Johnson & Johnson (JNJ) Stock Lower, Purchases 100 Megawatts Of Texas Wind Power

NEW YORK (TheStreet) -- Shares of Johnson & Johnson  (JNJ)  were decreasing in early-afternoon trading on Friday as the New Brunswick, NJ-based medical devices, pharmaceutical and packaged goods manufacturer is buying 100 megawatts from a wind-power project in the Texas Panhandle, according to Bloomberg

Johnson & Johnson signed a 12-year power purchase agreement to buy half the output from a 200-megawatt wind project being developed by German energy solutions company E.ON SE (EONGY). 

Johnson & Johnson joins a growing list of companies that have recently invested in renewable energy, a trend that's helped generate wider development of wind and solar farms, Bloomberg notes. Alphabet's (GOOGL) Google unit is the biggest corporate buyer of renewable energy, while (AMZN) said Thursday it would buy 90% of the power from a 253-megwatt wind project in Texas. 

Jed Richardson, Johnson & Johnson's global energy director, said the company aims to produce or obtain 35% of its electricity from renewable energy by 2020 and then all of it by 2050. The initiative will begin this year, Bloomberg added.

The company has invested $339 million in 166 energy efficiency and clean-energy projects since 2005.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

TheStreet Ratings team rates Johnson & Johnson as a Buy with a ratings score of A. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that it rates. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.