Valero Energy Corp stock (NYSE: VLO) currently trades at $56 per share and is still down 41% from the beginning of 2020. Valero Energy Corp is an international manufacturer and marketer of transportation fuels and other petrochemical products. VLO stock traded at $83 in Februar
Despite rising more than 56% from its March 2020 lows, at the current price of $25 per share, Barrick Gold stock (NYSE: GOLD) is still undervalued and seems like a good bet at the present time. Barrick Gold’s stock has rallied from $16 to $25 off the recent bottom compare
Despite an almost 20% rise from its low in March, at the current price of $33 per share, we believe Viasat Inc. stock (NASDAQ: VSAT) has further upside potential. Viasat, a provider of high-speed satellite broadband services and secure networking systems, saw its stock rise fro
At the current price near $64 per share, we believe Oracle’s stock (NYSE: ORCL) has reached its near term potential. ORCL stock has risen 19% in FY 2021 (FY ends in May) compared to the S&P 500 which has increased by 22% in the same period. Oracle saw revenue rise by
Plug Power and South Korean business group, SK Group on Jan. 6 announced a strategic partnership to offer hydrogen fuel cell systems to Korean and broader Asian markets. Shares of the hydrogen fuel cell solution provider jumped 27.4% in Wednesday's extended market session after closing 7.5% higher at $35 on the day.
As part of the partnership, a US subsidiary of SK Group will invest $1.5 billion in Plug Power (PLUG) by acquiring 51.4 million shares at a price of $29.2893 per share. In return, SK will get a 9.9% stake in Plug Power.
Specifically, Plug Power and SK Group would provide hydrogen fuel cell systems, hydrogen fueling stations, and electrolyzers to the Asian markets.
“The current relationship with SK Group offers immediate strategic benefits to Plug Power to accelerate its expansion into Asian markets - and is intended to result in a formal joint venture (JV) by 2022. Due to the complementary strengths in this partnership, we expect rapid growth and significant revenue generation from the joint venture that are incremental to our 2024 plan,” said Plug Power CEO Andy Marsh.
The terms of the deal, which are subject closing conditions and regulatory approvals, are expected to close in Q121.
In reaction to SK Group's investment in the company, Oppenheimer analyst Colin Rusch reiterated a Buy rating on PLUG stock with a price target of $23 (34.3% downside potential).
According to Rusch, the investment has incremental revenue growth potential of 40% or $500 million to PLUG's 2024 revenue target of $1.25 billion.
The analyst believes that SK continues to be a clear leader in pioneering the adoption of hydrogen technologies in Korea with the Korean government targeting a $40 billion domestic hydrogen economy by 2040.
He expects the company to provide details regarding its progress on fuel cell vehicles, manufacturing and fuel capacity expansion, and select financial targets at its Jan. 21 corporate update. (See PLUG stock analysis on TipRanks)
From the rest of the Street, the stock scores an analyst consensus of a Strong Buy based on 8 unanimous Buys. The average analyst price target of $27.13 implies downside potential of 22.5% to current levels.
Looking To Add The Best Tech Stocks To Your January Watchlist? 3 Names To KnowLooking back at 2020, it is undeniable that tech stocks dominated the stock market. Even with the coronavirus pandemic halting the world, those in the tech industry pressed on with innovations galore. I
In the latest trading session, Teradyne (TER) closed at $122.41, marking a +0.76% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.57%. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq lost 0.61%.
Lowe's (LOW) closed the most recent trading day at $163.07, moving +1.34% from the previous trading session. This change outpaced the S&P 500's 0.57% gain on the day. Meanwhile, the Dow gained 1.44%, and the Nasdaq, a tech-heavy index, lost 0.61%.
HighPoint (HPR) closed at $9.60 in the latest trading session, marking a -1.84% move from the prior day. This change lagged the S&P 500's daily gain of 0.57%. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq lost 0.61%.
McDonald's (MCD) closed at $211 in the latest trading session, marking a -0.23% move from the prior day. This change lagged the S&P 500's daily gain of 0.57%. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq lost 0.61%.
In the latest trading session, Skyworks Solutions (SWKS) closed at $158.49, marking a +1.4% move from the previous day. This change outpaced the S&P 500's 0.57% gain on the day. Meanwhile, the Dow gained 1.44%, and the Nasdaq, a tech-heavy index, lost 0.61%.
Chegg (CHGG) closed the most recent trading day at $89.57, moving -1.41% from the previous trading session. This change lagged the S&P 500's daily gain of 0.57%. At the same time, the Dow added 1.44%, and the tech-heavy Nasdaq lost 0.61%.
Datadog, Inc. (DDOG) closed the most recent trading day at $91.33, moving -1.83% from the previous trading session. This change lagged the S&P 500's daily gain of 0.57%. At the same time, the Dow added 1.44%, and the tech-heavy Nasdaq lost 0.61%.
Barrick Gold (GOLD) closed at $24.50 in the latest trading session, marking a +0.91% move from the prior day. This move outpaced the S&P 500's daily gain of 0.57%. Meanwhile, the Dow gained 1.44%, and the Nasdaq, a tech-heavy index, lost 0.61%.
Spotify (SPOT) closed the most recent trading day at $314.24, moving +0.17% from the previous trading session. This move lagged the S&P 500's daily gain of 0.57%. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq lost 0.61%.
Emergent Biosolutions (EBS) closed the most recent trading day at $97.97, moving +1.01% from the previous trading session. The stock outpaced the S&P 500's daily gain of 0.57%. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq lost 0.61%.
Sorrento Therapeutics (SRNE) closed at $7.03 in the latest trading session, marking a -0.57% move from the prior day. This move lagged the S&P 500's daily gain of 0.57%. At the same time, the Dow added 1.44%, and the tech-heavy Nasdaq lost 0.61%.
MasterCard (MA) closed at $347.45 in the latest trading session, marking a +0.01% move from the prior day. This move lagged the S&P 500's daily gain of 0.57%. At the same time, the Dow added 1.44%, and the tech-heavy Nasdaq lost 0.61%.
Martin Midstream Partners L.P. (MMLP) closed at $1.60 in the latest trading session, marking a -1.23% move from the prior day. This change lagged the S&P 500's 0.57% gain on the day. Elsewhere, the Dow gained 1.44%, while the tech-heavy Nasdaq lost 0.61%.
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