Check Out These Three Trending Clean Energy Stocks In The Stock Market Now
Clean energy stocks are among the more recent sectors gaining traction in the stock market now. As the world becomes increasingly aware of the need to protect the environment, clean energy is becoming more and more important. Clean energy is energy that comes from sources that do not pollute the environment, such as wind, solar, and hydropower. One of the biggest advantages of clean energy is that it is renewable, meaning it will never run out. Additionally, clean energy does not produce greenhouse gases, which are a major cause of climate change. As more countries begin to switch to clean energy, we can expect to see more investors turning their attention to top clean energy stocks.
At the same time, there are many companies making moves in the broader clean energy space as well. Notably, we could take a look at the electric vehicle (EV) industry today. As governments worldwide look to lower their overall carbon emissions, EVs have gone mainstream. This is evident with names like Tesla (NASDAQ: TSLA) and ChargePoint (NYSE: CHPT).
With the increasing awareness of the need to transition to clean energy sources, many investors are turning to clean energy stocks as a way to profit from this growing industry. As a whole, there seems to be plenty of buzz surrounding the clean energy industry right now. Could that make these clean energy stocks top stocks to watch in the stock market today?
Clean Energy Stocks To Buy [Or Sell] Now
Plug Power Inc.
First, let us look at a leading clean energy company Plug Power (PLUG). The company is a provider of hydrogen fuel cell turnkey solutions. Plug Power focuses on proton exchange membrane (PEM), fuel cell and fuel processing technologies, and fuel/battery hybrid technologies. Separate from that, they manufacture and sell fuel cell products to replace batteries and diesel generators in stationary backup power applications.
Shares of PLUG stock jumped on Thursday by 22.93% at $21.12 per share. This rally comes off the heels of a surprise agreement in Congress. In the agreement, they have allocated roughly $370 billion to the alternative energy industry to help combat climate change. Next, Plug recently announced it had been awarded a contract to deliver a 5-megawatt Electrolyzer from leading Canadian energy company Irving Oil.
“Demand for green hydrogen is growing because companies that have relied on other forms of hydrogen are recognizing the viability of achieving net-zero carbon emission targets,” Andy Marsh, CEO of Plug, stated. “Driven by our leading electrolyzer technology and unparalleled manufacturing capacity, we are honored that Irving Oil has chosen Plug to support its initial investment in electrolytic hydrogen production. We look forward to expanding the partnership.” Considering all of this, is PLUG on your list of clean energy stocks to keep an eye on right now?
[Read More] 4 Growth Stocks To Watch In The Stock Market Now
Next, we have Sunrun, Inc. (RUN). The company is a leading home solar and battery storage company. Sunrun’s innovative home battery solution continues to bring affordable, resilient, and reliable energy to its clients. For context, Sunrun has more than 700,000 customers and has its services available across 22 states in the U.S. Through its network, Sunrun integrates solar, storage, electrification, and virtual power plants into a smart solution for homes and communities.
On Thursday afternoon, shares of RUN stock are surging 27.11% at $30.24 a share on the recent news mentioned above. Moving on, the company recently announced it had celebrated its 15-year anniversary leading America’s residential energy transition. Through the company’s solar-as-a-service business model, they offer millions of Americans a variety of solar products. This means consumers can switch to clean energy for a minimal upfront cost. The company has also announced it will report its second quarter 2022 earnings after the market closes on August 3.
Sunrun CEO Mary Powell, says, “At a time when the cost of energy is increasing by double digits across the country, and the destructive impacts of climate change are becoming more severe, we’re providing customers something utilities simply can’t: energy independence, comfort, and security. Americans want a more reliable, clean, and affordable energy future, and Sunrun is answering the call to action.” All in all, do you have RUN on your watchlist right now?
Enphase Energy Inc
At number three, we have one of the world’s leading energy technology companies, Enphase. The company is a supplier of micro inverter-based solar systems. As a result, enabling its customers to harness the sun to make, sell and control their own power. In fact, Enphase is now working on multiple fronts simultaneously. Aside from microinverters, the company has now expanded its offerings to include batteries. The company is also collaborating with Upstart Power to integrate fuel cells into its batteries and microinverter systems. Shares of ENPH stock are up over 4% during Thursday’s trading session at $266.90 per share.
Moving along, Enphase recently reported an earnings beat for its second quarter 2022 fiscal earnings. In detail, the company reported earnings of $1.07 per share on revenue of $530.2 million. Versus, the consensus earnings estimates of $0.82 per share on revenue of $504.0 million. Looking ahead, The company reported it estimates third-quarter revenue of $590.0 million to $630.0 million. For context, Wall Street’s current consensus revenue estimate is $545.77 million for the quarter. With positive industry news and stronger-than-expected earnings, is ENPH on your radar?