10 Best Green Stocks To Buy According to Short Sellers

1. Eversource Energy (NYSE:ES)  

Short Interest as % of Shares Outstanding: 1.13%  

Number of Hedge Fund Investors in Q2 2024: 26  

Eversource Energy (NYSE:ES) is a leading energy provider in the New England region in the United States and serves over 4 million customers through its subsidiaries, including Connecticut Light and Power (CL&P), NSTAR Electric, Public Service Company of New Hampshire (PSNH), and Aquarion Company. The company offers electric, gas, and water utility services and is committed to advancing green energy solutions. Eversource Energy (NYSE:ES) is making significant investments in wind and geothermal projects to support its transition toward more sustainable energy sources.

Eversource Energy (NYSE:ES) has investments in key offshore wind projects, such as South Fork Wind, Revolution Wind, and Sunrise Wind. The Sunrise Wind project is expected to be the largest offshore wind initiative in the United States by 2026 and will generate 924 megawatts of power. Eversource has sold a 50% stake in this project to Ørsted, a deal anticipated to bring in $1.5 billion by the third quarter of 2024.

Eversource Energy (NYSE:ES) has a relatively low percentage of short interest at only 1.13% indicating that investors have confidence in the company’s prospects. Analysts have a consensus Buy rating on the stock, with an average price target of $72.82 which indicates a potential 6.6% upside from current levels. As of the second quarter, Eversource’s stock is held by 26 hedge funds, with a total stake valued at $622.20 million. Zimmer Partners is the largest shareholder, owning shares worth $303.36 million as of June 30.

While we acknowledge the potential of Eversource Energy (NYSE:ES) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ES but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

Disclosure. None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.