Westport Fuel spikes 50% after Amazon orders more than 1,000 of the company’s natural-gas engines for its growing truck fleet

SourceBusiness Insider
SectorOil & Gas
CountryMiddle east

Shares of Westport Fuel Systems soared nearly 50% to a five-year high on Monday after the company agreed to supply natural-gas truck engines to Amazon's shipping fleet. The e-commerce giant has ordered over 1,000 engines from Westport as a part of a multi-year rollout, boosting Amazon's growing truck fleet. The trucks will be supplied by a joint venture between Vancouver, Canada-based Westport and Columbus, Indiana-based Cummins Inc., a power technology company. Read more: GameStop's Reddit-drive surge exposed shocking market vulnerabilities - but overall stock gains will be unimpeded as profit growth surges, Goldman Sachs says Craig-Hallum analyst Eric Stine called the agreement "arguably one of the most significant events for natural gas for transportation in many years." Stine toldThe Fly that "this order will be solidly additive" to Westport's EBITDA. The analyst raised his price target on Westport from $12 to $24. Amazon, which has been exploring new ways to reduce carbon emissions,recently said it aims to have 50% of all its shipments achieve...read more...