Goldman Sachs Energy Stocks: Top 5 Stock Picks

3. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 53

Goldman Sachs’ Stake Value: $1,733,754,000

Enphase Energy, Inc. (NASDAQ:ENPH) is a California-based company that designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. Enphase Energy, Inc. (NASDAQ:ENPH) is one of the most notable Goldman Sachs energy stocks. The firm owned 17.5 million shares of Enphase Energy, Inc. (NASDAQ:ENPH) in Q2 2022, worth $1.7 billion and representing 0.39% of the total portfolio. 

On October 25, Enphase Energy, Inc. (NASDAQ:ENPH) reported a Q3 non-GAAP EPS of $1.25 and a revenue of $634.71 million, outperforming Wall Street estimates by $0.16 and $18.85 million, respectively. Revenue for the period climbed 80.6% on a year-over-year basis. 

Susquehanna analyst Biju Perincheril on October 26 raised the price target on Enphase Energy, Inc. (NASDAQ:ENPH) to $310 from $290 and kept a Positive rating on the shares. The analyst said they outperformed topline and bottom line estimates on resilient demand and margins for microinverters as iQ8 continues to indicate a larger proportion of sales. He noted that Q4 2022 revenue guidance demonstrates 10% growth, which topped his estimate.

Among the hedge funds tracked by Insider Monkey, 53 funds reported owning stakes in Enphase Energy, Inc. (NASDAQ:ENPH) at the end of June 2022, compared to 57 funds in the preceding quarter. Philippe Laffont’s Coatue Management is the largest position holder in the company, with 1.36 million shares worth $266.8 million. 

Carillon Tower Advisers made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q3 2022 investor letter:

“Enphase Energy, Inc. (NASDAQ:ENPH) provides technology to manage solar generation, storage, and communication on one platform. The company reported an impressive quarter that exceeded investor expectations on all meaningful metrics, which sent shares higher. The stock remains a useful way to gain exposure to the secular theme of alternative energy and could benefit from the recently passed Inflation Reduction Act.”