10 Hot Green Stocks To Explore This Summer

Summary

  • Shares of PV manufacturer DAQO gained around 26% YTD.

  • SunPower posted 20% revenue growth in its commercial segment in Q1 YoY.

  • Ormat generates geothermal power, with an installed capacity of 3,200 MW.

Companies are increasingly exploring green technologies to cut emissions today, offering new opportunities and a glimmer of hope to the climate movement. The Paris Climate Accord signed under the framework of the UN in 2016 provide a legally binding international treaty to reduce greenhouse gases.

It also provides for sharing financial, scientific, and capacity-building assistance to countries in the fight against global warming.

As part of that mandate, companies, and governments, hence, are obligated to invest in green solutions to help mitigate climate change, which led to severe droughts, floods, and melting of glaciers in different parts of the world.

We explore ten renewable energy stocks here that may benefit from the growing awareness of climate change and the need to invest in green technologies.

Source: Pixabay. 

First Solar Inc. (NASDAQ: FSLR)

First Solar is an American solar technology company that produces photovoltaic solar modules, an alternative to crystalline silicon panels.

Shares of First Solar were priced at US$76.855 apiece at 2.56 am on June 1, up 1.05% from the previous close. The stock declined around 24% YTD.

First Solar’s market cap is around US$8.18 billion.

In Q1 of 2021, the company logged sales of US$803 million, up from US$194 million QoQ. Its income from operation was US$252 million during the period and US$58 million in the prior quarter. Its EPS was US$1.96.


Also read: 2 EV Stocks To Explore: Nio, XPeng

NIO Inc (NYSE: NIO)

NIO is a leading manufacturer of electric vehicles based in China.

The NIO stock was priced at US$41.87 at 1.25 pm on June 1, an increase of 8.42% from the previous close. The stock shed around 21% YTD.

NIO has a market cap of US$68.7 billion.

NIO delivered 20,060 vehicles in Q1 of 2021, increasing around 15% from Q4 of 2020. It logged revenue of US$1218.3 during the period, up more than 481% YoY and a 20% jump from the prior quarter.

Its gross profit surged around 36% to US$237.3 million from Q4 of 2020.


Also read: Two industrial stocks that put up a strong show despite pandemic

DAQO New Energy Corp (NYSE: DQ)

Founded in 2007, DAQO is a China-based manufacturer of polysilicon used in the photovoltaic industry. Its current annual production capacity is around 70,000 metric tonnes of polysilicon. It is currently expanding its production facility to deliver another 35,000 metric tonnes of polysilicon.

The stock was priced at US$79.03 at 12.52 pm on June 1, an increase of 6.25% from the previous close. The stock gained around 26% YTD.

Its market cap is around US$5.8 billion.

DAQO collected revenue of US$256.1 million in Q1, 2021, an increase of 3.39% from US$247.7 in Q1 of 2020. Gross profit during the period was US$118.9 million against US$109.5 million in Q4 of 2020.

Also read: California’s Car Culture Shows The Way In Climate Fight

SunPower Corporation (NASDAQ: SPWR)

It offers solar power and storage solutions to its clients like homeowners,  schools, businesses, and the government. Its products help customers to reduce their energy consumption. The stock was trading flat at US$23.355 at 12.23 am on June 1. The stock price decreased by around 7.8% YTD.

Its income rose 30% to US$25 million in Q1 ended April 4, 2021.

SunPower recorded 20% revenue growth in its commercial segment YoY.

Also read: Tesla Eyes Entry Into Multimillion-Dollar US Renewable Market

Ormat Technologies Inc (NYSE: ORA)

Ormat generates power from geothermal sources. It has an installed capacity of 3,200 MW. The stock was trading at US$69.16 at 1.40 pm on June 1, up 0.16% from the previous close.

The stock shed around 24% in value YTD. Its market cap is around US$3.8 billion.

In Q1 ended March 31, 2021, it posted a revenue loss of 13.4% YoY to US$166.4. In the year-ago quarter, it generated revenue of US$192.1 million.


Also read: Plug Power & FuelCell: Two Hydrogen Stocks To Explore

Canadian Solar Inc (Nasdaq: CSIQ)

Canadian Solar Inc. is a solar energy company founded in 2001. It manufactures photovoltaic modules and battery storage products.

The stock was priced at US$40.19 at 1.56 pm on June 1, up 1.52% from the prior session. The stock dropped around 23% YTD.

Canadian Solar has a market cap of US$2.4 billion.

In Q1 ended March 31, 2021, it reported revenue of US$1.1 billion, up 32% YoY. Gross profit was up 38% to US$195 million QoQ and down 13% YoY.

Also read: What are Rare Earth Elements and what’s their strategic significance?

XPeng Inc (NYSE: XPEV)

XPeng is another Chinese electric vehicle maker.

The stock was priced at US$34.49 at 2.09 pm on June 1, up 7.41% from the previous closing price.

The stock price decreased around 21% YTD.

XPeng has a market cap of US$27 billion.

It logged revenue of US$450.4 million in Q1, an increase of 2.7% from Q4 of 2020 and up 655.2% YoY. It recorded a net loss of US$120.1 million during the period.

Also read: US Oil Prices Soar As Summer Kicks In

Brookfield Renewable Partners (NYSE: BEP)

Brookfield generates electricity from solar, wind, and hydel projects across different countries, with an installed capacity of 11,000 MW. It also has storage facilities and supplies power in the Americas, Europe, and Asia.

The stock was priced at US$40.08 at 2.36 pm on June 1, up 0.78% from the previous closing price. Its price dropped 9.44% YTD.

Brookfield has a market capitalization of US$11.03 billion. Its average LP units amounted to US$274.8 million in Q1 of 2021, up from US$268.5 million YoY.


Also read: Can nuclear energy be the foundation stone for sustainable development?

Source: Pixabay.

TPI Composites Inc. (NASDAQ: TPIC)

TPI produces wind blades for energy companies globally. It also provides various solutions for the wind energy market. 

The stock was trading flat at US$48.35 at 3.08 pm on June 1. Its price decreased by around 14% YTD. It has a market cap of US$1.7 billion.

It logged net sales of US$404.7 million in Q1 of 2021. Net losses were US$1.08 million during the period.

Also read: Beach Energy shares in choppy waters: What pushed the stock 24% down

Cheniere Energy Inc (NYSE: LNG)

Cheniere is a leading producer of liquefied natural gas (LNG).

The stock was trading at US$85.48 at 3.10 pm on June 1, up 0.68% from the previous closing price. Its price jumped around 45% YTD.

Cheniere has a market cap of US$21.6 billion.

In Q1 ended March 31, it posted revenue of US$3090 million, up from US$2709 million YoY. Net income rose to US$393 million from US$375 million YoY.

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