Best Energy Stocks To Buy Now (And Two To Avoid)

Shah Capital Management added 1.23 million shares to its position in ReneSola Ltd. (ADR) (NYSE:SOL) during the third quarter, which is now comprised of 4.71 million shares valued at $4.58 million as of September 30. The world has been gradually shifting toward renewables in an attempt to reduce carbon emissions, and this solar stock is definitely set to benefit from this development. ReneSola Ltd. (ADR) (NYSE:SOL) has been refocusing its strategy on downstream projects and services over the past year or so, and the company’s management believes that the market undervalues its growth potential, the abilities of its management team, and its financial position. In the meantime, there were only four hedge funds monitored by our team with stakes in the company at the end of the second quarter, compared to three registered in the previous one. However, the value of these stakes decreased to $62.71 million from $139.59 million quarter-over-quarter. Jonathan Barrett and Paul Segal’s Luminus Management acquired a 451,607-share stake in ReneSola Ltd. (ADR) (NYSE:SOL) during the second quarter.

Most importantly, Shah Capital increased its stake in Petroleo Brasileiro SA – Petrobras (ADR) (NYSE:PBR) by 1.20 million shares during the third quarter to 1.96 million shares valued at $8.51 million. Earlier this week, the integrated energy company did not make any bids on the Brazilian government’s auction of exploratory oil blocks, which does not suggest confidence in the future prospects of the company. The shares of Petroleo Brasileiro SA – Petrobras (ADR) (NYSE:PBR) have lost 22% since the beginning of the year, but it appears that they are rebounding at the moment. In the meantime, the energy stock lost some of its charm during the second quarter within the hedge fund community, as the number of hedge funds that we track which were invested in the stock decreased to 31 from 35 quarter-over-quarter. Nevertheless, the value of their positions increased to $760.56 million from $737.10 million over the same time span. Ken Fisher’s Fisher Asset Management is among the largest shareholders of Petroleo Brasileiro SA – Petrobras (ADR) (NYSE:PBR) within our database, owning 8.54 million shares as of June 30.

Disclosure: None