KBR Inc (NYSE: KBR), a global technology licensor, said on Monday that it had secured a contract by SABIC Fujian Petrochemicals to license KBR’s phenol technology in China.
Under the terms of the agreement, KBR is to provide technology licensing and proprietary engineering design for a 250 KTA phenol facility at SABIC’s Fujian Petrochemical Complex.
The final investment decision for the project was announced in January, while completion is expected in fiscal year 2026.
“We are excited to offer our industry leading phenol technology to SABIC Fujian for this ambitious project in China,” Jay Ibrahim, President, KBR Sustainable Technology Solutions, said in a press release.
“KBR’s market-leading phenol technology increases our customers’ competitive advantage and advances their sustainability objectives through superior efficiency, reliability, wastewater recovery and performance.”
Stock Performance
The shares of KBR Inc (KBR) closed 0.72% ($0.45) higher at $63.12 in New York on Monday, as they extended the gain from the previous market session.
The company’s total market cap now stands at $8.499 billion.
The shares of KBR Inc (KBR) went up 4.94% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 13.91% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, all 9 surveyed investment analysts offering 12-month price targets for KBR Inc’s stock had rated the latter as “Buy”. The median price target on the stock stands at $73.63, which translates into a 16.65% upside compared to the closing price on Monday.
The high point of the analyst forecast range stands at $90.00.
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