Renewable energy stocks are a hot commodity right now. As the world becomes increasingly aware of the need to reduce our dependence on fossil fuels, many investors are turning to renewable energy companies as a way to capitalize on this growing industry. What’s more, renewable energy stocks come in many different forms, from solar and wind power to hydroelectricity and geothermal energy.
Additionally, renewable energy stocks offer investors a way to profit from the growth of the clean energy industry. For example, if you invest in a company that produces solar panels, you will profit as the demand for solar panels increases. With that, renewable energy stocks can be a good investment for those who are interested in profiting from the growth of the clean energy industry. If you’re keen on investing in the renewable energy sector, here are large companies for your stock market watchlist today.
Renewable Energy Stocks To Invest In [Or Sell] Now
- Brookfield Renewable Partners L.P. (NYSE: BEP)
- Enphase Energy Inc. (NASDAQ: ENPH)
- NextEra Energy Inc. (NYSE: NEE)
1. Brookfield Renewable Partners (BEP Stock)
First, Brookfield Renewable Partners L.P. (BEP) is a publicly traded partnership that owns and operates a diversified portfolio of renewable power generation facilities across North America, South America, Europe, and Asia.
BEP Recent Stock News
Earlier this month, Brookfield Renewable Partners announced their 3rd quarter 2022 financial results. Diving in, BEP reported a loss of $0.25 and revenue of $1.1 billion for Q3 2022. This is versus the street’s consensus estimates for Q3 2022, which was a loss of $0.04, and revenue of $974.2 million. Meanwhile, the company also reported revenue growth of 14.4% versus the same period, a year prior.
Additionally, Connor Teskey, CEO of Brookfield Renewable commented, “We had another successful quarter, as we delivered excellent financial results and executed on several large-scale transactions from our robust pipeline of renewable and energy transition growth opportunities.”
BEP Stock Price
Looking at the last month of trading, shares of BEP stock are down 1.19%. While, on Friday, BEP stock is trading lower by 1.09%, at $29.03 a share.
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2. Enphase Energy (ENPH Stock)
Next, Enphase Energy Inc. (ENPH) is a global energy technology company. Enphase designs and manufactures solar microinverters that are used in residential and commercial photovoltaic systems. What’s more, Enphase delivers smart, easy-to-use solutions that manage solar generation, storage, and communication from one single platform.
ENPH Recent Stock News
At the end of last month, Enphase reported better-than-expected financial results for Q3 2022. Specifically, the company reported earnings of $1.18 per share and revenue of $634.7 million for the third quarter of 2022. This is versus, Wall Street’s consensus estimates which were an EPS of $1.07 per share, and revenue estimates of $604.0 million for Q3 2022.
Impressively, Enphase reported an 80.6% increase in revenue on a year-over-year basis. Continuing on, the company also said it is expecting Q4 2023 revenue in the range of $680 million to $720 million.
In the press release to shareholders, the company said, “We reported record quarterly revenue of $634.7 million in the third quarter of 2022, along with 42.9% for non-GAAP gross margin. We shipped 4,342,805 microinverters, or approximately 1,709 megawatts DC, and 133.6 megawatt hours of Enphase® IQ™ Batteries.“
ENPH Stock Price
In the last month of trading activity, shares of Enphase Energy stock have surged 24.04%. Meanwhile, during Friday’s lunchtime trading session, ENPH stock is trading slightly lower by 0.45% on the day, at $311.55 per share.
[Read More] 3 Value Stocks To Watch In November 2022
3. NextEra Energy (NEE Stock)
Last but not least, NextEra Energy (NEE) is a renewable energy company. NextEra Energy owns Florida Power & Light Company, which is America’s largest electric utility that sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.8 million customer accounts, or more than 12 million people across Florida.
NEE Recent Stock News
In October, NextEra Energy reported a beat for its third-quarter 2022 financial results. In detail, the company posted an EPS of $0.85, along with revenue of $6.7 billion. Analysts’ consensus estimates for the quarter were earnings of $0.79 per share, and revenue of $5.6 billion. These revenue figures represent a 53.8% increase versus the same period, a year prior.
John Ketchum, chairman, president, and CEO of NextEra Energy said, “NextEra Energy delivered strong third-quarter results and is well positioned to achieve our overall objectives for 2022. Adjusted earnings per share increased by approximately 13% year-over-year, reflecting continued strong performance at both FPL and NextEra Energy Resources.”
NEE Stock Chart
In the last month of trading, NextEra Energy stock has rebounded 10.94%. While, during Friday’s lunchtime session, shares of NEE stock are trading higher by 1.15% at $83.30 a share.
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