General Electric Company (NYSE: GE) Hitachi Nuclear Energy announced that it has been awarded a three-year contract by OKG AB to support the dismantling of two reactors at the Oskarshamn Nuclear Power Plant near Oskarshamn, Sweden.
The contract covers the segmentation of reactor pressure vessel internals for Oskarshamn Units 1 and 2. The work, which will include dismantling, cutting and packing the reactor internals for final disposal, will begin in January and continue through 2019.
“We are pleased to support OKG AB by offering a decommissioning solution that leverages GE’s industrial strength and digital leadership,” said Jay Wileman, president and CEO, GEH.
Oskarshamn Unit 1 is a boiling water reactor (BWR) that began operations in 1972 and is scheduled to cease operating in 2017. Unit 2, a BWR that began operating in 1974, closed in 2015.
“This is a breakthrough project for us in the decommissioning space in Europe and we look forward to drawing upon the many resources of the ‘GE Store,’ including the depth of the global supply chains of GE and the former Alstom power businesses to deliver superior safety and cost efficient performance for our customer,” said Lance Hall, executive vice president, Nuclear Services, GEH.
GEH offers comprehensive decommissioning project expertise, including experience gained from reactor internals replacement projects in Japan and segmentation scope for Extended Power Uprate reactor internals replacement projects in the U.S. Additionally, knowledge as an OEM and the ability to identify savings and control resources with innovative solutions such as Predix, GE’s platform for the Industrial Internet, enable the company to deliver scalable, optimized and financially competitive solutions for its customers. (Original Source)
Shares of General Electric are currently trading at $31.69, up $0.09 or +0.28%. GE has a 1-year high of $33 and a 1-year low of $27.10. The stock’s 50-day moving average is $31.40 and its 200-day moving average is $30.71.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on December 20, RBC analyst Deane Dray reiterated a Buy rating on GE, with a price target of $37, which implies an upside of 17% from current levels. Separately, on December 19, Oppenheimer’s Christopher Glynn reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Deane Dray and Christopher Glynn have a yearly average return of 1.5% and 15.2% respectively. Dray has a success rate of 54% and is ranked #1305 out of 4345 analysts, while Glynn has a success rate of 75% and is ranked #12.
Sentiment on the street is mostly bullish on GE stock. Out of 10 analysts who cover the stock, 7 suggest a Buy rating , 2 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $36.00, which implies an upside of 14% from current levels.