General Electric Company (NYSE:GE) announced it has appointed HOERBIGER (Russia) Ltd as an authorized distributor of Waukesha gas engines. The move builds on GE’s ongoing commitment to provide Russian oil and gas, power generation and other industrial customers with reliable, more efficient power at or near the point of use.
With a giant inventory of genuine products and service parts, HOERBIGER Russia is well-positioned to partner with Waukesha end users active in any power application in Russia, which includes hundreds of engines installed throughout the country. As an authorized distributor, HOERBIGER Russia can improve a Waukesha end user’s operations with a complete life cycle of engine coverage, including installation and startup, upgrades and overhauls with genuine parts and factory warranties.
HOERBIGER Russia was founded in 1992 and is a subsidiary of Switzerland-based HOERBIGER Holding AG, a worldwide leader in compression, automation and drive technology. The company is headquartered in Moscow, with a team of highly skilled engine technicians located throughout the country.
“With our new GE distributor agreement, we will be able to greatly enhance the customer experience for companies that need power in Russia, ranging from oil and gas power to industrial on-site power production,” said Denis Pestov, managing director of HOERBIGER Russia. “Our growing team of skilled Waukesha-certified engine technicians around the country and stock of genuine parts inventory help ensure immediate, local customer support—both on-site and in our shops.”
“GE’s distributor agreement with HOERBIGER will play an important role in helping Russia’s industrial and energy leaders meet the country’s increased demands for reliable power that is driven largely by the expanding gas production industries. There also is a growing need to provide power to remote communities and job sites that are not connected to the grid, which is where GE equipment and HOERBIGER’s service excellence will greatly make an impact,” said Ruslan Pakhomov, region manager for GE.
Increasingly, companies with power needs in Russia are relying on on-site power systems to accelerate operational efficiency. The gas engine product lines from GE, which include Waukesha gas engines, bring the dual advantage of reliable on-site power as well as off-grid solutions. Known for their reliability in even the most rugged conditions, more than 30,000 Waukesha gas engines have been shipped around the world to power mission-critical operations in industrial, oil and gas and mechanical drive applications.
The HOERBIGER Russia distributor agreement is one of several new Waukesha distributor agreements that the two companies have recently signed around the world. (Original Source)
Shares of General Electric closed yesterday at $25.90. 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 $26.62 and its 200-day moving average is $25.99.
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 implies an upside of 23.6% from current levels. 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 27.4% from where the stock is currently trading.