Are these the best energy stocks to buy right now?
Energy stocks have been on a roll since the start of the year. While the stock market as a whole struggled due to various economic uncertainties, energy was one of the best performing sectors. Energy demand continues to grow and prices are skyrocketing in many major world markets. For example, crude oil prices have topped $100 a barrel this year, fueled by the reopening of the economy and the Russian invasion of Ukraine. Meanwhile, wind and solar power prices have soared as much as 30% over the past year.
We could look at people like Phase (NASDAQ: ENPH). The renewable energy company reported record quarterly revenue of $441.3 million in the first quarter of 2022. Meanwhile, the company shipped approximately 2,838,393 microinverters and 120.4 megawatt hours of Enphase IQ™ batteries . All of this speaks to the growing demand for renewable energy.
Somewhere else, ExxonMobil (NYSE: XOM) also recently made three new discoveries offshore Guyana. It now estimates that its recoverable resources for the Stabroek block will increase to nearly 11 billion barrels of oil equivalent. These discoveries will likely contribute to the company’s future development plans and reliably provide affordable energy to meet growing demand around the world. With all that said and done, energy stocks appear to be in a stable position. So here are some of the top energy stocks to watch in the stock market today.
Energy stocks to watch now
To start the list, we have the electricity and energy infrastructure company, next era. In detail, its segments include FPL, NEER and Gulf Power. The FPL segment is responsible for the generation, transmission, distribution and sale of electric power in Florida. Meanwhile, its NEER segment owns, develops, constructs and operates power generation facilities in wholesale energy markets in North America. As one of the largest utility companies in the world, it should come as no surprise that investors passionate about the energy industry are keeping a close eye on NEE stocks. With stocks trading sideways for most of the year, could things change soon?
Earlier this week, NextEra Energy Transmission, a subsidiary of the company, announced that it had been awarded the Minco-Pleasant Valley-Draper transmission line project by the Southwest Power Pool (SPP). This is SPP’s second project award as it continues to work on its goal of creating America’s leading competitive transmission company. Also, this aligns with its strategy of adding high-quality regulated assets to its portfolio. With the project due to go live in 2024, would you consider adding NEE stocks to your watchlist?
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Then we have a leading solar company in JinkoSolar. Overall, the company operates in the photovoltaic (PV) industry. It is building a vertically integrated solar energy product value chain, manufacturing products such as silicon wafers and solar modules. Its services include solar power generation and solar system Engineering Procurement Construction (EPC) and processing services. Despite a bumpy start to the year, JKS shares have still climbed more than 15% since the start of the year.
JinkoSolar continues to push its limits, striving to become the largest manufacturer of innovative solar modules in the world. On Wednesday, the company announced that it has achieved a major technical breakthrough for its 182mm high-efficiency N-type monocrystalline silicon solar cell. This is another world record with a peak solar conversion efficiency of 25.7% for its large monocrystalline silicon TOPCon solar cell. Thus, the company is now confident that it is well positioned to lead the industry with its innovative products. With that in mind, do you consider JKS stock to be one of the top energy stocks to watch right now?
Another big solar tech company worth noting right now would be First Solar. Like JinkoSolar, the company is dedicated to manufacturing solar panels and large-scale photovoltaic (PV) power plants. Additionally, it is a global supplier of sustainably produced eco-efficient solar modules. The company’s advanced thin-film photovoltaic (PV) modules represent the next generation of solar technologies. As such, it is a competitive, efficient and low-carbon alternative to conventional crystalline silicon photovoltaic panels.
Earlier this month, First Solar announced that it would supply 17% of Nevada Gold Mines’ (NGM) annual energy needs. For those who don’t know, this is a joint venture between Barrick Gold Corporation (NYSE: GOLD) and Newmont Corporation (NYSE:NEM). It is also the largest gold production complex in the world, producing approximately 3.5 million ounces of gold per year. Now, being chosen by NGM as a partner is a clear validation of First Solar’s ability to deliver high performance modules. So do you think FSLR stock will be a viable investment at its current valuation?
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Alliance Resource Partners
Last but not least, let’s look Alliance Resource. Unlike previous entries, it is a diversified natural resources company that produces and markets coal. It is aimed primarily at utility and industrial users in the United States. In addition, the company also buys and resells coal while owning minerals and royalties on approximately 1.5 million gross acres of oil and gas producing regions. Impressively, the ALRP stock has followed a steady upward trajectory over the past year. The stock soared more than 200% during the period.
Now, investors are once again turning their attention to ALRP shares. This comes after the company provided encouraging preliminary results for its quarter ended March 31, 2022. Alliance expects net income for the quarter to be in the $35.0-37 million range, compared to $24.7 million in the prior year quarter. As a result, the company is also raising its guidance for full-year 2022. It now expects coal sales volumes in 2022 to be around 500,000 tonnes above its forecast ranges. initials. Also, the price of coal per ton should exceed its previous expectations by 10% to 22%. All in all, there seem to be plenty of reasons investors are excited about ALRP stocks right now.
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