10 Cheap Clean Energy Stocks To Buy According to Hedge Funds

7. Eversource (NYSE:ES)  

Number of Hedge Fund Investors: 26  

Forward P/E Ratio as of September 8: 14.78

Eversource (NYSE:ES) is a major energy provider in New England, operating through its subsidiaries, including Connecticut Light and Power (CL&P), NSTAR Electric, Public Service Company of New Hampshire (PSNH), and Aquarion Company. The company serves over 4 million customers with electric, gas, and water services. Eversource (NYSE:ES)  is dedicated in advancing clean energy solutions and is investing heavily in offshore wind and geothermal projects to support its transition toward more sustainable energy sources.

Eversource (NYSE:ES) has established itself as a significant player in the clean energy sector through its investments in major offshore wind projects, including South Fork Wind, Revolution Wind, and Sunrise Wind. The Sunrise Wind project is anticipated to become the largest offshore wind initiative in the U.S. by 2026 and will generate 924 megawatts of power. Eversource (NYSE:ES) has sold a 50% stake in this project to Ørsted, a transaction projected to yield $1.5 billion by Q3 2024.

Eversource’s (NYSE:ES) stock is trading at a forward PE of 14.78, a 13.87% discount to its sector median of 17.16. Industry analysts have a consensus on the stock’s Buy rating, setting an average share price target at $72.82, which represents a 6.6% upside potential from its current levels. As of the second quarter, Eversource’s (NYSE:ES) stock is held by 26 hedge funds with a stake worth $622.20 million. Zimmer Partners is the largest shareholder in the company and owns stocks worth $303.36 million as of June 30.