Are these clean energy stocks worth watching for future?

March 22, 2023 10:14 PM PDT | By Raza Naqvi

Are these clean energy stocks worth watching for future?

Northland Power (TSX:NPI)

Northland Power is a power producer focusing on clean and green energy. Notably, the company invests in almost all forms of renewable energy.

NPI announced it would pay a monthly dividend of C$ 0.1 per share, and as of writing, its dividend yield was 3.6 per cent.

Northland's price-to-earnings (P/E) ratio was 9.7, and its market cap stood at C$ 8.35 billion on March 21, 2023.

In the fourth quarter of 2022, the sales of Northland Power were C$ 641.1 million, up from C$ 640.09 million in Q4 2021. Meanwhile, the net income rose significantly to C$ 323.9 million from just C$ 129.5 million.

Ballard Power Systems (TSX:BLPD)

Proton exchange membrane (PEM) fuel cell devices are designed and sold by Ballard Power for a variety of uses like stationary power production and in vehicles.

A Research and Markets report highlighted that the market for hydrogen fuel cells was worth US$ 14.72 billion in 2021 and it can reach US$ 80.48 billion in 2030, growing at a CAGR of 21.2 per cent.

In Q4 2022, the financial results of Ballard Power were not so positive. The total revenue was US$ 20.5 million, down by 44 per cent YoY.

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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