NextEra to Bloom Energy: 5 renewable stocks gear up for green race

Highlights

  • NextEra Energy, Inc’s (NYSE: NEE) revenue was US$4.37 billion in Q3, FY21.

  • Enel Spa (OTC: ENLAY) revenue fell 10.6% in the first half of 2021.

  • Bloom Energy Corp (NYSE: BE) secures a US$4.5 bn supply deal with SK Group.

The clean energy sector is one of the most discussed topics around the world today. It is one of the top priority areas for governments in the fight against global warming. The global push for green energy has accelerated the development of the sector in recent times.

Some experts estimate that it will take US$100 trillion over the next three decades to decarbonize the world. Yet, despite its importance to the environment, the renewables sector grew merely 8% over the past decade. It shows the arduous task that is required to thwart the current environmental challenges facing the world.

However, there has been some silver lining despite the uphill challenges. For instance, the global renewable energy revolution has helped the EV sector grow rapidly.

According to the US Energy Information Administration, light-duty electric vehicles will grow from 0.7% in 2020 to 31% by 2050 globally. Here we explore five clean energy stocks that may benefit from the global shift to clean energy sources.

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NextEra Energy, Inc. (NYSE: NEE)

NextEra Energy is an electric services company based in Juno Beach, Florida. The electric utility firm provides sustainable energy generation and distribution services.

                   

NextEra to Bloom Energy: 5 renewable stocks gear up for green race

 

The shares of the company traded at US$85.78 at 12:07 pm ET on October 26, up 1.77% from their closing price of October 25. Its stock value increased by 13.57% YTD.

The firm has a market cap of US$167.86 billion, a P/E ratio of 71.31, and a forward P/E one year of 33.32. Its EPS is US$1.20.

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The 52-week highest and lowest stock prices were US$87.69 and US$68.33, respectively. Its trading volume was 3,987,335 on October 25.

The company has recently agreed to acquire a 50% stake in a 2.5GW renewables project. In addition, the firm is also entering into a US$824 million convertible equity portfolio financing.

The company's operating revenue was US$4.37 billion in Q3, FY21, as compared to US$4.78 billion in the same quarter of the previous year. Its net income came in at US$304 million, versus US$1.12 billion in Q3, FY20.

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Clean Energy stocks: NEE, ENLAY, BE, BEP, SEDG

Enel Spa (OTC: ENLAY)

Enel is an electricity and gas distributor based in Rome. It markets green power products and services.

The stock was priced at US$8.23 at 12:17 pm ET on October 26, up 0.73% from its previous closing price. The ENLAY stock fell 20.86% YTD.

The market cap is US$84.16 billion, and the P/E ratio is 29.52. Its EPS is US$0.28. The stock saw the highest price of US$7.61 and the lowest price of US$11.01 in the last 52 weeks. Its share volume on October 25 was 654,960.

In the first half of fiscal 2021, the company's revenue was €29.85 billion, representing a decline of 10.6% YoY. The group net income declined by 8.7% YoY to €1.77 billion.

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Bloom Energy Corporation (NYSE: BE)

Bloom Energy is a green energy company based in San Jose, California, and produces solid oxide fuel cells to generate on-site electricity.

The shares of the company traded at US$27.82 at 12:23 pm ET on October 26, up 0.47% from their closing price of October 25. Its stock value ticked up 1.47% YTD. It has a market cap of US$4.86 billion and a forward P/E one year of -35.96. Its EPS is US$-0.71.

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The 52-week highest and lowest stock prices were US$44.95 and US$12.37, respectively. Its trading volume was 24,819,620 on October 25.

The company has been in focus after it announced a US$4.5 billion supply agreement with South Korea’s SK Group. Its subsidiary SK Ecoplant has agreed to buy about 500 megawatts of power from Bloom Energy by 2024.

The company will release its third-quarter results on November 4 after the closing bell.

Meanwhile, in the second quarter of fiscal 2021, the company's revenue surged 21.6% YoY to US$228.5 million, while its net loss came in at US$53.86 million, against a loss of US$42.51 million in Q2, FY20.

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Brookfield Renewable Partners L.P. (NYSE: BEP)

Brookfield is a renewable energy company that acquires and manages renewable power assets. It is based in Hamilton, Bermuda.

The stock was priced at US$38.12 at 12:41 pm ET on October 26, down 1.04% from its previous closing price. The stock fell 12.97% YTD. The market cap is US$10.44 billion, and the forward P/E one year is -107.00. Its EPS is US$-0.88.

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The stock saw the highest price of US$49.87 and the lowest price of US$34.55 in the last 52 weeks. Its share volume on October 25 was 235,067.

It will release its third-quarter earnings report on November 5.

The company's revenue was US$1.01 billion in Q2, FY21, as compared to US$942 million in the second quarter of fiscal 2020. Its net income came in at US$110 million, against a loss of US$10 million in the year-ago quarter.

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Green Energy stocks to watch in 2021 and beyond

Source: Pixabay

SolarEdge Technologies, Inc. (NASDAQ: SEDG)


SolarEdge is a photovoltaics company and provides power optimizers, solar inverters, and monitoring solutions for photovoltaic arrays, etc.

The shares of the company traded at US$308.94 at 12:45 pm ET on October 26, down 0.96% from their closing price of October 25. Its stock value rose 0.18% YTD.

It has a market cap of US$16.34 billion, a P/E ratio of 123.61, and a forward P/E one year of 91.20. Its EPS is US$2.53.

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The 52-week highest and lowest stock prices were US$377.00 and US$190.10, respectively. Its trading volume was 297,596 on October 25.

The firm will post its third-quarter financial results on November 2.

In the second quarter of fiscal 2021, the company's revenue was US$480.05 million, compared to US$331.85 million in the prior year's second quarter. Its net income was US$45.09 million, versus US$36.66 million in Q2, FY20.

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Bottomline

Countries around the world have increased spending on the renewables sector to fight global warming. Hence, experts predict steady growth for the industry in the next few years. The S&P Global Clean Energy index rose 17.93% last year while increasing 10.08% QTD.

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