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Renewable Energy Stocks To Buy Now? 4 For Your Watchlist

Check out these trending renewable energy stocks in the stock market today.

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4 Hot Renewable Energy Stocks To Watch This Week

Renewable energy stocks may not be grabbing headlines in the stock market most of the time. That said, it is hard to dispute that the future of the energy sector is trending towards renewable sources. Everyone dreams of a cleaner and greener future where the next generation could grow in a healthy environment along with mother nature. This is why we see many countries including the U.S. devoting resources to the industry in pursuit of this reality. In addition, there are also many companies that prioritize renewable energy sources as their core businesses.

Take Tesla (NASDAQ: TSLA) for instance. The leader in electric vehicles (EVs) reported stellar second-quarter results in July this year. In particular, net income for the quarter was $1.14 billion, the first time it has surpassed $1 billion. That came as Tesla delivered over 200,000 EVs during the quarter. Tesla’s success has led many traditional automotive companies such as Ford (NYSE: F) and General Motors (NYSE: GM) to start prioritizing the electrification of vehicles for the future. Given these considerations, do you have a list of the top four renewable energy stocks in the stock market today? 

Top Renewable Energy Stocks To Watch This Week

NextEra Energy Partners 

Let us start the list with NextEra Energy Partners. The company is a limited partnership formed to acquire, manage, and own contracted clean energy projects. It owns a portfolio of contracted renewable generation assets consisting of wind and solar projects. Moreover, the company’s project portfolio includes approximately 4,095 megawatts (MW) of wind and solar energy generating facilities in the U.S. and Canada.

Last month, the company announced that it has completed the acquisition of a 391-megawatt (MW) portfolio of four operating wind assets located in California and New Hampshire. This is an attractive acquisition for the company as it leverages NextEra Energy Resource’s best-in-class operating platform to reduce costs. With the demand for renewable energy on the rise, it would be a solid investment for the future.

Also, the company announced last week that together with NextEra Energy Inc (NYSE: NEE), members of the senior management team will participate in various investor meetings throughout September and October. Management will discuss long-term growth rate expectations for the company. Given all these, would you add NEP stock to your watchlist?

Source: TD Ameritrade TOS

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Enphase Energy 

Another top renewable energy company to look out for would be Enphase. Essentially, it is an energy tech company that specializes in home energy solutions that manage energy generation, energy storage and control, and communications on one platform. ENPH stock has risen over 120% over the past year.

In August, the company announced that it renewed its partnership with GRID Alternatives to provide access to clean, affordable, renewable energy, transportation, and jobs to economic and environmental justice communities. Enphase will continue donating its industry-leading microinverter technology to help achieve its mission of accelerating a rapid transition to a world driven by renewable energy. As more people see the value and benefit of using renewable energy, adoption over time would naturally also increase. 

Enphase also shows strong fundamentals through its second-quarter earnings report. The company posted revenue of $316.1 million, an increase of a whopping 151.8% year-over-year. Meanwhile, it reported a net profit of $39.3 million compared to a negative $47.3 million the prior year. Overall, the company is improving drastically on its financials as it recovers from the effect of the global pandemic. So, would you consider investing in ENPH stock?

Source: TD Ameritrade TOS

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Canadian Solar 

As the name suggests, Canadian Solar is a solar power company. Put simply, it is a provider of solar power products, services, and system solutions. The company’s segments include CSI Solar and Global Energy. The CSI Solar segment primarily specializes in a range of solar power products. This includes solar modules, solar system kits, and other components. On the other hand, the Global Energy segment consists of global solar and energy storage power projects, operation, and maintenance.

Last Thursday, the company’s majority-owned subsidiary, CSI Solar Co., Ltd. announced that it has closed a 350 MW/ 1400 MWh contract with Axium Infrastructure. The company will provide the fully integrated battery storage system, EPC (Engineering, Procurement, and Construction), and long-term maintenance service to the Crimson stand-alone battery storage project in Riverside County, California. 

The Crimson storage project will help improve California’s grid reliability and safety by providing critically-needed resource adequacy capacity. Also, it will support California’s efforts to decarbonize its economy and fight climate change while creating jobs for the local community. Given this development, would you consider CSIQ stock as a top renewable energy stock to watch?

Source: TD Ameritrade TOS

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SolarEdge Technologies 

To sum up the list, we have SolarEdge. The company offers an inverter solution for a solar photovoltaic system. Its products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions, and SolarEdge Monitoring Software. SEDG stock has risen by more than 30% over the past year despite trading sideways for the most part of this year.

Last month, the smart energy technology company announced its second-quarter earnings. The company’s revenue came in at $480.1 million, an increase of 45% year-over-year. In addition, its GAAP net income was $45.1 million, up by 23% from the prior year’s quarter. These impressive financial figures are a testament to the company’s ability to navigate through the challenging supply chain environment while continuing to support its customers. 

It is also noteworthy that the company partnered with National Grid (NYSE: NGG) and Sunnova Energy International Inc (NYSE: NOVA) during its second quarter. The three companies partnered to leverage distributed energy resources (DERs) to make New England’s grid more efficient by strengthening its resiliency and reliability. On top of that, it would also help save homeowners money in the long run while supporting National Grid on its path to achieving Net Zero by 2050. All things considered, do you believe SEDG stock will have more room to run?

Source: TD Ameritrade TOS

By Amos C

Amos is the global markets correspondent for StockMarket.com. His boots on the ground insight into emerging markets has given him the unique ability to stay ahead of new market trends and deliver timely data when it matters most. Based in Asia, Amos has made a point to monitor the foreign markets closely, dissect stock market trends and then apply them to the North American markets; in addition to global markets.

Amos has a deep-rooted background in foreign exchange and commodities. His previous experience working within the cryptocurrency arena has given him the advantage to identify the fast-moving stock market and financial trends. Amos calls Hong Kong home and has been a financial content writer for the last 3 years.

He has managed teams of international media strategists and financial writers to cover all top stories in the stock market each day. His skills include his tireless drive to find the most valid information and actionable details that investors can use to formulate valid decisions on stocks to buy or stocks to avoid. Furthermore, Amos’ ability to cover trending stories across the globe brings StockMarket.com a fresh perspective on key data and how it not only affects the North American markets but also how it could translate to the world markets alike.

Most of the time you can find him diving into corporate filings, focusing on fundamentals that could influence major market moves. One of his passions is researching technology and biotechnology stocks. Some of the most cutting-edge innovations have stemmed from these industries. While many don’t become industry blockbusters, the processes and applications of these innovations has led to some of the biggest developments known to man in the modern age. As a global correspondent, Amos has been able to see both sides of the story as it relates to world news and offers a true, personal approach, cutting through the noise of the mass media. He was integral in reporting on the Hong Kong uprising and doing first-hand research on international sentiment from the novel coronavirus.

In his free time, Amos is an avid fan of music and art and enjoys attending concerts.

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