We’re always hearing about climate change, right? Well, that’s because many of us—at the risk of sounding cliche—care about the planet. Moving away from traditional fossil fuels and carbon-based energy resources is essential. The goal is to hit net zero, and it’s been a global undertaking.
Here’s the exciting part for investors: Renewable energy, once considered a niche market, is already beginning to power the world. While this energy transition is underway and many of us hug the sidelines as casual observers, we don’t have to wait to start profiting from it. Some organizations are clearly leading the way to make a net zero future come to fruition, and hey… I’ve found some!
To learn what makes these renewable energy stocks great portfolio choices, join me here:
TPI Composites Inc (TPIC)
One of the aforementioned businesses leading the way in renewable energy is TPI Composites Inc. (TPIC), which specializes in manufacturing and selling what makes up a vast portion of the world’s wind turbine blades. To provide a clearer picture of its production, in Q1 2023, TPIC made 655 blade sets, a notable increase from 547 sets in 2022. Requiring 37 manufacturing lines, TPIC’s output translates to nearly 3,000 megawatts of energy production, enough to power at least 1.2 million homes annually. The momentum is strong for TPIC, as it’s at the very bottom of its 52-week range, yet its stock is up YTD by 5.13%. TPIC’s TTM revenue is $1.58 billion, well over its $452 million market cap. It most recently beat analyst revenue forecasts by 5.60%, reporting $404.7 million vs. $382.64 expected, and TPIC’s revenue growth sits at 17.62%, expected to show another $406.5 million in sales for this quarter. With a PEG ratio of 0.76x, a P/S (price to sales) ratio of 0.26x, and a 10-day average volume of around 611,820 shares, TPIC has a median price target of $16, with a high of $22 and a low of $9, representing a more than 106% potential jump from current pricing. Given these metrics, we should Buy and Hold.
Algonquin Power & Utilities Corp (AQN)
Servicing a customer base of over one million across North America, Canada-based Algonquin Power & Utilities (AQN) offers regulated utilities and a diverse portfolio of clean energy solutions, including hydroelectric power, solar, wind, and thermal energy. Through its efforts, AQN lights the path to a greener future and has the numbers to back it up. AQN’s 0.45 beta score makes it safe from volatility, and also reassuring is the fact that during its last quarterly earnings report, it beat analysts’ EPS and revenue projections by 5.52% and 6.12%, respectively. AQN shows healthy YOY growth in essential areas such as revenue (+5.34%), net income (+196.97), EPS (+200%), and net profit margin (+180.66%). AQN presently offers an annual 5.15% dividend yield with a quarterly payout of 11 cents ($0.44/yr) per share. With an operating free cash flow of $487 million and a 10-day average volume of 3.29 million shares, AQN has a median price target of $9.22, with a high of $10.50 and a low of $7. This high-low suggests a potential price upside of 25%, and AQN, although up YTD by 29.29%, still trades near the bottom of its existing range, giving it plenty of space to do its thing. Analysts suggest that we Buy and Hold AQN.
General Electric Co (GE)
Although it might be surprising to see it on this particular list, General Electric (GE) has, over time, become known for its innovations in the alternative energy arena. For instance, GE’s wind turbines have propelled the business to the forefront of wind technology, helping to drive clean energy generation on the global scale I’ve previously mentioned. GE‘s commitment extends to investing in other renewable sources like solar power and hydroelectricity. Stock-wise, GE shows plenty of muscle, showing $74 billion in TTM revenue with a $6.84 EPS, during which it’s made $7.98 billion in net income on an 11.31% profit margin. For its last earnings report, GE surprised analysts’ EPS forecasts by a whopping 97.56%, reporting $0.27 per share vs. $0.14 expected. GE shows YOY growth in revenue (+14.29%), net income (+768.74%), EPS (+721.30), net profit margin (+678.35%), and operating income (+1,542.42%). GE has a 0.32% dividend yield and a quarterly payout of 8 cents ($0.32/yr) per share. With $6.36 billion in free cash flow and a 10-day average volume of 5.03 million shares, GE has a median price target of $109, with a $121 high and a low of $90, leaving healthy room for a price increase even though it’s up 55.30% YTD. Analysts say we should Buy and Hold GE.
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