5 Most Promising Hydrogen and Fuel Cell Stocks According to Analysts

In this article, we will look at the 5 most promising hydrogen and fuel cell stocks to buy now according to analysts. If you want to explore similar stocks, you can go to 10 Most Promising Hydrogen and Fuel Cell Stocks According to Analysts.

5. Air Products & Chemicals, Inc. (NYSE:APD)

Number of Hedge Fund Holders: 43

Average Upside Potential as of February 10: 14.07%

Air Products & Chemicals, Inc. (NYSE:APD) is a leading global provider of atmospheric gases, process and specialty gases, and related services. The company has a presence in the Americas, Asia, Europe, the Middle East, and India. The company is one of the world’s foremost suppliers of hydrogen, operating over one hundred hydrogen plants one of the world’s most extensive hydrogen distribution networks.

On February 2, BMO Capital analyst John McNulty revised his price target on Air Products & Chemicals, Inc. (NYSE:APD) to $386 from $394 and maintained an Outperform rating on the shares. Air Products & Chemicals, Inc. (NYSE:APD) is one of analysts’ most promising hydrogen and fuel cell stocks to buy now.

Over the past 3 months, Air Products & Chemicals, Inc. (NYSE:APD) has received 5 Buy ratings and 7 Hold ratings from Wall Street analysts. The stock has a consensus Buy rating and an average price target of $328.33. The stock’s average price target implies an upside of 14.07% from current levels. As of February 10, the stock is trading at $287.82 per share.

At the end of Q3 2022, 43 hedge funds were long Air Products & Chemicals, Inc. (NYSE:APD) and disclosed positions worth $394.2 million. As of December 31, Quaero Capital is the top investor in the company and has a position worth $3.88 million.

Here is what Matrix Asset Advisors had to say about Air Products and Chemicals, Inc. (NYSE:APD) in its third-quarter 2022 investor letter:

“During the quarter, we started a new position in Air Products and Chemicals, Inc. (NYSE:APD) for accounts with cash to invest. Air Products & Chemicals is a leading global industrial gas company with very stable returns. The company provides industrial gas in bulk liquid and compressed gas forms as well as via onsite dedicated facilities. Because many of its contracts are long-term, the business is less cyclical than many industrial companies while benefiting during economic upswings. Air Products is a leader in hydrogen fueling systems and infrastructure, and the company sees great potential to extend its leadership in the years ahead. APD consistently returns capital to its shareholders through share repurchases and by steadily increasing its dividend. Its current annual dividend of $6.48 per share provides a 2.8% yield on September 30.”

4. FuelCell Energy, Inc. (NASDAQ:FCEL)

Number of Hedge Fund Holders: 12

Average Upside Potential as of February 10: 15.16%

FuelCell Energy, Inc. (NASDAQ:FCEL) is a leading manufacturer of stationary fuel cell energy platforms, enabling the decarbonization of power and the production of hydrogen. The company primarily operates in the United States, South Korea, England, Germany, and Switzerland and serves a variety of industries including utilities, industrials, health care, data centers, and hydrogen transportation among others.

FuelCell Energy, Inc. (NASDAQ:FCEL) is ranked among the most promising hydrogen and fuel cell stocks to buy according to analysts. The stock has a consensus Hold rating among analysts and has an average price target of $3.95. The average price target represents an upside of 15.16% from current levels. As of February 10, FuelCell Energy, Inc. (NASDAQ:FCEL) is trading at $3.43 per share.

On December 21, 2022, B. Riley analyst Christopher Souther revised his price target on FuelCell Energy, Inc. (NASDAQ:FCEL) to $4 from $5 and maintained a Neutral rating on the shares.

At the close of Q3 2022, 12 hedge funds were bullish on FuelCell Energy, Inc. (NASDAQ:FCEL) and held stakes worth $57 million in the company.

3. Bloom Energy Corporation (NYSE:BE)

Number of Hedge Fund Holders: 24

Average Upside Potential as of February 10: 20.08%

Bloom Energy Corporation (NYSE:BE) specializes in the design, production, sales, and installation of solid-oxide fuel cell systems across the globe. The company serves various end-markets including data centers, hospitals, biotechnology facilities, and telecom among others. As of February 10, Bloom Energy Corporation (NYSE:BE) is trading at $24.05 and has an average price target of $28.88. The stock’s average price target represents an upside of 20.08% from current levels.

