10 Best Geothermal Stocks to Buy According to Hedge Funds

5. Baker Hughes Company (NASDAQ:BKR)

Number of Hedge Fund Investors: 58

Baker Hughes Company (NASDAQ:BKR) was founded in 2017 by combining GE’s oil and gas sector with the legacy of Baker Hughes. While the merger was costly, it resulted in a global equipment and service powerhouse that provided numerous solutions across the energy sector and adjacent markets. It is a global leader in oilfield services and equipment, with customers in more than 120 countries. The company has been increasing its focus on renewable energy technologies, particularly geothermal energy, through the use of modern geothermal drilling methods.

Baker Hughes (NASDAQ:BKR) uses Advanced Geothermal Systems from GreenFire Energy to convert oil and gas wells into geothermal power, making it among the Best Geothermal Stocks. Its closed-loop technology revitalizes depleted fields, making previously unprofitable operations viable. In March, the firm collaborated with Earths Energy to build geothermal projects in Australia.

Baker Hughes Company (NASDAQ:BKR) recorded solid earnings in the fourth quarter of 2024. The company reported a revenue of $7.4 billion, representing an 8% hike over the same period the previous year. Its Industrial & Energy Technology segment received $3.8 billion in orders during the quarter, fueled by strong LNG demand and an extra gas infrastructure contract. With this strong finish to the year, total orders for 2024 hit $13 billion, making it the company’s second-highest annual order volume in history. This performance shows the company’s diverse end markets and portfolio flexibility.