Are these unique ocean energy stocks under $6 too cheap to ignore?

Highlights

• The up-and-coming ocean energy industry is drawing investors' attention as world economies become growingly sensitive towards climate change.
• Renewable sources like ocean tides, currents and sea waves with thermal properties produce clean energy, and are considered a breakthrough for a sustainable future.
• An ocean energy stock mentioned here rose by roughly 24 per cent month-to-date.

The up-and-coming ocean energy industry is drawing investors' attention as world economies become growingly sensitive towards climate change.

Renewable sources like ocean tides, currents and sea waves with thermal properties produce clean energy, and are considered a breakthrough for a sustainable future.

With this in mind, let us explore the performances of two companies focused on ocean energy, whose stocks are priced under US$ 6 each.

Also read: Cineplex (CGX) & Cogeco (CCA): 2 trending communication stocks to buy

1.    Ocean Power Technologies Inc (NYSEAMERICAN: OPTT, OPTT:US)

Ocean Power Technologies Inc saw a revenue of US$ 0.247 million in Q2 FY2022, which was up from that of US$ 0.118 million in the same quarter the previous year. This increase, the company said, was mainly due to the growth in its Strategic Consulting Services.

The New Jersey-headquartered wave technology company also partnered with Greensea and Fathom5, which develops software and robotics solutions, during the latest quarter.

 Image source: © 2022 Kalkine Media®    

Stocks of Ocean Power Technologies closed at C$ 1.39 apiece on Tuesday, January 11. This renewable energy stock has decreased by almost 10 per cent in the past week.

Eco Wave Power Global AB (NASDAQ: WAVE, WAVE:US)

Eco Wave Power, an ocean wave technology company, generated year-to-date (YTD) revenues of US$ 0.031 million in Q3 FY2021.

The Stockholm, Sweden-based said on January 5 that equipment for the development of the EWP-EDF One project Installation in Israel’s Jaffa Port site has been delivered.

Scrips of this clean energy company jumped by over one per cent and closed at C$ 5.33 apiece on Tuesday. WAVE scrips also rose by roughly 24 per cent this month.

Also read: Suncor (TSX:SU) & TC Energy (TSX:TRP): 2 oil & gas stocks to buy now

Bottomline

New developments in ocean energy technologies can foster the operational growth of such renewable power and tech companies, especially amid the growing demand for eco-friendly resources.

Investors should track the growth and new innovations of such companies and  also keep an eye on their financial growth and business performance, as well-researched investment in them can bring gain in the long run.