June
7, 2021
7 min read
This story originally appeared on StockMarket
Top Green Energy Stocks To Watch In The Stock Market Today
As the world continues to fight against the effects and causes of climate change, the green energy sector could flourish. Understandably, this would result in investors turning their radars towards the top green energy stocks in the stock market today. Indeed, global green initiatives would contribute towards the current momentum seen in the renewable energy industry now. From zero-carbon aspirations to the prominent rise in the electric vehicle (EV) market, investors and companies alike stand to benefit. Across the board, we can see that this is the case now.
Whether it is solar energy companies like Enphase (NASDAQ: ENPH) or hydrogen players such as Plug Power (NASDAQ: PLUG) investors are spoilt for choices. On one hand, Enphase reported solid figures in its recent quarter fiscal posted back in April. In it, the company posted year-over-year gains of 46% in total revenue and 171% in cash on hand. On the other hand, investors appear bullish on hydrogen-based green energy names like Plug Power. According to investment banking firm, UBS (NYSE: UBS), hydrogen is among the “major contributing forces in helping decarbonize the world”.
By and large, both ENPH stock and PLUG stock have more than doubled in value over the past year. With all that said, you might be interested to add some of the top green energy stocks to your portfolio. Should that be the case, here are five worth knowing in the stock market now.
Top Green Energy Stocks To Watch Now
Gevo Inc.
Gevo is a renewable chemical and advanced biofuels company that is based in Colorado. It transforms renewable energy and carbon into energy-dense liquid hydrocarbons. They are then used for drop-in transportation fuels such as gasoline, jet fuel, and diesel fuel. When burnt, it has the potential to yield net-zero greenhouse gas emissions when measured across the full lifecycle of the products. GEVO stock is up over 16% during Monday’s trading session and currently trades at $8.89 as of 1:44 p.m. ET.
Last month, the company reported its first-quarter 2021 financial results. In it, the company announced plans for its innovative, world-class, and novel Net-Zero 1 Project to be located in Lake Preston, South Dakota. Net-Zero 1 is expected to produce 45MGPY of energy-dense liquid hydrocarbons. Gevo also says that it has begun construction of its renewable natural gas project in Northwest Iowa.
In February, the company also signed an amendment to its Fuel Sales Agreement with Scandinavian Airlines System for sustainable aviation fuel. The volume in the amendment is 5 million gallons per year and is expected to be worth $100 million of revenue across the life of the contract. For these reasons, is GEVO stock worth buying?
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Ford Motor Company
Ford is a multinational automaker that is headquartered in Michigan. The company has recently announced the details for its Ford+ plan for long-term growth and value creation. Diving in, the company expects 40% of Ford’s global vehicle volume to be all-electric by 2030. It has also raised electrification spending to over $30 billion by 2025. This would also include the development of IonBoost batteries. F stock currently trades at $15.68 as of 1:44 p.m. ET and is up by over 80% year-to-date.
Last week, the company reported its May 2021 sales highlights. In it, Ford reported that its electrified vehicle sales grew by a whopping 184% in May, achieving a new sales record with sales of 10,364 vehicles. Growth came from its Mustang Mach-E, which totaled 1,945 vehicles. The company says that new products continue to drive transaction pricing. Its sales were up overall by 4.1% on tight inventories. The company has also been receiving a large number of reservations for its all-electric F-150 lightning over the last few weeks, totaling over 70,000 trucks. Given the excitement surrounding the company’s electrification plans, will you consider buying F stock?
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Tesla Inc.
Tesla is a green energy company that creates electric vehicles and battery energy storage. The company is one of the fastest-growing green energy companies in the world. In 2020 for instance, Tesla had the highest sales in the plug-in and battery electric passenger car segments. TSLA stock currently trades at $589.35 as of 1:45 p.m. ET and is up by over 200% in the last year.
For its first quarter, the company achieved its highest-ever vehicle production and deliveries. GAAP net income for the quarter was $438 million while non-GAAP net income surpassed $1 billion for the first time in its history. Model 3 was the company’s best-selling sedan in the world and production ramp of Model Y in Shanghai is progressing well. All things considered, will you buy TSLA stock?
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Daqo New Energy Corporation
Another top green energy player to know now would be the Daqo New Energy Corporation (DQ). For some context, DQ is a Chinese company that operates in the solar energy industry now. Specifically, the company engages in the manufacturing of monocrystalline silicon and polysilicon. The likes of which are used in solar photovoltaic systems. Simply put, DQ produces core components of solar cells that serve as light-absorbers. Given the relevance of its operations in the solar energy market now, I could see investors eyeing DQ stock. As it stands, the company’s shares are up by over 500% in the past year. DQ stock currently trades at $74.98 a share as of 1:45 p.m. ET.
On the financial front, DQ continues to turn heads as well. In its recent quarter fiscal posted last month, the company saw green across the board. Notably, DQ saw year-over-year surges of 51% in total revenue and 150% in net income for the quarter. To investors’ delight, the company also saw its earnings per share skyrocket by 144% year-over-year. Moreover, DQ ended the quarter with $167.05 million in cash on hand, marking a 164% jump from the same quarter last year. Given all of this, would you consider DQ stock a top buy now?
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General Motors Company
Following that, we will be looking at legacy automaker, General Motors (GM). Sure, most would not immediately think of GM when on the topic of green energy companies. However, the company has and continues to bolster its EV offerings, which would go a long way in helping reduce U.S. carbon emissions. Adding to that, GM is also planning to be a carbon-neutral company by 2040. This would show its commitment towards supporting President Joe Biden’s climate agenda now.
More importantly, GM stock is currently trading at $62.68 a share as of 1:45 p.m. ET. This would indicate gains of over 105% in the past year. If anything, GM appears to be making waves in international EV markets as well. The company’s joint venture with two state-backed China automakers aims for annual sales of 1.2 million electric vehicles next year. Is GM stock a top green energy stock to consider buying right now for these reasons?