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Stocks of renewable resources-based companies have been in the limelight for a while now. But since the Canadian government declared the new emissions reduction target of 40-45 per cent on April 22, green stocks seem to have gained more tractions.
In the light of this renewed interest, let’s explore four best renewable stocks on TSX.
1. Greenlane Renewables Inc (TSX:GRN)
Greenlane Renewables, which uses organic waste sources to produce renewable natural gas, posts a market cap of over C$ 232 million on the TMX.
Its stocks surged over 226 per cent in the last six months, but recorded a decline of over 25 per cent year-to-date (YTD).
The company reported a revenue of C$8.8 million, up 167 per cent year-over-year (YoY), in the fourth quarter of fiscal year 2020.
©Kalkine Group 2021
2. Global Water Resources Inc (TSX:GWR)
Global Water Resources, which operates as water resource management firm, records a market cap of nearly C$ 474 million.
In January 2021, the company entered an agreement with electric vehicle maker Nikola Corporation for providing water and wastewater services to its plant in Arizona.
Its stock has surged by about 47 per cent over the last six months, and its monthly dividend of US$ 0.024 holds a dividend yield of 1.741 per cent. On the financial front, Global Water Resources’ revenues increased by 8.9 percent YoY in 2020.
3. Xebec Adsorption Inc (TSX:XBC)
Xebec, which builds products that can convert raw gases into clean energy source, posts a market cap of over C$ 665 million on the TMX.
In March 2021, a Xebec subsidiary signed an MoU with Coregas for developing a comprehensive Hydrogen supply system in New Zealand and Australia. The company also recently acquired Nortekbelair Corporation.
Xebec stock is currently trading in the green, up by nearly one per cent on Monday afternoon (1.20PM EST). In 2020, Xebec registered a 15 per cent YoY growth in its revenues.
4. TransAlta Renewables Inc (TSX:RWA)
TransAlta Renewables, an electric utility company, holds a market cap is over C$ 5 billion. It pays a quarterly dividend of C$ 0.078, which will be payable on May 31, and its dividend yield is 4.828 per cent, as per TMX.
TransAlta currently holds a return on equity of 3.94 per cent and a return on assets of 2.42 per cent, according to the data on TMX portal.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
