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Air Products (APD) Inks Development Deal With OQ & ACWA Power

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Air Products and Chemicals, Inc.  APD signed a joint development agreement (“JDA”) with OQ, Oman's leading integrated energy group, and ACWA Power. The JDA is related to a multibillion-dollar investment in Oman’s world-scale green hydrogen-based ammonia manufacturing plant powered by renewable energy.

The joint venture project would be based on proven, world-class technology and include the innovative integration of renewable power from solar, wind and storage, production of hydrogen by electrolysis, production of nitrogen by air separation and production of green ammonia. It is expected that the project partners would equally own the green hydrogen-based ammonia manufacturing site.

Air Products is elated to work with the government of Oman to develop this multibillion-dollar project. The project would be similar to the world-scale green hydrogen project it is implementing with its partners in NEOM in the Kingdom of Saudi Arabia. APD looks forward to applying its know-how, technology and more than six decades of experience in hydrogen to help move this project forward and take another significant step in decarbonizing the world.

Shares of Air Products have declined 19.1% in the past year compared with an 8.5% fall of the industry.

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Zacks Investment Research


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Air Products, in its fiscal second-quarter earnings call, stated that it expects full-year fiscal 2022 adjusted EPS of $10.20-$10.40, indicating 13-15% growth from the prior year’s adjusted EPS. For the third quarter of fiscal 2022, the company expects EPS in the range of $2.55-$2.65, suggesting a rise of 10-15% from third-quarter fiscal 2021 adjusted EPS.

Air Products expects capital expenditures of $4.5-$5 billion for full-year fiscal 2022.

 

Air Products and Chemicals, Inc. Price and Consensus

 

Air Products and Chemicals, Inc. Price and Consensus
Air Products and Chemicals, Inc. Price and Consensus

Air Products and Chemicals, Inc. price-consensus-chart | Air Products and Chemicals, Inc. Quote

 

Zacks Rank & Key Picks

Air Products currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Allegheny Technologies Inc. ATI, Nutrien Ltd. NTR and Cabot Corporation CBT.

Allegheny has a projected earnings growth rate of 869.2% for the current year. The Zacks Consensus Estimate for ATI's current-year earnings has been revised 27.3% upward in the past 60 days.

Allegheny’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 128.9%, on average. ATI has gained around 10.4% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Nutrien has a projected earnings growth rate of 161.9% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 26.9% upward in the past 60 days.

Nutrien’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 5.8%. NTR has gained 54.3% in a year. The company flaunts a Zacks Rank #1.

Cabot, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 21.5% for the current year. The Zacks Consensus Estimate for CBT's earnings for the current year has been revised 5.2% upward in the past 60 days.

Cabot’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 16.2%. CBT has gained around 13.9% over a year.


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