During a recent rally in Wildwood, New Jersey, former President Donald Trump said he would issue an executive order to halt offshore wind development should he win a second term. Trump criticized offshore wind projects and claimed that they pose significant risks to wildlife, specifically birds and whales. Interestingly, wind ETFs such as First Trust Global Wind Energy ETF (FAN) and Global X Wind Energy ETF (WNDY) gained in today’s trading. Meanwhile, renewable energy company GE Vernova (NYSE:GEV)—which has been on a tear since being spun off—fell over 3%.
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Nevertheless, industry advocates emphasized the potential for significant economic and public health benefits, which includes job creation in manufacturing and other sectors. In fact, the wind industry can potentially contribute $25 billion annually to the U.S. economy. It’s also worth noting that there is no concrete evidence linking offshore wind farms to increased whale deaths, which scientists attribute more to boat strikes and entanglements rather than wind farm activities.
Is GEV Stock a Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GEV stock based on seven Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After an 18% rally since the beginning of April, the average GEV price target of $164.11 per share implies that shares are fairly valued.
