5 Most Undervalued Renewable Energy Stocks To Buy According To Hedge Funds

2. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 71

General Electric Company (NYSE:GE) is an American conglomerate headquartered in Boston, Massachusetts. The company’s subsidiary, GE Renewable Energy, develops energy systems that use wind, hydroelectric, and solar power.

In the second quarter, 71 hedge funds had a stake worth nearly $10.2 billion in General Electric Company (NYSE:GE). In the previous quarter, the company was a part of 59 hedge fund portfolios with a combined stake of $7.6 billion. The most prominent stake in Q2 was held by Chris Hohn’s TCI Fund Management with 41.65 million General Electric Company (NYSE:GE) shares worth $4.575 billion.

In Q2, General Electric Company (NYSE:GE) reported a non-GAAP EPS of $0.68 and revenues of $16.7 billion, outperforming the estimates by $0.22 and $1.5 billion, respectively. The company raised its FY 2023 organic revenue growth outlook to a low-double-digit range from the prior high-single-digit range and expects an adjusted EPS of $2.10 to $2.30, up from the previous outlook of $1.70 to $2.00.

Vulcan Value Partners made the following comment about General Electric Company (NYSE:GE) in its Q1 2023 investor letter:

“General Electric Company (NYSE:GE) was a material contributor during the quarter. With the successful spin-off of GE HealthCare in early January, the company operates in two major markets: GE Aerospace and GE Vernova. GE Aerospace powers three out of every four commercial flights. GE Vernova helps generate 30% of the world’s electricity and has a meaningful role to play in the energy transition. The company’s service activities, which are higher margin and more resilient, represent approximately 60% of revenue and 85% of its backlog. The company reported strong fourth quarter 2022 results and management’s 2023 outlook is positive.”