3 TSX green stocks to fight climate change - AQN, BLDP and NPI

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3 TSX green stocks to fight climate change - AQN, BLDP and NPI

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 3 TSX green stocks to fight climate change - AQN, BLDP and NPI
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Highlights

  • Algonquin has raised its quarterly dividend by six per cent to US$ 0.181 per share.
  • Ballard Power noted a YoY surge of 19 per cent in its total revenue in Q1 FY2022.
  • Northland Power saw its net profit surge by 90 per cent YoY in Q1 FY2021.

Looking at the growing climate change awareness and efforts to decarbonize the economy, one may want to explore clean stocks. The Canadian equity market lists some quality green energy and technology companies like Algonquin Power & Utilities (TSX: AQN), well known in the global market. 

So, let’s discuss three TSX green stocks that have noted growing revenue and increased profits in their latest quarter and are focused on expanding their business footprints.

Algonquin Power & Utilities Corp (TSX: AQN)

Algonquin Power & Utilities is a renewable energy company that generates and provides cost-effective and sustainable energy and water solutions across the US and Canada. The C$ 12-billion market cap company collaborated with Meta Platforms Inc (NASDAQ: FB, FB: US) for a long-term power purchase agreement from its Deerfield II Wind Project in Huron County, Michigan.

The renewable energy producer’s revenue zoomed by 16 per cent year-over-year (YoY) to US$ 735.7 million in Q1 FY2022. The large-cap clean energy provider said that its net profit increased by a whopping 555 per cent YoY to US$ 91 million in the latest quarter.

Additionally, the TSX-listed utility company also raised its quarterly dividend by six per cent to US$ 0.181 per share, due on July 15.

Also read: Greenlane (TSX: GRN) is skyrocketing: A dirt-cheap clean stock to buy?

Ballard Power Systems Inc (TSX: BLDP)

Ballard Power Systems is a clean technology company leveraging its proton exchange membrane (PEM) fuel cell products to produce electricity. Its PEM fuel cells particularly enable electrification in mobility solutions like vehicles and stationary power systems.

Recently in May, Ballard Power, with its strategic partner Linamar Corporation (TSX: LNR), demonstrated the concept of hydrogen fuel cell-powered “class 2 truck chassis”. The company also signed a new strategic partnership with Wisdom Motor Company to expedite the commercialization of fuel cell electric vehicles (FCEV) in Hong Kong.

On the financial front, the cleantech company noted a YoY surge of 19 per cent in its total revenue to US$ 21 million in Q1 FY2022. The mid-cap firm that this revenue surge was led by increased Power Product sales (up by 41 per cent YoY) despite a decrease in Technology Solutions revenue (down by five per cent YoY) in the latest quarter.

3 TSX green stocks to fight climate change - AQN, BLDP and NPI

Northland Power Inc (TSX: NPI)

Northland Power has been in the green power production and supply business since its foundation in 1987. The C$ 8 billion market company became a public company in 1997 and has been paying dividends since January 2006.

Northland Power is supposed to pay a monthly dividend of C$ 0.10 per share on June 15. The utility company saw its sales and net profit surge by 13 per cent and 90 per cent, respectively, in Q1 FY2021 compared to Q1 2021.

Also read: 5 top TSXV clean tech and life sciences stocks to buy in June

Bottomline

These TSX clean stocks are likely to gain significantly with the increased focus on renewable energy and clean technologies. Notably, these three companies have enhanced their profitability in Q1 FY2022. Two of the stocks mentioned above also offer dividends, which could be an important factor for income investors seeking profit from green investing in the long run.

Please note, the above content constitutes a very preliminary observation based on the 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. 

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