HUBB - Why Shares in Hubbell Soared This Week
2023-04-27 16:34:33 ET
Shares in electrical and utility solutions provider Hubbell (NYSE: HUBB) rose 15.3% over the week through late Thursday afternoon. The move came after a well-received set of earnings released on Tuesday.
Having disposed of its commercial and industrial lighting business last year, Hubbell is now focused on electrical products used to operate critical infrastructure. As such, it's a play on the transmission and distribution of energy (known as Front of the Meter), the connection of utilities with operators so energy and data are transferred (Edge), and where owners/operators (residential, nonresidential, and industrial customers) use the energy (Behind the Meter).
They are attractive markets to be in as grid modernization and smart grid investments drive growth, while the connection of renewable energy to the grid remains a growth area.
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Why Shares in Hubbell Soared This Week