Tire manufacturing major The Goodyear Tire & Rubber Company (GT) has announced that it will adopt renewable energy at its Goodyear plants across Europe and Turkey. The move is the first of a multiple-phase plan to procure 100% renewable energy at all its facilities across Europe, Middle East and Africa by the end of 2022.
Following the news, shares of the company gained 2.7% on Wednesday. Moreover, it added to its gains slightly to close at $16.79 in extended trade.
With the commencement of this plan, Goodyear will purchase around 700,000 megawatt-hours of renewable electricity. A reduction of the company’s carbon footprint by up to 260,000 tons is anticipated by this shift.
The President of Goodyear EMEA, Chris Delaney, said, “Switching to 100% renewable electricity at these production facilities fits perfectly with our commitment to reduce our carbon footprint. Furthermore, this decision shows that we are taking serious steps to continuously reduce Goodyear’s environmental impacts which is vitally important to ensure a better future for us all.” (See Goodyear stock chart on TipRanks)
Last month, Citigroup analyst Itay Michaeli reiterated a Hold rating on the stock. The analyst, however, raised the price target to $20 from $19, which implies upside potential of 20.2% from current levels.
Consensus among analysts is a Hold based on 4 Holds and 1 Sell. The average Goodyear price target of $17.80 implies upside potential of 7% from current levels.
Goodyear scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained 117.8% over the past year.
Related News:
Carrier Global Corporation To Snap Up Nlyte Software
JPMorgan Chase Acquires College Financial Planning Platform Frank
Amazon, Lendistry Launch Community Lending Program; Street Says Buy
