In this article, we will discuss the 5 alternative energy stocks to buy amid the energy crisis in Europe. If you want to explore similar alternative energy stocks that can be eco-friendly plays, you can also read 10 Alternative Energy Stocks to Buy Amid Energy Crisis in Europe.
5. Brookfield Renewable Partners L.P. (NYSE:BEP)
Number of Hedge Fund Holders: 19
Brookfield Renewable Partners L.P. (NYSE:BEP) generates and supplies renewable energy hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. The company has operations in North America, Colombia, Brazil, Europe, India, and China. The company’s portfolio consists of over 20,000 megawatts of installed capacity.
On August 5, Brookfield Renewable Partners, L.P. (NYSE:BEP) announced earnings for the second quarter of fiscal 2022. The company reported funds from operations of $0.46 and generated a revenue of $1.27 billion, up 25% year over year, and outperformed Wall Street expectations by $129.3 million. As of September 5, the stock has gained 3.38% year to date.
Wall Street analysts see upside to Brookfield Renewable Partners, L.P. (NYSE:BEP). This August, JPMorgan analyst Mark Strouse raised his price target on Brookfield Renewable Partners L.P. (NYSE:BEP) to $43 from $41 and reiterated a buy-side Overweight rating on the shares. Moreover, on August 8, Desjardins analyst Brent Stadler raised his price target on Brookfield Renewable Partners L.P. (NYSE:BEP) to C$50 from C$49 and maintained a Hold rating on the shares.
At the end of the second quarter of 2022, 19 hedge funds were long Brookfield Renewable Partners L.P. (NYSE:BEP) and held stakes worth $236.31 million in the company. This is compared to 18 positions in the preceding quarter with stakes worth $261.96 million.
As of June 30, Select Equity Group owns 2.58 million shares of Brookfield Renewable Partners L.P. (NYSE:BEP) and is the largest shareholder in the company. The investment covers 0.28% of the fund’s 13F portfolio.
Here is what ClearBridge Investments had to say about Brookfield Renewable Partners L.P. (NYSE:BEP) in its first-quarter 2022 investor letter:
“Brookfield Renewable is a pure-play renewables operator and developer headquartered in Canada, focused on international hydro, solar, wind and storage technology. As more private and public institutions announce ambitious carbon reduction initiatives, Brookfield Renewable’s globally diversified, multi- technology renewables business makes it an attractive partner. Brookfield’s development pipeline stands at 18,000 MWs, providing confidence the company can meet its targeted double- digit cash flow growth through to 2025. The market narrative around the energy transition and energy security, along with increasing fossil fuels prices which have driven greater focus on switching to renewables, helped Brookfield shares in the quarter.”
4. Bloom Energy Corporation (NYSE:BE)
Number of Hedge Fund Holders: 24
Bloom Energy Corporation (NYSE:BE) designs and manufactures green solid-oxide fuel cell systems for on-site power generation in the United States and European markets. The company provides combustion-free energy solutions. As of September 5, Bloom Energy Corporation (NYSE:BE) has gained 11.02% over the past six months.
Wall Street analysts see upside to Bloom Energy Corporation (NYSE:BE) and see the stock capturing more market share in Europe. On August 19, Susquehanna analyst Biju Perincheril raised his price target on Bloom Energy Corporation (NYSE:BE) to $35 from $30 and maintained a Positive rating on the shares. On August 25, BofA analyst Julien Dumoulin-Smith resumed coverage of Bloom Energy Corporation (NYSE:BE) with a Buy rating and reiterated his price target of $34 on the shares.
At the end of Q2 2022, 24 hedge funds disclosed ownership of stakes in Bloom Energy Corporation (NYSE:BE). The total value of these stakes amounted to $73.4 million.
As of June 30, Marshall Wace LLP owns roughly 1 million shares of Bloom Energy Corporation (NYSE:BE) and is the largest shareholder in the company. The fund’s stakes are valued at $17 million.
3. Plug Power, Inc. (NASDAQ:PLUG)
Number of Hedge Fund Holders: 26
Plug Power Inc. (NASDAQ:PLUG) is a pioneer of hydrogen and zero-emissions fuel cell solutions. The company’s energy solutions apply to various applications including supply chain, logistics, electric vehicles, and the power market among others. Plug Power, Inc. (NASDAQ:PLUG) operates in North American and European markets. As Europe strives to enhance its energy security and abandon fossil fuels, green hydrogen solutions that are offered by Plug Power, Inc. (NASDAQ:PLUG) are expected to experience strong demand.
