Ford Stock (NYSE:F) Slides on an Oddly Electric Future
In an odd twist, two separate news items emerged about legacy automaker Ford (F) that focused on electricity. Whether it was making it or using it, it was all about electricity today. But investors are tiring of the electrical notion, and sent shares down over 2.5% in Tuesday afternoon's trading.
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First came word from DTE Energy (DTE), who recently set up an entire new solar park specifically to supply power to Ford Motor Company operations. DTE has begun construction of the Cold Creek Solar Park, which when complete, will generate 100 megawatts of power. The array will be located outside of Coldwater, Michigan, and represents the single largest purchase of renewable energy from a utility in all of American history.
Ford is not stopping there, either; it plans to purchase another 650 megawatts of renewable power, which, reports note, will reduce Ford's carbon consumption by about 600,000 tons. This is part of Ford's larger goal to be carbon neutral by 2050, and completely carbon-free in manufacturing by 2035.
And Using It Too
So while one part of Ford news focused on how Ford would use electricity, it turns out, Ford is also putting it to work to make more electric vehicles, too. And, as part of Ford's ongoing commitment to stay out of 'boring cars,' Ford is shutting down the Focus ST, and bringing out in its place sportier electrics, reports note.
The hatchback may be just about out at Ford, but new plans suggest that the Puma Gen-E will be coming out, and fairly soon. It may have to wait until the next generation, or it may be out in this generation, but one of those two will see an improved, 'sportier' Gen-E. Plus, electric vehicles will soon be added to the RS and ST rosters, which were previously suggested as being in decline.
Is Ford Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on F stock based on three Buys, nine Holds and three Sells assigned in the past three months, as indicated by the graphic below. After a 16.1% loss in its share price over the past year, the average F price target of $9.46 per share implies 0.05% upside potential.
See more F analyst ratings
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