Do You Have These Top Renewable Energy Stocks On Your Watchlist?
Renewable energy stocks have been one of the best performing sectors in the stock market this year. To top it off, the recent win from President-Elect Joe Biden could make for the perfect storm for the renewable energy industry. During Biden’s campaign run, he put a strong emphasis on climate change and even laid out an ambitious plan on how we will combat it. This plan includes the promise of standards and incentives to decarbonize polluting sectors such as; electricity, transportation, industrial, and others. Biden has also mentioned investments of $2 trillion into clean energy.
Top renewable energy stocks have become more popular among investors due to environmental concerns worldwide. Some of the best renewable energy stocks to watch like JinkoSolar Holdings Company (JKS Stock Report) and Renewable Energy Group Inc. (REGI Stock Report) have seen their share price more than doubled since March lows.
In my opinion, renewable energy is one of our top choices to combat global pollution. For that reason and others, I don’t think renewable energy is going anywhere any time soon. In fact, I’d argue that the industry will continue to expand in market size and popularity for years to come. Now, with that being said, is it possible for some of these top renewable energy stocks to watch jump to new heights because of this massive political shift taking place in early 2021? Let’s take a closer look at the 3 top renewable energy stocks that deserve your attention right now.
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Best Renewable Energy Stocks To Buy [Or Sell] Right Now: Brookfield Renewable Partners LP
First up on the list is Brookfield Renewable Partners LP (BEP Stock Report). Brookfield is an alternative asset management company. The company owns a portfolio of more than 5,300 renewable power-generating facilities across North America, Europe, Latin America, and Asia. Two-thirds of the company’s investments are in hydroelectric power, Brookfield also has investments in solar, wind, storage, and others.
Since March lows BEP stock has rebounded an impressive 128.80%, closing Thursday’s trading session at $56.24 a share. This month the company reported its third-quarter 2020 earnings. Brookfield Renewable reported an impressive balance sheet with $3.3 billion in liquidity. The company also generated $900 million of proceeds, netting $326 million from its asset recycling initiatives. On top of these earnings, BEP has the luxury of large-scale capital, and the expertise to manage its projects globally.
“We saw consistent improvement in our operations over the course of the third quarter and, while there may be temporary setbacks as different regions reach different stages of recovery, we are confident that the worst of the economic shutdown is now behind us,” mentioned Brian Kingston, Chief Executive Officer.
As one of the world’s largest investors in renewable energy, BEP utilizes its fully integrated operating and in-house expertise to maintain facilities. It organically adds value and efficiently integrates new assets. With stable cash flows and long-term power contracts, this top renewable energy stock is an investor’s favorite. If you are looking for a top renewable energy stock for your portfolio, BEP stock might just be what you are searching for.
Best Renewable Energy Stocks To Buy [Or Sell] Right Now: Plug Power
Next on the list is a renewable energy company Plug Power, Inc. (PLUG Stock Report). The company’s stock price has experienced a massive surge of 634.25% year-to-date, closing Thursday’s trading session at $23.79. Plug Power is a pioneer in the hydrogen full cell energy sector. This week the company announced it’s selling 38 million shares at a price of $22.25 per share for $845.5 million. They also granted the underwriters the chance to purchase an additional 5.7 million shares, raising an extra $126.8 million.
This comes on the heels of the company recently reporting its Q3 2020 earnings and guidance. In the third quarter, the company reported gross billings of $125.6M, showing growth of 106% year-over-year. The company also announced strategic partnerships with Brookfield Energy and Apex Clean Energy. The partnership will allow Plug to source renewable electricity and build liquid green hydrogen plants. This quarter Plug was able to deploy a record 4,100 fuel cell systems and 13 hydrogen fueling stations, representing a 130% increase.
“Considering our 2021 gross billing guidance of $450 million, which we are also reaffirming, we believe we are well on our way to deliver on our 2024 targets of $1.2B in gross billings, $200M in operating income, and over 20% Adjusted EBITDA,” commented President and CEO Andrew Marsh. With all that being said, is PLUG stock on your list of the top renewable stocks to buy heading into 2021?
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Best Renewable Energy Stocks To Buy [Or Sell] Right Now: Enphase
Last up on the list is Enphase Energy (ENPH Stock Report). Enphase has been a top trending renewable energy stock to watch in the market this year. Since March ENPH stock is up an astounding 499.76% from lows on March 19th of $21.49 a share to hitting new all-time highs during Thursday’s trading session of $130.95 a share. Enphase Energy is a global energy management technology company and the world’s leading supplier of micro inverter-based solar-plus-storage systems. In October the company reported its Q3 2020 fiscal earnings. Enphase reported revenues of $178.5 million. They also reported diluted earnings per share of $0.28.
In recent months the company has announced some key partnerships. In August, Enphase announced a strategic partnership with Sonnenstromfabrik. which is one of Europe’s most modern manufacturers of solar modules. This will be a big entry for the company in the retail solar market in Europe. Most recently on November 16th Enphase entered into a partnership agreement with MSpectrum, a Philippines-based solar energy renewable provider. This partnership will help accelerate the company’s presence within the Phillippines and help continue to grow its global footprint.
“The country’s solar market has great potential for Enphase, particularly in the residential and small commercial rooftop market segment. We believe Enphase’s unique value proposition of high-output performance and flexible installation, as well as a safe low voltage all-AC system architecture and rapid shutdown capability, resonates well in the Philippines solar market,” commented Dave Ranhoff, Chief Commercial Officer at Enphase Energy.
With so many positive things happening to Enphase, it shouldn’t be a surprise why ENPH stock is on this list of the top renewable energy stocks to watch in the stock market today.