Top Renewable Energy Stocks To Watch Today
Many believe that renewable energy will power the world one day. At this point, the transition to renewable energy may still be at an early stage. However, we are seeing more emphasis and increasing adoption over the past few years. In light of this, renewable energy stocks would naturally be in focus in the stock market. Take Tesla (NASDAQ: TSLA) for instance, the company believes that the world should stop relying on fossil fuels and move towards a zero-emission future. Staying true to its values, the company is now one of the largest companies in the world leading the clean energy movement.
Being a growing industry, there is no shortage of exciting developments in renewable energy. Recently, Daimler Truck North America, NextEra Energy (NYSE: NEE), and BlackRock Renewable Power announced that they have signed a Memorandum of Understanding. The goal is to lay the foundation for a proposed joint venture to design, develop, install and operate a nationwide charging network. This would cater to medium- and heavy-duty battery-electric and hydrogen fuel cell vehicles in the U.S. The expected initial funding will be approximately $650 million divided equally among the three. Considering these factors, it would not be surprising that investors are showing increasing interest in the renewable energy sector. So, here is a list of the top renewable energy stocks in the stock market today.
Renewable Energy Stocks To Buy [Or Sell] Right Now
- Enphase Energy Inc (NASDAQ: ENPH)
- Daqo New Energy Corp (NYSE: DQ)
- Brookfield Renewable Partners LP (NYSE: BEP)
- Solaredge Technologies Inc (NASDAQ: SEDG)
Enphase is an energy technology company. In detail, it supplies microinverter-based solar and battery systems that allow people to harness the sun to make, use, and save their own power. The company’s Enphase Home Energy Solution with IQ platform uses a single technology platform for managing the whole solution. ENPH stock is seeing respectable gains at today’s opening bell. So, let us see what is the catalyst for this movement.
Yesterday, the company announced its fourth-quarter financial results. Its quarterly revenue was a record $412.7 million, up by a staggering 55.8% year-over-year. Meanwhile, its GAAP gross margin was 39.6%, along with GAAP net income of $52.6 million. There is also an increasing demand for the company’s products and services. Enphase shipped approximately 3,033,891 microinverters and 100.2 megawatt hours of Enphase IQ™ Batteries. The shipments of its IQ Batteries represent an increase of 53% compared to the prior quarter this year. Overall, Enphase’s impressive financial quarter is a testament to the company’s ability to deliver at the highest level despite having supply constraints and logistic challenges. With that in mind, would you consider ENPH stock a top renewable energy stock to buy?
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Another leading renewable energy company to note would be Daqo. For those unaware, Daqo utilizes the chemical vapor deposition process, or the modified Siemens process to produce polysilicon. It then sells this polysilicon to photovoltaic product manufacturers, whereby it is used to make ingots, wafers, cells, and modules for solar power solutions. In addition, it also offers wafers through its downstream photovoltaic product manufacturing business. For a sense of scale, the company’s wafer manufacturing annual capacity is approximately 90 million pieces.
In January, the company’s subsidiary Xinjiang Daqo New Energy provided estimates of its net profit in 2021 to the Shanghai Stock Exchange. It estimates that GAAP net profit attributable to its shareholders in 2021 would be in the range of $880 million to $912 million. This would represent an increase of 437% to 456% as compared to the previous year. However, the consolidated results under U.S. GAAP could be subject to change upon the completion of its internal financial closing and reporting process. So, this would still give investors a glimpse of what to expect and a clearer picture of the company’s growth prospects. All things considered, would you consider adding DQ stock to your portfolio?
Following that, we will be looking at the company that specializes in electricity generation from renewable resources, Brookfield Renewable. Put simply, the company operates as a pure-play renewable power platform. Its segments include Hydroelectric, Wind, Solar, Storage & Other, and Corporate. Brookfield’s portfolio consists of approximately 19,400 megawatts of capacity and 5,274 generating facilities around the globe. Furthermore, the company’s Hydro-Québec recently announced that it has entered into a 40-year escalating electricity purchase agreement with Evolugen. Under this, Hydro-Québec will purchase the output of the Lièvre hydro-electric portfolio in Québec with 263 MW of capacity.
Not to mention, Brookfield also announced in January the acquisition of clean power developer, Urban Grid. In brief, it will be acquiring its high-quality pipeline of projects comprising approximately 13,000 megawatts of utility-scale solar and 7,000 megawatts of energy storage capacity for $650 million. This new addition would approximately triple Brookfield’s U.S. development pipeline to approximately 31,000 megawatts of capacity. As a result, it would be one of the largest renewable developers in the country. Given these exciting developments, would you invest in the future of BEP stock?
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Relatively similar to what Enphase has to offer, Solaredge offers an inverter solution for a solar photovoltaic system. Its products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions, and SolarEdge Monitoring Software. It is noteworthy that the company’s power optimizers provide module-level maximum power point tracking and real-time adjustments of current and voltage to the optimal working point of each PV module. Now, SEDG stock is rising during the opening bell today. Riding off Enphase’s impressive quarter, It appears that investors are having a bullish sentiment around Solaredge’s earnings release next week.
After all, the company’s previous financial quarter was nothing short of impressive. During its third quarter, Solaredge reported revenue of $526.4 million, up 10% from the prior quarter and a whopping 56% year-over-year. Out of which, its solar segment contributed $476.8 million. Meanwhile, its GAAP net income was $53 million, an increase of 21% compared to the prior year’s quarter. Based on its recent performance, there are valid reasons to believe that the company is trending in the right direction. With that said, would you be jumping on the SEDG stock bandwagon ahead of its earnings report on February 15?
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.