Do You Have These Renewable Energy Stocks On Your Watchlist This Upcoming Week?
Following Russia’s invasion of Ukraine, many countries have implemented sanctions on Russia. And some of which are aimed at the energy sector. In brief, President Biden issued an Executive Order prohibiting the import of Russian-origin oil, liquified natural gas, and coal into the U.S. As investors look for alternatives to traditional sources of energy, the renewable energy space would come to mind. Besides that, the European Union also unveiled plans to reduce its dependency on Russian energy by two-thirds this year. With that being said, I can understand why renewable energy stocks are increasingly in focus in the stock market today.
We could take a look at the likes of NextEra Energy (NYSE: NEE). Earlier this week, the clean energy company received an upgrade from KeyBanc. Analyst Sophie Karp says NEE stock “remains an attractive combination of single-state utility with attractive growth prospects and a premium clean energy developer.” Elsewhere, we have Enphase Energy (NASDAQ: ENPH), which last month announced a partnership with Swell Energy. Evidently, Enphase will be participating in Swell’s distributed virtual power plant programs in California, New York, and Hawaii. The partnership aims to enhance solar and battery access as well as provide customers with choices while delivering critical resources to the local grid. Given these exciting developments, check out these four renewable energy stocks in the stock market today.
Renewable Energy Stocks To Be Watching Today
- Blink Charging Company (NASDAQ: BLNK)
- Plug Power Inc. (NASDAQ: PLUG)
- Renewable Energy Group Inc. (NASDAQ: REGI)
- Ormat Technologies Inc. (NYSE: ORA)
Kicking us off today is Blink Charging. In essence, the company is a provider of electric vehicle (EV) charging equipment and charging services. Blink’s principal line of products and services includes its Blink Network and EV supply equipment (EVSE). For a sense of scale, the company currently operates over 30,000 charging ports across 13 countries. In addition, its charging stations are linked via its global network, allowing users to conveniently charge at any of its locations worldwide.
Yesterday, the company reported its fourth-quarter and full-year results. For starters, Blink pulled in record quarterly revenue of $7.95 million, up by 244% from the same period last year. The company attributes this massive increase to the growing market recognition for its EV charging technology, leading to strong product sales and service revenues. Although the company made a loss of $19 million this quarter, it still has a lot going for it. Blink managed to sell 3,733 charging stations this quarter, an increase of 253% year-over-year. Besides that, its services revenue also increased by an impressive 471% compared to last year. With that being said, would you invest in BLNK stock?
Plug Power is a provider of comprehensive hydrogen fuel cell (HFC) turnkey solutions. In fact, its innovative technology powers electric motors with hydrogen fuel cells amid an ongoing paradigm shift in power, energy, and transportation. Impressively, the company has created the first commercially viable market for HFC technology and has now deployed over 50,000 fuel cell systems for e-mobility across the globe. For a sense of scale, the company has almost 370,000 square feet of manufacturing space and is actively growing its presence around global markets.
Last week, the energy company announced its fourth-quarter results for fiscal year 2021. Diving in, Plug Power managed to achieve its largest quarterly and annual revenue in its company history. Notably, revenue for the quarter came in at $162 million and $502 million for the full year. A sizable chunk of its quarterly revenue came from its new business activity. Specifically, its electrolyzer sales brought in over $10 million and represented over 20% of its quarterly revenue. Despite making a loss of $0.33 per share this quarter, Plug Power’s outlook remains strong. Accordingly, the company reaffirmed its 2022 goal of raking in between $900 million and $925 million in revenue. This implies a 90% year-over-year growth in revenue. All things considered, is PLUG stock a buy?
Renewable Energy Group
Another top energy stock to watch is the Renewable Energy Group (REGI). In short, the company focuses on providing cleaner, lower carbon transportation fuels. The company, as its name suggests, is a supplier of renewable fuels such as biodiesel and renewable diesel, renewable chemicals, and other products. REGI operates 12 biorefineries and a feedstock processing facility. Over the past month, REGI stock has risen over 60%.
On February 28, Chevron (NYSE: CVX) and REGI entered into an agreement under which Chevron will acquire all outstanding REGI shares. Evidently, the all-cash acquisition is valued at $3.15 billion, or $61.50 per share. This strategic move on Chevron’s part aims to combine REGI’s growing renewable fuels production and leading feedstock capabilities with its own manufacturing, distribution and commercial marketing position. In addition, this acquisition will also speed up Chevron’s goal to grow its renewable fuels production capacity to 100,000 barrels per day by 2030. With this acquisition in place, would you be watching REGI stock?
Ormat Technologies is a company that mainly engages in delivering renewable power and energy solutions to its customers. The company’s expertise lies in providing energy solutions that come from geothermal power and recovered energy. Apart from that, it also has expertise in energy storage solutions. Ormat is a geothermal industry leader that has supplied power generating equipment for customers in over 30 countries. In late February, Ormat reported its fourth-quarter financial results.
Revenues for the quarter were up by 6.5% to $191 million, marking a strong finish to the year. As for its earnings, the company raked in $0.41 per share, surpassing analyst estimates of $0.32. Ormat also provided positive guidance for the year. The company is possibly looking at total revenues ranging between $725 million and $750 million for the year, representing growth of 9% to 13%. CEO Doron Blachar said, “This will be supported by expected increases to capacity in both our Electricity and Energy Storage segments. With the growing demand for geothermal energy and current regulatory tailwinds, we remain confident in our long-term plans to increase our combined geothermal, energy storage and solar generating portfolio to more than 1.5 GW by 2023.” Given the positive guidance, does ORA stock have a spot on your watchlist?