8 Most Promising Clean Energy Stocks According to Hedge Funds

5. PG&E (NYSE:PCG)  

Number of Hedge Fund Holders: 46  

PG&E (NYSE:PCG) is a leading energy company serving Northern and Central California through its subsidiary, Pacific Gas & Electric Company, providing electricity to over 16 million people. In 2023, PG&E (NYSE:PCG) achieved 100% clean electricity generation, sourced from a diverse energy mix: 53% from nuclear power, 34% from clean resources like solar and wind, and 13% from large hydroelectric power. The company has also made significant investments in battery storage, adding over 2,100 megawatts of capacity to support its clean energy initiatives.

California leads the U.S. in data center capacity and has the highest per capita electric vehicle ownership, with over 1.1 million EVs and more than 15,000 charging stations. PG&E’s (NYSE:PCG) strong presence in California, particularly in Silicon Valley, positions it as a key energy provider for the region’s growing data center industry. The company has a top-tier fiber network and a grid powered mostly by clean energy and plays a vital role in supporting the tech industry’s energy needs. According to CEO Patti Pope, the company’s grid is currently underutilized, operating at 45% capacity, but advancements in modern computing are expected to increase utilization to 80% by 2040, potentially doubling power demand

PG&E (NYSE:PCG) is well-positioned to benefit from the rising energy demand driven by the electric vehicle and artificial intelligence sectors. The company is anticipated to experience 10% earnings growth this year. Industry analysts have reached a consensus on the stock’s Buy rating, with an average target price of $22.27 that suggests a 12.6% upside potential from its current levels.