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Highlights:
- Air Products and Chemicals, Inc. (NYSE:APD) has a market cap of US$ 57.6 billion.
- Plug Power Inc. reported total assets of US$ 3.9 billion in Q2 2022.
- Bloom Energy joined hands with Ferrari to help the auto giant achieve carbon neutrality.
The US Inflation Reduction Act (IRA) can bring about monumental changes in the reduction of carbon emissions by industries. Signed into law by President Joe Biden, it is likely to curb the country’s greenhouse gas emissions to a great extent. It should also impact the rest of the world in achieving minimal carbon emissions a few years down the line.
Amid all these developments, we explore four hydrogen stocks-APD, PLUG, BE, and FCEL, chosen by Kalkine Media®:
Air Products and Chemicals, Inc. (NYSE:APD)
Air Products and Chemicals, Inc. is a US multinational corporation, that sells gases and chemicals. Based out of Upper Macungie Township, Pennsylvania, the company supplies industrial gas to over 50 countries.
The US$ 57.6 billion market valuation company, Air Products and Chemicals distributes a dividend of US$ 1.62 per share on a quarterly basis.
APD stock tumbled close to 13 per cent year-to-date (YTD). However, it rose by over 10 per cent in the past six months. Its earnings-per-share (EPS) was US$ 10.26.
In its Q3 2022 results release, the company said it is expanding its presence by working on potential projects in the Middle East and Europe for supplying low- and zero-carbon hydrogen.
Air Products and Chemicals reported a GAAP net income of US$ 587 million in its Q2 2022 results, which was up 10 percent from the same quarter of the prior year.
Plug Power Inc. (NASDAQ:PLUG)
The company develops hydrogen fuel cell systems. Plug Power claims that its batteries can replace conventional batteries in electric vehicles and equipment.
Plug Power has facilities in Washington, Spokane, and Rochester with its main base in Latham, New York.
The company has a market cap of US$ 15.21 billion. Over the past six months, Plug Power shares increased by 35.38 per cent. PLUG saw a surge of over 53 per cent in the last 30 days.
Plug Power entered into an agreement with New Fortress Energy for a 120-megawatt industrial-level hydrogen plant in Texas.
Plug Power reported total assets of US$ 3.9 billion in its Q2 2022 results. It reported net revenue of US$ 151.26 million in Q2 2022, compared to US$ 124.6 million in Q2 2021.
According to Refinitiv data, PLUG stocks had a Relative Strength Index (RSI) of 58.77 as of August 23, 2022. It indicates that the stock is in the neutral zone and stable.
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Bloom Energy Corporation (NYSE:BE)
Bloom Energy sells solid oxide fuel cells that help in the generation of electricity. It was founded in 2001 and went public in 2018.
Bloom Energy has a market valuation of US$ 4.40 billion. BE stock was trading at the price of $24.545 at 3:12 pm ET on August 22, 2022, with a share volume of 3,711,027.
The share prices of Bloom Energy rose 49.70 per cent over the past month. On a year-to-date basis, it gained 15.35 per cent.
In June this year, Bloom Energy joined hands with Ferrari to help the auto giant achieve carbon neutrality in manufacturing by 2030. Bloom Energy will install solid oxide fuel cells at Ferrari’s manufacturing facility and headquarters in Italy.
Bloom Energy announced a record second-quarter 2022 revenue of US$ 243.2 million. It reported total assets of US$ 1.6 billion in the second quarter of 2022.
Bloom’s total revenue in Q2 2022 was US$ 173.7 million, compared to US$ 146.9 million in the second quarter of 2021.
FuelCell Energy, Inc. (NASDAQ:FCEL)
FuelCell Energy, Inc. is a publicly traded US fuel cell company, based out of Danbury, Connecticut.
FuelCell Energy has a market cap of US$ 1.6 billion. The FCEL stock plunged over 26 per cent year-to-date. But over the past month, it jumped 27.54 per cent.
On August 4, FuelCell Energy announced the launch of the new carbon savings calculator, for companies that are interested in recycling the carbon they produce.
In the second quarter results of 2022, FuelCell Energy reported a revenue of US$ 16.4 million compared to US$ 14.0 million in the year-ago quarter. It also posted a gross loss of US$7.3 million relative to US$ 4.8 million in the same quarter a year ago.
Bottom line:
Green hydrogen seems to have a potential as the US government looks to reduce carbon emissions. However, investing in hydrogen stocks takes expert analysis because the stock market behaves differently, responding to the slightest move in the sector. Investors must be analytical to choose the right stocks to build their portfolio, especially when the market is tumultuous.
