The hydrogen sector is gaining prominence as a key player in the global transition towards sustainable energy. It encompasses the development, production, and utilization of hydrogen as a clean fuel for various applications. This includes transportation, energy generation, and industrial processes. Companies in this sector are working on innovations across the hydrogen value chain. Such as efficient production methods, storage solutions, and fuel cell technologies. With the increasing focus on reducing carbon emissions, the hydrogen industry is poised for significant growth, offering a range of potential investment opportunities.
Investing in hydrogen stocks carries the potential for substantial returns as the world moves towards cleaner energy sources. However, the sector’s nascent stage brings challenges, including technological hurdles, high initial costs, and regulatory uncertainties. The market’s growth is contingent on technological breakthroughs and cost reductions in hydrogen production and infrastructure development.
For investors, this area offers a blend of risk and reward. As a result, investing in the hydrogen sector requires careful research and a strategic approach. With this being the case, let’s look at three hydrogen stocks to watch in the stock market today.
Hydrogen Stocks To Invest In [Or Avoid] Today
- Air Products and Chemicals Inc. (NYSE: APD)
- Plug Power Inc. (NASDAQ: PLUG)
- Bloom Energy Corporation (NYSE: BE)
Air Products and Chemicals (APD Stock)
Kicking us off, Air Products and Chemicals Inc. (APD) is a global leader in the supply of industrial gases, including hydrogen, oxygen, and nitrogen. The company serves a wide range of industries from technology to energy. Additionally, Air Products and Chemicals’ extensive portfolio also includes various specialty gases and chemicals.
Earlier this month, Air Products and Chemicals announced its financial results for the first quarter of 2024. Diving in, the company notched in Q1 2024 earnings of $2.82 per share, with revenue of $3.00 billion. For context, Wall Street’s estimates for the quarter were an EPS of $2.99 and revenue of $3.20 billion. Moreover, the company also stated that they estimate Q2 2024 earnings to come in between $2.60 to $2.75 per share.
Since the start of 2024, shares of APD stock have retreated by 17.01% YTD. However, over the last five trading days, APD stock has rebounded by 3.07%. Meanwhile, during Friday morning’s trading session, Air Products and Chemicals stock opened flat on the day, trading at $226.96 a share.
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Plug Power (PLUG Stock)
Next, Plug Power Inc. (PLUG) specializes in hydrogen fuel cell technology, offering innovative solutions to transform the energy landscape. The company designs and manufactures hydrogen fuel cell systems that power electric motors, primarily for the material handling and stationary power markets.
Just this week, Plug Power announced a strategic plan to reduce its annual operational expenses by more than $75 million to bolster financial performance and secure long-term value in the competitive renewable energy market. The plan, which will cost $15 million to implement, includes operational consolidation, strategic workforce adjustments, and other cost-saving actions aimed at enhancing efficiency and scalability. These measures are designed to maintain Plug Power’s leadership in the green hydrogen economy while ensuring operational excellence and fiscal responsibility.
Year-to-date, shares of PLUG stock have fallen by 15.14% so far. Meanwhile, during the last month of trading action, shares of PLUG stock have recovered by 28.85%. Additionally, during Friday morning’s trading action, Plug Power’s stock opened red by 2.74%, trading at $3.91 a share.
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Bloom Energy Corp. (BE Stock)
Lastly, Bloom Energy Corporation (BE) focuses on producing clean, reliable energy through its proprietary solid oxide fuel cell technology. Bloom Energy’s energy servers aim to provide sustainable and resilient power generation with less environmental impact compared to traditional energy sources.
This week, Bloom Energy reported better-than-expected fourth-quarter 2023 financial results. Getting right into it, the company posted Q4 2023 earnings of $0.05 with revenue of $356.92 million. For context, this is versus analysts’ consensus estimates for the quarter which were a loss of $0.06 per share, on revenue estimates of $477.96 million.
Year-to-date, shares of BE stock have pulled back by a whopping 35.84%. Meanwhile, during Friday morning’s trading action, Bloom Energy stock opened red by 21.05%, currently trading at $9.45 a share.
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