5 Trending Renewable Energy Stocks To Watch This Month
Given the current state of the world, renewable energy stocks are some of the most active stocks in the stock market this year. Naturally, this could be the case with global warming and climate change. If anything, the switch to clean energy is becoming more apparent each day. For this reason, the future of energy generation likely rests on renewable energy companies. And as investors, you shouldn’t ignore some of the top renewable energy stocks and their impact on energy.
From electricity generation to transportation, renewable energy is showing that it’s a real force to be reckoned with. Like it or not, the opportunity in renewable energy is enormous as it could disrupt the multi-trillion dollar energy market. According to Allied Market Research, the clean and renewable energy space is forecast to be worth $1.51 trillion by 2025. By now, it should be clear to many that this is a huge market indeed.
It’s no secret that clean and renewable energy is the centerpiece of President Joe Biden’s $2.25 trillion infrastructure plan. This aggressive move is no doubt part of his administration’s plans for a net-zero emission U.S. by 2050. Therefore, you would expect more attention on the top renewable energy stocks to watch right now. With that in mind, here are five renewable energy stocks making waves in the stock market today.
Top Renewable Energy Stocks To Watch This Week
- JinkoSolar Holding Co. Ltd (NYSE: JKS)
- Enphase Energy Inc. (NASDAQ: ENPH)
- First Solar Inc. (NASDAQ: FSLR)
- Canadian Solar Inc. (NASDAQ: CSIQ)
- Brookfield Renewable Partners (NYSE: BEP)
JinkoSolar
JinkoSolar is a leading solar panel manufacturer and a big player in the solar industry. The company distributes its solar products and offers its services to a diversified international utility, commercial, and residential customer base. A lot of the attention has been on JKS stock after it nearly doubled over the past two months. The company’s stock price received another strong boost recently. This came after its subsidiary, Jiangxi Jinko, submitted an application for an initial public offering (IPO) on China’s STAR market. For those unfamiliar, the STAR market is the Nasdaq equivalent of China.
If anything, this offering could bring in a fresh funding source to fund additional production lines. These include 7.5 gigawatts (GW) of high-efficiency solar cells and 5 GW of high-efficiency solar modules. All in all, the company’s growth prospects remain very impressive, as does the outlook for the overall solar-energy sector. At a time where more people and organizations advocate for sustainable development, the photovoltaic industry is becoming more promising indeed. Considering all these, is JKS stock a top renewable energy stock to buy for the years to come?
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Enphase Energy
Enphase Energy designs and manufactures software for home solar energy solutions. In detail, these range from solar generation and home energy storage to real-time monitoring and control applications. Besides, through its world-leading micro inverter-based solar-plus-storage systems, Enphase offers consumers smart and easy-to-use solar energy-based home systems. All of this is integrated into its one-stop intelligent platform. For a sense of scale, Enphase has shipped over 34 million of its microinverters and 1.5 million of its Enphase systems globally to over 130 countries.
Now, with the company’s products being marketed directly to consumers, Enphase would be in a strategic position. To meet the growing consumer demands in the solar market now, Enphase continues to expand its Enphase Installer Network (EIN). Earlier this year, the company launched EIN in India. This marks yet another massive play by the company as it also made similar moves in the Netherlands and Belgium. With Enphase seemingly kicking into high gear, will you be keeping an eye on ENPH stock?
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First Solar
Coming up next, First Solar is probably one of the most profitable manufacturers in the solar industry. More impressively, it has a formidable balance sheet that has many of its industry peers drool over. In particular, the company expects to have a net cash balance of $1.8 billion to $1.9 billion at the end of this year. First Solar is a manufacturer of solar panels and provider of utility-scale PV power plants.
First Solar stock is also shining brighter in recent weeks. In fact, FSLR stock received a boost due to the U.S. government banning the import of certain solar panel products from China. What’s more, Jim Cramer previously also gave the stock a shoutout during his lightning round segment. He mentioned that FSLR stock is in “great shape” and that he believes it will “move up”. With so much cash on its balance sheet, the company could deploy strategically to grow its business, or return some of the cash to its shareholders. I wouldn’t be surprised if this could be the first major solar manufacturer to be a top dividend stock. Accordingly, would you consider adding FSLR stock to your watchlist?
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Canadian Solar
Next up, we have Canadian Solar (CSIQ). Similar to JinkoSolar, CSIQ is another renewable energy stock that had a boost from its subsidiary’s listing in China’s STAR market. Primarily, Canadian Solar is a solar tech company that manufactures solar photovoltaic modules and manages large-scale solar projects. As CSIQ continues to grow its addressable market internationally, CSIQ stock could be on investors’ watchlists.
From its recently reported first quarter, the company reported $1.1 billion in revenue and $23 million in net income. Considering the company is raising capital in China, this would set them up the necessary funding to tap on the explosive growth in the clean energy space. In addition, the company has announced a partnership with Habitat Energy, which offers AI-enabled battery optimization and dispatch services. Given all of this, will you be adding CSIQ stock to your watchlist as well?
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Brookfield Renewable Partners
Brookfield Renewable Partners is not only one of the largest renewable power platforms but also among the most diversified in the industry. This stock attracts both growth and dividend investors alike. The renewable energy company received renewed interest from investors recently after the Biden administration said it has a goal of creating 30 gigawatts of U.S. offshore wind capacity by 2030. Brookfield also boasts nearly 6,000 generating facilities in North America, South America, Europe, and Asia. The company’s goal is to deliver long-term annualized total returns of 12% to 15%.
From its first-quarter results, revenue came in 2.9% lower to $1.02 billion. But the more important metric investors should not overlook is that its funds from operations grew 21% in the first quarter compared to the prior-year period. Also, the company had invested or agreed to invest $1.6 billion of equity across a range of transactions. The rising demand for renewable energy should serve as a major tailwind for Brookfield. Thus, would you agree that BEP stock is in a strong position to capitalize on this rising demand for renewable energy?
