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Highlights
- Today, several worldwide are struggling with severe weather conditions and are looking for answers that could reverse or minimize these environmental ill-effects.
- With climate concerns becoming dominant, these renewable companies can play a crucial role in fulfilling future energy requirements, thereby boosting their earnings.
- A renewable energy company listed here more than tripled its net earnings to C$ 20 million in Q3 FY2021, up from C$ 6 million a year ago.
Today, several worldwide are struggling with severe weather conditions and are looking for answers that could reverse or minimize these environmental ill-effects. Renewable energy solutions can help in slowing down climate change.
Renewable energy companies like Global Water and TransAlta provide carbon-efficient and sustainable solutions powered by clean technologies. With climate concerns becoming dominant, these renewable companies can play a crucial role in fulfilling future energy requirements, boosting their earnings.
On that note, let us explore two TSX renewable stocks.
Global Water Resources Inc (TSX:GWR)
Global Water Resources is a Phoenix, Arizona-based company engaged in a fully integrated water management business. On January 24, the water resource manager completed the acquisition of Pinal County-based Twin Hawks Utility Inc and Pima County-based Rincon Water Company to expand its water operations.
Global Water’s third-quarter revenue grew six per cent year-over-year (YoY) to US$ 11.4 million in 2021. Its Q3 net income was up by 0.4 million from US$ 1.1 million in Q3 2020 to US$ 1.5 million in 2021.
The water resource company will disburse a monthly dividend to its shareholders and will pay US$ 0.025 apiece on February 28. The GWR stock closed at C$ 19.24 apiece on Friday, approximately four per cent up from a 52-week low of C$ 18.47 (January 25).
Also read: Why is Magna International’s (TSX:MG) stock tanking?
TransAlta Renewables Inc (TSX:RNW)
TransAlta Renewables acquired a 100 per cent “economic” stake in North Carolina Solar on November 5 last year. This acquisition deal included a 122-megawatt portfolio of 20 operational solar photovoltaic facilities under power purchase agreements.
The renewable energy company more than tripled its net earnings to C$ 20 million in Q3 FY2021, up from C$ 6 million a year ago. The stocks of TransAlta were almost seven per cent higher than its 52-week low of C$ 16.01 (January 11) and closed at a value of C$ 17.10 apiece on Friday.
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Bottom line
Renewable solutions can make a big difference in our day-to-day lives keeping in mind climate change and soaring energy prices. However, one should note that not all renewable stocks may experience growth.
Also read: Why is Fairfax (TSX:FFH) trending and is it a dividend stock to buy?
Please note, the above content constitutes a very preliminary observation or view based on industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
