Plug Power, Exxon Mobil Touted by Wells Fargo on Spending Bill - TheStreet

Wells Fargo has put together a list of stocks that should benefit if the Senate joins the House in approving President Joe Biden’s spending bill, known as Build Back Better.

The list includes hydrogen-darling Plug Power  (PLUG) - Get Plug Power Inc. Report, oil titan Exxon Mobil  (XOM) - Get Exxon Mobil Corporation Report and utility stalwart Public Service Enterprise Group  (PEG) - Get Public Service Enterprise Group Inc Report.

Wells Fargo analysts “believe the bill is more likely than not to pass, but expect major modifications in the Senate, as it requires all 50 Democratic members to get on the same page.”

As for clean energy, “the decarbonization train has already left the station,” the analysts said. “But Build Back Better could add steam as it makes renewable/alternative fuels more cost competitive via financial incentives.

“Most notably, the bill restores and extends existing production and investment tax credits (with expanded eligibility including storage and electric transmission) and introduces new tax credits for hydrogen and nuclear.”

TheStreet Recommends

As for oil companies, “expanded tax credits and extended visibility for carbon capture and storage and renewable fuels (road & aviation) create favorable tailwinds for two high-growth opportunities,” Wells Fargo said.

The other stocks it cites include NextEra Energy  (NEE) - Get NextEra Energy, Inc. Report, Exelon  (EXC) - Get Exelon Corporation Report, Avangrid  (AGR) - Get Avangrid, Inc. Report, Brookfield Renewable Partners  (BEP) - Get Brookfield Renewable Partners LP Report, First Solar  (FSLR) - Get First Solar, Inc. Report, Calumet Specialty Products Partners  (CLMT) - Get Calumet Specialty Products Partners, L.P. Report, Valero Energy  (VLO) - Get Valero Energy Corporation Report, HollyFrontier  (HFC) - Get HollyFrontier Corporation Report and Occidental Petroleum  (OXY) - Get Occidental Petroleum Corporation Report.

Exxon recently traded at $59.82, little changed. 

Morningstar analyst Preston Caldwell puts fair value for the Irving, Texas, oil giant at $76.

“We think Exxon's recovery from a very tough 2020 remains in the early stage,” he wrote in October. Caldwell assigns the company a narrow moat.

Adblock test (Why?)

https://www.thestreet.com/investing/plug-power-exxon-picks-at-wells-fargo-bspending-bill

2021-12-02 14:43:25Z
CBMiWGh0dHBzOi8vd3d3LnRoZXN0cmVldC5jb20vaW52ZXN0aW5nL3BsdWctcG93ZXItZXh4b24tcGlja3MtYXQtd2VsbHMtZmFyZ28tYnNwZW5kaW5nLWJpbGzSAV1odHRwczovL3d3dy50aGVzdHJlZXQuY29tLy5hbXAvaW52ZXN0aW5nL3BsdWctcG93ZXItZXh4b24tcGlja3MtYXQtd2VsbHMtZmFyZ28tYnNwZW5kaW5nLWJpbGw

Bagikan Berita Ini