As investors wonder about what stocks to buy today, renewable energy stocks are taking center stage. For the most part, many would argue that this section of the stock market holds plenty of long-term growth potential. After all, with the ongoing climate crisis rearing its head even during the current pandemic, there is a need for action. Particularly, action towards lowering our carbon footprints across the globe to combat the effects of global warming. With all this in mind, I can understand if investors are bullish on renewable energy stocks now.
If anything, the stock market today is filled with up-and-coming renewable energy stocks. On one hand, there are pure-play clean energy companies like Canadian Solar (NASDAQ: CSIQ) and Daqo New Energy (NYSE: DQ). The likes of which would stand to benefit directly from the general adoption of solar energy across industrial markets. Now, both companies’ shares are sitting on gains of over 170% since their pandemic era lows.
At the same time, the electric vehicle (EV) industry seems to be getting a boost from consumers and federal governments alike. This is evident as consumer demand is rising while President Biden aims to invest billions towards U.S. EV infrastructure. Because of these tailwinds, EV stocks have and continue to gain momentum in the stock market now. In fact, Faraday Future (NASDAQ: FFIE), an emerging EV company is set to make its stock market debut today. Given all of this, you might be keen to invest in the global green wave yourself. Should that be the case, here are four top renewable energy stocks making headlines now.Best Renewable Energy Stocks To Buy [Or Avoid] Now
- Clean Energy Fuels Corporation (NASDAQ: CLNE)
- General Motors Company (NYSE: GM)
- Enphase Energy Inc. (NASDAQ: ENPH)
- Xpeng Inc. (NYSE: XPEV)
Clean Energy Fuels (CLNE) is one of the largest providers of clean fuel for the transportation market. It strives to decarbonize transportation through the development and delivery of renewable natural gas (RNG). The company essentially allows thousands of vehicles to reduce their greenhouse gases. It also does this by operating a vast network of fueling stations across the U.S. and Canada. CLNE stock closed Thursday’s trading at $7.68 a share and is up by over 200% in the past year.
In May, the company announced new RNG contracts as fleets across North America increasingly continue to adopt the company’s clean, low-carbon fuel to power heavy and medium-duty trucks. “Fleets are learning that RNG, together with natural gas engine technology, is a proven solution that can significantly decrease the impact of harmful emissions and reduce greenhouse gas emissions,” said Chad Lindholm, vice president, Clean Energy Fuels. “Clean Energy’s corporate vision is directly tied to working with our customers to improve air quality and positively influence public health. We will continue to grow the role of RNG in our fuel offerings to provide a clean and cost-effective alternative to diesel fuel.” With that in mind, would you add CLNE stock to watch your watchlist now?Source: TD Ameritrade TOS
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General Motors (GM) is a multinational company that designs and manufactures vehicles and vehicle parts. It is focusing on advancing an all-electric future as it unveiled its latest growth strategy earlier this year. Notably, it plans to invest over $25 billion in EV and autonomous vehicles (AV) products through 2025. It also plans to launch 30 new EVs globally by the end of 2025. At the heart of its strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. GM Stock currently trades at $55.64 a share as of the end of Thursday’s trading session.
On July 9, 2021, the company announced that it sustained strong momentum in China for the second quarter. GM and its joint ventures in China delivered more than 750,000 vehicles, an increase of 5.2% year-over-year. This growth was driven by luxury and premium vehicles and SUVs/MPVs that include the Cadillac CT5 and XT6, and Buick LaCrosse. Sales of its new energy vehicles across brands also posted a strong performance this quarter.
On July 2, 2021, GM also announced that it will source U.S.-based lithium for its next-generation EV batteries through a closed-loop process with low carbon emissions. Lithium is a metal crucial to GM’s plans to make more affordable and higher mileage EVs. All things considered, will you add GM stock to your portfolio?Source: TD Ameritrade TOS Enphase Energy Inc.
Enphase is a renewable energy company and the world’s leading supplier of micro inverter-based solar-plus-storage systems. Also, the company delivers smart, easy-to-use solutions that connect solar generation, storage, and energy management on one platform. Furthermore, the company has shipped over 34 million microinverters and approximately 1.5 million Enphase-based systems to over 130 countries. ENPH stock currently trades at $178.94 as of Thursday’s closing bell. The company will be announcing its second-quarter 2021 financial results on July 27, 2021, after the market closes.
On Tuesday, Barclays analyst Moses Sutton maintained a Buy rating on Enphase. The analyst also set a price target of $217 for the company which is over a 20% increase from its current price. In late June, the company launched its Encharge battery storage system in Germany, the product’s first expansion into a market outside of the U.S. The battery storage system offers configurations ranging from 3.5 kWh to 42 kWh, along with the option to upgrade and expand through the lifetime of the system. Given this exciting piece of news, is ENPH stock worth buying right now?Source: TD Ameritrade TOS Xpeng Inc.
Another name to know in the renewable energy space now would be Xpeng Inc. In brief, the company primarily focuses on the development and manufacturing of EVs. This Guangzhou-based EV maker is among the major players in the massive Chinese EV market. According to Deutsche Bank (NYSE: DB) analysts, EV sales in the country could likely double just this year. Notably, Xpeng’s delivery numbers for the second quarter appear to line up with this monumental growth. Earlier this month, the company announced that it had delivered 17,398 vehicles, a 439% year-over-year increase. With XPEV stock currently trading at $43.27 a share as of Thursday’s close, could it be a good investment now?
For one thing, Xpeng does not seem to be slowing down on the operational front right now. Just this week, the company unveiled the price range for its latest P5 smart sedan. At the low end, Chinese consumers can get their hands on the company’s latest EV for just over $24,700 (RMB 160,000). This move would be a timely one as Tesla (NASDAQ: TSLA) just launched a cheaper version of its Model Y EV which retails at over $38,700. With Xpeng coming in hot with its competitive pricing, I can understand if investors are watching XPEV stock closely. Will you be doing the same?Source: TD Ameritrade TOS