In this article, we will take a look at the 5 high growth utility stocks to buy. To read our analysis of the recent technology trends, and market activity, you can go to the 12 High Growth Utility Stocks to Buy.
5. ReNew Energy Global Plc (NASDAQ:RNW)
Latest YoY Quarterly Revenue Growth: 28.10%
Number of Hedge Fund Holders: 13
Based in Gurugram, India, ReNew Energy Global Plc (NASDAQ:RNW) is India’s leading renewable energy company with a clean energy portfolio of nearly 13.8 GWs on a gross basis as of September 30, 2023
On December 4, ReNew Energy Global Plc (NASDAQ:RNW) announced the signing of a Memorandum of Understanding with the Asian Development Bank to collaborate on climate change mitigation and adaptation projects. The MoU covers projects with investment value of more than $5.3 billion between 2023 and 2028.
Earlier on November 20, ReNew Energy Global Plc (NASDAQ:RNW) released its financial results for the three months ended September 30, 2023. Its total revenue increased by 28% y-o-y to $345 million while it generated a net income of $45 million. Its normalized EPS of $0.11 surpassed the consensus estimates by $0.09.
Following the earnings release, Roth MKM analyst Justin Clare reiterated a ‘Buy’ rating for ReNew Energy Global Plc (NASDAQ:RNW) shares with an unchanged price target of $9 per share, which represents a potential upside of 25.70% based on the share price on December 15.
4. Altus Power, Inc. (NYSE:AMPS)
Latest YoY Quarterly Revenue Growth: 48.10%
Number of Hedge Fund Holders: 18
Stamford, Connecticut-based Altus Power, Inc. (NYSE:AMPS) is a leading commercial-scale provider of clean electric power to commercial, industrial, public sector and Community Solar customers. It originates, develops, owns, and operates locally sited solar generation, energy storage and charging infrastructure across the nation.
In recent months, Altus Power, Inc. (NYSE:AMPS) executed agreement to acquire 121 MW of solar assets for $120.4 million which expands the company’s presence in North and South Carolina and brings total installed portfolio to nearly 721 MW. The company expects completion of construction for new assets with 75 MW capacity by end of 2023.
On November 13, Altus Power, Inc. (NYSE:AMPS) announced the closing of its Blackstone Construction Facility designed for the construction of commercial solar assets. It includes capacity of $200 million to fund costs.
3. Fluence Energy, Inc. (NASDAQ:FLNC)
Latest YoY Quarterly Revenue Growth: 52.26%
Number of Hedge Fund Holders: 17
Arlington, Virginia-based Fluence Energy, Inc. (NASDAQ:FLNC) is a global market leader in energy storage products and services, and cloud-based software for renewables and storage. It provides energy storage products, service offerings, and the Fluence IQ Platform, which delivers AI-enabled SaaS products for managing and optimizing renewables and storage from any provider.
On November 28, Fluence Energy, Inc. (NASDAQ:FLNC) released its financial results for the three months and fiscal year ended September 30, 2023. During the quarter, its revenues increased by 52% y-o-y to $673 million, while it generated a net income of $3 million. The normalized EPS was recorded at $0.67 for the quarter, which exceeded consensus estimates by $0.16.
On December 11, RBC Capital analyst Shelby Tucker raised the price target for Fluence Energy, Inc. (NASDAQ:FLNC) shares to $33 from $32 and maintained an ‘Outperform’ rating. The price target represents a potential upside of 27.46% based on the share price on December 15.
According to the Insider Monkey data on 910 leading hedge funds, 17 hedge funds were long Fluence Energy, Inc. (NASDAQ:FLNC) shares as of Q3 2023, with the total shares held by hedge funds valued at $122 million. Jos Shaver’s Electron Capital Partners was the largest hedge fund shareholder with ownership of 2.4 million shares valued at $55 million.
2. Genie Energy Ltd (NYSE:GNE)
Latest YoY Quarterly Revenue Growth: 53.84%
Number of Hedge Fund Holders: 7
Based in Newark, New Jersey, Genie Energy Ltd (NYSE:GNE) is a retail energy and renewable energy solutions provider. Its retail energy division supplies electricity, and natural gas to residential and small business customers in the United States while its renewables division is a provider of commercial, community, and utility-scale solar energy solutions.
On November 6, Genie Energy Ltd (NYSE:GNE) released its financial results for Q3 2023. Its revenue surged by 54% y-o-y to $125 million, while net income declined by 21% y-o-y to $14.5 million.
Following the strong financial performance in the first nine months of the year, Genie Energy Ltd (NYSE:GNE) raised its 2023 Adjusted EBITDA guidance range of $47 to $55 million to $52 to $57 million.
Like other stocks such as Exelon Corporation (NYSE:EXC), Fluence Energy, Inc. (NASDAQ:FLNC), and Northwest Natural Holding Company (NYSE:NWN), Genie Energy Ltd (NYSE:GNE) is among the 12 high growth utility stocks to buy.
1. Consolidated Water Co. Ltd. (NASDAQ:CWCO)
Latest YoY Quarterly Revenue Growth: 99.00%
Number of Hedge Fund Holders: 8
Cayman Islands-based Consolidated Water Co. Ltd. (NASDAQ:CWCO) designs, builds, and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and water treatment and reuse facilities in the United States.
On November 9, Consolidated Water Co. Ltd. (NASDAQ:CWCO) released its financial results for Q3 2023 which surpassed consensus estimates for top and bottom line figures. It generated a revenue of $50 million and a net income of $8.6 million which translates to an EPS of $0.54. The revenue and EPS figures exceeded consensus estimates by $12.15 million and $0.13 respectively.
As of Q3 2023, 8 of the 910 hedge funds tracked by Insider Monkey were long Consolidated Water Co. Ltd. (NASDAQ:CWCO) and held shares worth $5.0 million. Israel Englander’s Millennium Management was the largest shareholder with ownership of 0.094 million shares valued at $2.7 million.
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