4 Top Renewable Energy Stocks Worth Watching In November
Renewable energy stocks are back in the limelight in the stock market as climate talks dominate the final day of the G20 summit. Leaders of the 20 major economies agreed on the final statement that urged “meaningful and effective” action to limit global warming. However, many climate activists remain unimpressed as no concrete commitments were offered. President Biden pressured Russia and China for further commitments to combat climate change as he marked the end of the G20 conference in Rome. “Not only Russia, but China, basically didn’t show up in terms of any commitments to deal with climate change,” said President Biden.
Now, this places enormous scrutiny on the U.N. climate conference in Glasgow, Scotland next week. Furthermore, President Biden also predicts that the U.S. will reach net-zero emissions by 2050. His plans include at least $555 billion in climate and clean energy investments. Well, these are developments that would favor companies in the renewable energy industry. So, the likes of SunPower Corporation (NASDAQ: SPWR) and Tesla (NASDAQ: TSLA) that focus on clean energy sources would be prime examples. Regardless of the outcome of the climate conference, the importance of shifting to greener energy sources will be in focus. Given these considerations, do you have these top renewable energy stocks on your watchlist right now?
Best Renewable Energy Stocks To Buy [Or Sell] This Month
- SolarEdge Technologies Inc (NASDAQ: SEDG)
- Enphase Energy Inc (NASDAQ: ENPH)
- First Solar, Inc. (NASDAQ: FSLR)
- Sunrun Inc (NASDAQ: RUN)
SolarEdge Technologies
First, let us start the list with one of the industry leaders in smart energy technology, SolarEdge. Some of its products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions, and SolarEdge Monitoring Software. SEDG stock has been on a bullish run over the past month, rising more than 30% within the period.
Last month, it announced the commercial availability of the SolarEdge Energy Bank residential battery and SolarEdge Energy Hub inverter residential battery in North America. These are part of the new SolarEdge full residential solution called the “SolarEdge Home”. With it, homeowners can better manage and monitor solar energy production, consumption, and backup storage in real-time. Ultimately, more homeowners will be able to power their everyday lives with clean and renewable energy more consistently.
Coming off a stellar second quarter in August, keen investors are paying close attention to its upcoming earnings report on November 2. For its second quarter, the company reported revenues of $480.1 million, up 45% year-over-year. Meanwhile, its GAAP net income was $45.1 million, an increase of 23% year-over-year. If you believe the company can continue its momentum, would you jump on the SEDG stock bandwagon ahead of its earnings report?
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Enphase Energy
Following that, we have the energy technology company, Enphase. In detail, the company specializes in home energy solutions that manage energy generation, storage, and control, and communications on one platform. Besides that, its semiconductor-based micro inverter converts energy at the individual solar module level that provides advanced energy monitoring and control. ENPH stock has risen more than 120% over the past year.
Last Monday, the company announced the all-in-one Enphase Energy System with IQ8™ solar microinverters for customers in North America. The IQ8 is capable of forming a microgrid during a power outage using only sunlight. Hence, providing backup power even without a battery. The company claims it to be the smartest microinverter invented by the company to date.
Financially, Enphase has also been firing on all cylinders. During its third quarter, it posted a record quarterly revenue of $351.5 million. This represents an increase of a whopping 96% compared to the prior year’s quarter. Also, the company shipped approximately 2,599,575 microinverters and 65-megawatt hours of Enphase Storage systems. Evidently, the strong demand for its microinverter systems continues to grow in the third quarter. With that said, do you believe ENPH stock is a top renewable energy stock to buy?
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First Solar
First Solar is a leading American solar technology company that provides eco-efficient solar modules advancing the fight against climate change. The company’s advanced thin-film photovoltaic (PV) modules represent the next generation of solar technologies. Thus, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels.
FSLR stock is yet another renewable energy stock that has been soaring recently, netting more than 25% gains over the past month. Well, we do know that the company will be announcing its third-quarter financials on November 4. So, keen investors would be keeping close tabs on whether it could build on its momentum from its second quarter. After all, the market demand for its cadmium telluride technology is at a record level.
During the company’s second quarter, it reported net sales of $629 million. Meanwhile, its net income per share came in at $0.77. It is also noteworthy that First Solar announced an additional 3.3-gigawatt DC manufacturing expansion in India. Given these exciting developments, would there be reasons for optimism for its upcoming earnings report? If so, would you consider buying FSLR stock ahead of time?
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Sunrun
To sum up the list, we have the home solar, battery storage, and energy services company, Sunrun. Put simply, the company engages in the design, development, installment, sale, and maintenance of residential solar energy systems in the U.S. Not to mention, it offers battery storage along with solar energy systems to its customers.
In October, the company announced it has increased its non-recourse warehouse lending facility to $1.8 billion in commitments. This is an increase of $1.0 billion while reducing the interest cost by 50 basis points. Essentially, this will allow the company to optimize its capital structure and deliver strong financial returns while enabling more homeowners to benefit from choosing clean and affordable energy.
In addition, Sunrun also recently announced the expansion of its program with SPAN. For those unaware, SPAN is the company that reinvented the electrical panel so homeowners can intelligently control their energy consumption and remove barriers for customers who want to electrify their homes and vehicles. Well, consumers are starting to be aware of the importance of switching to a cleaner and more cost-effective lifestyle. So, this is a development in the right direction as a whole for both companies. All things considered, would RUN stock be a buy for you?
