In this article, we will take a look at the 5 best environmental stocks to invest in. To see more such companies, go directly to 15 Best Environmental Stocks To Invest In.
5. Target Corporation (NYSE:TGT)
Number of Hedge Fund Holders: 45
Target Corporation (NYSE:TGT) is one of the biggest merchandize retailers in the US. With a market capitalization of $60 billion, Target Corporation (NYSE:TGT) offers apparel for women, men, boys, girls, toddlers, and infants and newborns, as well as jewelry, accessories. Recently, JPMorgan raised Target Corporation (NYSE:TGT)’s price target to $125 from $113, while Wells Fargo upgraded the firm’s stock to overweight from equalweight. The company expects to reach net-zero emissions by 2040.
“We want our guests to turn to Target first when they think about sustainability. We know that the only way to make that possible is by putting both people and the planet at the center of our efforts, as we co-create with our guests, our partners and the communities we serve,” Senior Vice President of Corporate Responsibility Amanda Nusz said.
Out of 910 hedge funds profiled by Insider Monkey, 45 held stakes in Target Corporation (NYSE:TGT). The largest stakeholder was Ken Griffin’s Citadel Investment Group which owned roughly 3 million shares of Target Corporation (NYSE:TGT) that were valued at $111.8 million.
4. Enphase Energy, Inc. (NASDAQ:ENPH)
Number of Hedge Fund Holders: 50
Enphase Energy, Inc. (NASDAQ:ENPH) develops and sells home energy solutions for the solar photovoltaic sector globally. Ranked 4th in our list of the best environmental stocks to invest in, Enphase Energy, Inc. (NASDAQ:ENPH) expects to attain a 30% reduction in its economic emissions intensity by 2030. In 2022, Enphase Energy, Inc. (NASDAQ:ENPH) reported 100% of the recycling of harmful materials. In Q3, it reported earnings of $1.02 per share and revenue of $551.1 million.
Insider Monkey took a look at hedge fund portfolios for Enphase Energy, Inc. (NASDAQ:ENPH)’s second quarter of 2023 investments and concluded that 50 had stakes in the firm. Ken Griffin’s Citadel Investment Group was the largest stakeholder that owned 1.5 million shares of Enphase Energy, Inc. (NASDAQ:ENPH) that were valued at $259.5 million.
3. First Solar, Inc. (NASDAQ:FSLR)
Number of Hedge Fund Holders: 51
Tempe, Arizona-based First Solar, Inc. (NASDAQ:FSLR) offers photovoltaic solar energy solutions around the globe. Ranked 3rd in our list of the best environmental stocks to invest in, First Solar, Inc. (NASDAQ:FSLR) said last year it planned to invest roughly $1.2 billion in America’s clean energy future by constructing a vertically-integrated manufacturing site in the country which it expects to be operational by 2025. In its 2023 ESG report, the company expects to reach net-zero emissions by 2050.
Out of 910 hedge funds profiled by Insider Monkey at the end of June 30, 51 had stakes in First Solar, Inc. (NASDAQ:FSLR). The largest stakeholder was Ken Griffin’s Citadel Investment Group which owned about 2.8 million shares of the firm that were valued at $538.7 million.
2. NextEra Energy, Inc. (NYSE:NEE)
Number of Hedge Fund Holders: 59
NextEra Energy, Inc. (NYSE:NEE) was founded in 1925 and is headquartered in Florida. As one of the largest electric utility companies in the US, NextEra Energy, Inc. (NYSE:NEE) generates, transmits, distributes, and sells electric power to retail and wholesale clients in Canada, Mexico, and the US. By no later than 2045, the company expects to completely eliminate its carbon emissions. In September, NextEra Energy, Inc. (NYSE:NEE)’s Florida Power & Light Company unit signed an agreement to sell Florida City Gas Chesapeake Utilities Corporation (NYSE: CPK) for $923 million.
“Producing electricity at Real Zero would be a game-changer – for our customers, the U.S. electric power sector and the entire U.S. economy,” Chairman and CEO John Ketchum said during the company’s 2023 ESG report.
Out of 910 hedge funds profiled by Insider Monkey at the end of June 30, 59 had stakes in NextEra Energy, Inc. (NYSE:NEE). The largest stakeholder was Citadel Investment Group which owned about 2.8 million shares of the firm that were valued at $207.2 million.
1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 79
As one of the largest electric vehicle manufacturers globally, Tesla, Inc. (NASDAQ:TSLA) tops our list of the best environmental stocks to invest in. With a market capitalization of around $740 billion, Tesla, Inc. (NASDAQ:TSLA) produces, leases, and sells EVs, and energy generation and storage systems mainly in the US, China and the European market. In 2022, Tesla, Inc. (NASDAQ:TSLA) developed and sold more than 1.3 million EVs around the world. In Q3, it manufactured more than 430,000 EVs and said that energy storage deployment jumped 90% year-over-year. For the September quarter, the Elon Musk-led EV manufacturing giant reported non-GAAP earnings of $0.66 per diluted share and total revenue of $21.5 billion.
Insider Monkey took a look at Q2 hedge fund portfolios for Tesla, Inc. (NASDAQ:TSLA) and found that 79 had stakes in the firm. Ken Griffin’s Citadel Investment Group was the largest stakeholder of Tesla, Inc. (NASDAQ:TSLA) which bought about 63.5 million shares of the firm that were valued at $16.6 billion.
Disclosure: None. You can also take a look at 13 Best ESG Stocks To Buy Now and 13 Cheap Energy Stocks To Buy.
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