goal of 100% renewable electricity for the U.S. and Canada, four years ahead of schedule.

Clorox (CLX) has committed to purchase 70MW of renewable energy annually for the next 12 years from Enel Green Power’s Roadrunner solar project in Texas, and is estimated to avoid approximately 180,000 metric tons of CO2 emissions each year.

To put this into perspective, Clorox will remove the carbon impact of powering 30,000 homes in the U.S. each year, which could equivalently be achieved by 235,000 acres of U.S. forests.

Ed Huber, Clorox’s Chief Sustainability Officer, said, “At Clorox, we feel a sense of urgency to address climate change given current warming trends resulting in significant impacts on our planet and global communities,” adding, “We recognize businesses play an important role in driving needed progress, and Clorox is committed to doing our part.” (See CLX stock analysis on TipRanks)

Bernstein analyst Callum Elliott initiated a Hold rating on CLX last week and set his price target at $206. This implies that CLX shares are almost fully priced at current levels, with only around 2% upside potential.

Elliott thinks that although Clorox dominates the categories in which it competes, he does not see any catalyst to propel the company forward, and notes that the majority of these categories were “structurally challenged” pre-pandemic.

Analysts on the Street seem to agree with Elliott, with a Hold consensus rating based on 3 Buys, 5 Holds and 2 Sell. However, the average price target of $225.10 implies that CLX does have some upside potential of around 11% over the next 12 months.

News Sentiment around Clorox over the last seven days has been Bullish, with 75% of the articles published being Positive, compared to a 63% Bullish Sector Average.

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