Are These The Best Renewable Energy Stocks To Buy Right Now?
Amidst the current momentum in the stock market, renewable energy stocks continue to gain. Rightfully so as the need for the industry grows by the moment. This would be due to the ongoing climate crisis, whereby global warming is becoming a more pressing issue. Accordingly, this is where the broader renewable energy sector comes into play. By transitioning to cleaner sources of energy and more sustainable alternatives, most nations hope to reduce their carbon emissions. This, in theory, could serve to help slow down the negative effects of global warming.
By and large, when it comes to renewable energy stocks, most would consider long-term growth potential. Take Enphase (NASDAQ: ENPH) and General Electric (NYSE: GE) for example. On one hand, Enphase reported record quarterly revenue in its latest fiscal quarter report posted last month. According to CEO Badri Korthandaraman, demand for the company’s home grid solar energy systems is booming. On the other hand, GE is planning to spin off its energy divisions by early 2024. Some would argue that this could see the company having a potentially greater focus on renewables. All in all, it would not surprise me to see investors eyeing renewable energy stocks now. On that note, here are five to consider in the stock market today.
Top Renewable Energy Stocks To Invest In [Or Not] Today
- Blink Charging Company (NASDAQ: BLNK)
- NextEra Energy Inc. (NYSE: NEE)
- Volta Inc. (NYSE: VLTA)
- ChargePoint Holdings Inc. (NYSE: CHPT)
- Plug Power Inc. (NASDAQ: PLUG)
Blink Charging is a leading owner and operator of EV charging equipment and networked EV charging services. Its principal line of products and services is its Blink EV charging network, which is a proprietary cloud-based software that operates and tracks all Blink EV charging stations and associated charging data. With thousands of EV chargers deployed across the U.S., the company is well-positioned for growth as the country transitions to EVs.
On November 11, 2021, the company reported a record third quarter. Diving in, total revenues for the quarter was $6.4 million, an increase of $5.5 million from the prior-year period. Also, it reported that there were 3,016 charging stations contracted or sold during the quarter, an increase of 351% compared to a year earlier. The company says that this quarter’s results continued the momentum built during the first half-year of 2021. Additionally, it also continues to exceed internal expectations with record revenues in both product sales and service revenues. Given this piece of information, will you consider adding BLNK stock to your portfolio?
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NextEra Energy Inc.
Moving on, we have NextEra Energy, a renewable energy company that owns the largest rate-regulated electric utility in the U.S., Florida Power & Light Company (FPL). FPL serves more than 5.6 million customer accounts, supporting more than 11 million residents across Florida with clean, reliable, and affordable electricity. It also owns a competitive clean energy business, NextEra Energy Resources, which is one of the largest generators of renewable energy from the wind and sun and a world leader in battery storage.
On Monday, the company presented at the EEI Financial Conference on its long-term growth rate expectations among other things. The company says that it has a $167 billion market capitalization with 59 gigawatts of generating capacity. FPL’s continued smart investments would also further enhance its best-in-class value proposition. Its Energy Resources continues to capitalize on an outstanding renewables development environment and expects to build from 23 to 30 gigawatts through 2024. With that being said, should you pay close attention to NEE stock right now?
Volta is also a renewable energy company that focuses on its EV charging network that capitalizes on and catalyzes the shift from combustion-powered miles to electric miles by placing media-enabled charging stations. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into everyday lives, Volta can benefit the entire ecosystem of drivers, brands, and its commercial partners.
On November 10, 2021, the company reported its third-quarter financials. Firstly, it reported a revenue of $8.5 million, up by 77% year-over-year. It also saw a 50% year-over-year growth in total installed stalls. The company also added new media brands like Visa (NYSE: V) and DHL to its platform during this quarter. All things considered, is VLTA stock worth investing in?
ChargePoint Holdings Inc.
Following that, we have ChargePoint. As the name suggests, it is in the business of EV charging as well. The company currently operates one of the largest EV charging networks in the world today. It manages this network via a cloud subscription platform and “software-defined charging hardware”. For a sense of scale, ChargePoint’s EV charging network consists of hundreds of thousands of charge points across North America and Europe. Now, CHPT stock has enjoyed gains of over 30% in the past month.
Even with its current gains, ChargePoint does not appear to be slowing down anytime soon. As of late last month, the company is currently working with Sunnova Energy International (NYSE: NOVA). Through this partnership, the duo are looking to create home EV charging solutions for consumers. With ChargePoint’s EV charging expertise and Sunnova’s experience with solar grid management, we could be looking at a powerful alliance. Given the rising adoption of EVs in general, this would be a timely play by ChargePoint. As such, will you be watching CHPT stock?
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Plug Power Inc.
Last but not least, we will be taking a look at Plug Power. Overall, it primarily engages in the development of hydrogen fuel cell systems. The likes of which can, ideally, replace conventional batteries in electric-powered equipment and vehicles. For investors looking to jump on a top name in the hydrogen industry, PLUG stock could be worth considering. As it stands, PLUG stock has experienced gains of over 40% in the past month.
Notably, the company continues to make expansions to its current operations. Today, Plug Power is hosting the grand opening of its ‘Gigafactory’ in New York. According to the company’s estimates, it is New York’s first fuel cell and electrolyzer manufacturing facility. Moreover, the plant currently boasts an annual production capacity of 600,000 fuel cell stacks and 500 megawatts of electrolyzers. All of this would serve to significantly grow Plug Power’s production capabilities. With that said, could PLUG stock be a top watch for you?