5 Best Renewable Energy Stocks to Buy and Hold for the Next 10 Years

1. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 53

Enphase Energy, Inc. (NASDAQ:ENPH) is a California-based company that develops and manufactures home energy solutions for the solar photovoltaic industry in the United States and internationally. On July 26, Enphase Energy, Inc. (NASDAQ:ENPH) reported its Q2 2022 results, posting earnings per share of $1.07 and revenue of $530 million, outperforming estimates by $0.22 and $24.8 million, respectively. The company announced upbeat guidance for Q3, expecting revenue of $590 million-$630 million, well above the $549 million consensus estimate. 

On August 11, KeyBanc analyst Sophie Karp raised the price target on Enphase Energy, Inc. (NASDAQ:ENPH) to $363 from $230 and kept an ‘Overweight’ rating on the shares. Enphase Energy, Inc. (NASDAQ:ENPH) should continue to benefit from the Inflation Reduction Act. While she believes that in the short-term the stock might lag due to investor positioning, in the long-term, she expects Enphase Energy, Inc. (NASDAQ:ENPH) to deliver resilient top-line and earnings growth. Enphase Energy, Inc. (NASDAQ:ENPH) continues to execute and outperform expectations as it is one of the best positioned names in her Alternative Energy coverage, the analyst contended.

According to Insider Monkey’s data, 53 hedge funds were bullish on Enphase Energy, Inc. (NASDAQ:ENPH) at the end of Q2 2022, compared to 57 funds in the earlier quarter. Philippe Laffont’s Coatue Management is the leading position holder in the company, with 1.36 million shares worth $267 million. 

Here is what the ClearBridge Investments Sustainability Leaders Strategy had to say about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q1 2022 investor letter:

“Enphase Energy (NASDAQ:ENPH) is a key solar holding that should be able to take advantage of greater incentives for solar installations in many geographies. The company was also a strong contributor for the quarter, overcoming pressures of a higher discount rate on their strong projected future earnings, raw material inflation and supply chain challenges as their long-term value was reaffirmed.”

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