5 Best Undervalued Energy Stocks To Buy According to Analysts

2. Plug Power Inc. (NASDAQ:PLUG)

Average analyst price target as of Oct 23: $15.40

Average analyst price target upside: 161.90%

Plug Power Inc. (NASDAQ:PLUG) is a New York-based electrical equipment company that offers hydrogen fuel cell turnkey solutions and deals with industrial mobility applications. It serves the North American and European material markets and its customers include refineries, producers of chemicals, steel, fertilizer, and commercial refueling stations.

On October 11, Plug Power Inc. (NASDAQ:PLUG), one of the best-undervalued energy stocks, announced that it would be supplying a 280 MW (megawatt) proton exchange membrane (PEM) electrolyzer system to Arcadia eFuels for its Vordingborg plant, strengthening its position as the supplier of green hydrogen solutions in the hydrocarbon fuel industry.

On October 11, Plug Power Inc. (NASDAQ:PLUG) reported that it had entered into a Memorandum of Understanding (MOU) with Fortescue Metals Group Limited (OTC:FSUGY). Under the contract, the two companies will look into supplying equipment, including 550 MW electrolyzers, to Fortescue’s green hydrogen production projects in North America. Moreover, under the MoU, Plug Power Inc. (NASDAQ:PLUG) and Fortescue Metals Group Limited (OTC:FSUGY) will potentially partner up for additional large-scale projects globally.

Follow Plug Power Inc (NASDAQ:PLUG)