Bloom Energy Corporation (NYSE:BE) is one of analysts’ most promising hydrogen and fuel cell stocks to buy now. Over the past 3 months the stock has received 4 Buy ratings and 4 Hold ratings from Wall Street analysts, and has a consensus Buy rating. The stock has a high price target of $35 and a low price target of $22.

This February, Truist analyst Jordan Levy raised his price target on Bloom Energy Corporation (NYSE:BE) to $26 from $20 and maintained a Hold rating on the shares. Levy noted that the company’s fuel cell technology has an “incrementally positive” outlook and he sees “meaningful” electrolyzer orders supporting the company’s long-term growth story.

At the close of Q3 2022, Bloom Energy Corporation (NYSE:BE) was a part of 24 investors’ portfolios that disclosed positions worth $178.5 million in the company. As of December 31, Quaero Capital is the top investor in the company and has a stake worth $2.36 million.

Here is what ClearBridge Investments had to say about Bloom Energy Corporation (NYSE:BE) in its third-quarter 2022 investor letter:

“We were active in repositioning the portfolio in the quarter as market crosswinds opened idiosyncratic opportunities, adding two new industrials companies. Bloom Energy Corporation(NYSE:BE) is an electrical equipment company that makes solid-oxide fuel cell systems for on-site power generation, serving a variety of industries. Its fuel cells convert natural gas, biogas or hydrogen into baseload (non-intermittent) electricity without combustion, so there is low or no carbon emission. We expect significant upside through its ability to support the growing hydrogen economy, with a large opportunity for this in South Korea and meaningful policy support in the U.S. via the IRA, while other markets include biogas, carbon capture and marine transportation. Its natural gas energy server business is growing in the U.S. amid higher grid reliability concerns.”

2. ITM Power Plc (OTC:ITMPF)

Number of Hedge Fund Holders: N/A

Average Upside Potential as of February 10: 21.15%

ITM Power Plc (OTC:ITMPF) specializes in engineering and producing hydrogen energy systems for a variety of applications in Europe and the United States. The company also offers a variety of products and services including prototype development, electrolysis equipment, electrolyzer solutions, hydrogen storage solutions, and automotive fuel. ITM Power Plc (OTC:ITMPF) is one of analysts’ most promising hydrogen and fuel cell stocks to buy now.

ITM Power Plc (OTC:ITMPF) has a consensus Hold rating among Wall Street analysts. The stock has a high price target of $1.76 and a low price target of $1.36. The stock’s average price target of $1.51 implies an upside of 21.15% from current share levels. As of February 10, ITM Power Plc (OTC:ITMPF) is trading at $1.25 per share.

On January 23, JPMorgan analyst Patrick Jones revised his price target on ITM Power Plc (OTC:ITMPF) to 230 GBP from 280 GBP and maintained an Overweight rating on the shares.

1. Plug Power, Inc. (NASDAQ:PLUG)

Number of Hedge Fund Holders: 32

Average Upside Potential as of February 10: 97.07%

Plug Power, Inc. (NASDAQ:PLUG) is a leading provider of clean, reliable energy solutions. The company specializes in providing comprehensive clean hydrogen and zero–emissions fuel cell solutions for various industries and areas, including logistics, on–road electric vehicles, stationary power and more.

This January, Cowen analyst Jeffrey Osborne updated his price target on Plug Power, Inc. (NASDAQ:PLUG) to $23 from $30 and reiterated an Outperform rating on the shares. Over the past 3 months, Plug Power, Inc. (NASDAQ:PLUG) has received 10 Buy ratings and 1 Hold rating from Wall Street analysts. The stock has a consensus Strong Buy rating among analysts and has an average price target of $30.27. The stock’s average price target implies an upside of 97.07% from current levels. As of February 10, Plug Power, Inc. (NASDAQ:PLUG) is trading at $15.36 a share and is one of the most promising hydrogen and fuel cell stocks to buy according to analysts.

At the close of the third quarter of 2022, Plug Power, Inc. (NASDAQ:PLUG) was a part of 32 investors’ portfolios that held collective stakes worth $373.4 million in the company. As of December 31, Bailard Inc is the top shareholder in the company and has a position worth $2.24 million.

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