Wall Street is bullish on green hydrogen and Plug Power, Inc.’s (NASDAQ:PLUG) position in the market. This August, Craig-Hallum analyst Eric Stine raised his price target on Plug Power, Inc. (NASDAQ:PLUG) to $38 from $31 and reiterated a Buy rating on the shares. On August 18, Morgan Stanley analyst Stephen Byrd raised his price target on Plug Power, Inc. (NASDAQ:PLUG) to $53 from $42 and maintained an Overweight rating on the shares.
At the end of Q2 2022, 26 hedge funds held stakes in Plug Power, Inc. (NASDAQ:PLUG) worth $258.88 million. Of those, D E Shaw was the top shareholder with stakes worth $60.4 million.
2. First Solar, Inc. (NASDAQ:FSLR)
Number of Hedge Fund Holders: 26
First Solar, Inc. (NASDAQ:FSLR) is a leading developer and supplier of solar photovoltaic (PV) energy solutions. The company operates in the United States, Japan, France, Canada, India, Australia, and other international markets. As of June 30, D E Shaw owns roughly 1 million shares of First Solar, Inc. (NASDAQ:FSLR) and is the most prominent shareholder in the company.
On July 28, First Solar, Inc. (NASDAQ:FSLR) announced earnings for the second quarter of fiscal 2022. The company generated a revenue of $621 million and outperformed Wall Street expectations by $14.5 million. First Solar, Inc. (NASDAQ:FSLR) is on the rise. As of September 5, the stock has returned 42.71% to investors year to date.
Wall Street is bullish on First Solar, Inc. (NASDAQ:FSLR). On August 31, Baird analyst Ben Kallo raised his price target on First Solar, Inc. (NASDAQ:FSLR) to $164 from $119 and reiterated a buy-side Outperform rating on the shares. This August, BofA analyst Julien Dumoulin-Smith raised his price target on First Solar, Inc. (NASDAQ:FSLR) to $152 from $141 and maintained a Buy rating on the shares.
At the close of the second quarter of 2022, 26 hedge funds held stakes in First Solar, Inc. (NASDAQ:FSLR). The total value of these stakes amounted to $189.14 million.
1. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Number of Hedge Fund Holders: 40
SolarEdge Technologies, Inc. (NASDAQ:SEDG) develops, designs, and manufactures DC-optimized inverter systems for solar photovoltaic installations all across the world. The company through five business segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. At the end of Q2 2022, 40 hedge funds were long SolarEdge Technologies, Inc. (NASDAQ:SEDG) with stakes worth $749.36 million.
On August 2, SolarEdge Technologies, Inc. (NASDAQ:SEDG) reported earnings for the second quarter of fiscal 2022. The company generated a revenue of $727.7 million, up 51.6% year over year. The company reported earnings per share of $o.95.
Wall Street analysts see SolarEdge Technologies, Inc. (NASDAQ:SEDG) benefiting from the current energy situation and are bullish on the stock. On August 8, JPMorgan analyst Mark Strouse raised his price target on SolarEdge Technologies, Inc. (NASDAQ:SEDG) to $419 from $373 and reiterated a buy-side Overweight rating on the shares. On August 18, Morgan Stanley analyst Stephen Byrd raised his price target on SolarEdge Technologies, Inc. (NASDAQ:SEDG) to $352 from $316 and maintained an Equal Weight rating on the shares.
As of June 30, Impax Asset Management owns roughly 0.58 million shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) and is the largest shareholder in the company. The investment covers 0.77% of Ian Simm’s 13F portfolio.
Here is what ClearBridge Investments had to say about SolarEdge Technologies, Inc. (NASDAQ:SEDG) in its second-quarter 2022 investor letter:
“We are well-positioned to participate in the accelerating energy transition. High and rising utility costs combined with policy support are driving increased penetration of home solar plus storage systems in Europe. Israel-based SolarEdge Technologies (NASDAQ:SEDG) expects to see significant growth in solar installations in this market led by Germany and Italy, among others, where consumers are not only demanding solar on the roof but a complete system solution including batteries. This phenomenon is accelerating revenue growth for these companies.”
You can also take a look at 10 Best Alternative Energy Stocks to Buy Now and Analysts Are Recommending These 10 Green Energy Stocks for the Future.
