5 Alternative Energy Stocks to Buy Amid Energy Crisis in Europe

Page 1 of 5

In this article, we will discuss the 5 alternative energy stocks to buy amid the energy crisis in Europe. If you want to explore similar alternative energy stocks that can be eco-friendly plays, you can also read 10 Alternative Energy Stocks to Buy Amid Energy Crisis in Europe.

5. Brookfield Renewable Partners L.P. (NYSE:BEP)

Number of Hedge Fund Holders: 19

Brookfield Renewable Partners L.P. (NYSE:BEP) generates and supplies renewable energy hydroelectric, wind, solar, distributed generation, pumped storage, cogeneration, and biomass sources. The company has operations in North America, Colombia, Brazil, Europe, India, and China. The company’s portfolio consists of over 20,000 megawatts of installed capacity.

On August 5, Brookfield Renewable Partners, L.P. (NYSE:BEP) announced earnings for the second quarter of fiscal 2022. The company reported funds from operations of $0.46 and generated a revenue of $1.27 billion, up 25% year over year, and outperformed Wall Street expectations by $129.3 million. As of September 5, the stock has gained 3.38% year to date.

Wall Street analysts see upside to Brookfield Renewable Partners, L.P. (NYSE:BEP). This August, JPMorgan analyst Mark Strouse raised his price target on Brookfield Renewable Partners L.P. (NYSE:BEP) to $43 from $41 and reiterated a buy-side Overweight rating on the shares. Moreover, on August 8, Desjardins analyst Brent Stadler raised his price target on Brookfield Renewable Partners L.P. (NYSE:BEP) to C$50 from C$49 and maintained a Hold rating on the shares.

At the end of the second quarter of 2022, 19 hedge funds were long Brookfield Renewable Partners L.P. (NYSE:BEP) and held stakes worth $236.31 million in the company. This is compared to 18 positions in the preceding quarter with stakes worth $261.96 million.

As of June 30, Select Equity Group owns 2.58 million shares of Brookfield Renewable Partners L.P. (NYSE:BEP) and is the largest shareholder in the company. The investment covers 0.28% of the fund’s 13F portfolio.

Here is what ClearBridge Investments had to say about Brookfield Renewable Partners L.P. (NYSE:BEP) in its  first-quarter 2022 investor letter:

Brookfield Renewable is a pure-play renewables operator and developer headquartered in Canada, focused on international hydro, solar, wind and storage technology. As more private and public institutions announce ambitious carbon reduction initiatives, Brookfield Renewable’s globally diversified, multi- technology renewables business makes it an attractive partner. Brookfield’s development pipeline stands at 18,000 MWs, providing confidence the company can meet its targeted double- digit cash flow growth through to 2025. The market narrative around the energy transition and energy security, along with increasing fossil fuels prices which have driven greater focus on switching to renewables, helped Brookfield shares in the quarter.”

Page 1 of 5