5 Best Environmental Stocks to Buy Now

4. Linde plc (NYSE:LIN)

Number of Hedge Fund Holders: 56

Linde plc (NYSE:LIN) is an industrial gas company with a strong global presence and leading market share in many of its markets. The company is well-positioned to benefit from the global shift towards cleaner and more efficient energy sources and is placed among the best environmental stocks to buy now. The company has a long-term strategy in place to focus on sustainable growth and long-term value creation. Linde plc (NYSE:LIN) focuses on providing clean energy solutions such as hydrogen and natural gas. The company is investing in new technologies, such as green hydrogen, to meet the increasing demand for clean energy solutions and is well-positioned to benefit from the expected growth in the renewable energy sector.

Wall Street is bullish on Linde plc (NYSE:LIN). On October 31, Deutsche Bank analyst David Begleiter raised his price target on Linde plc (NYSE:LIN) to EUR 355 from EUR 350 and maintained a Buy rating on the shares.

At the end of the third quarter of 2022, 56 hedge funds were bullish on Linde plc (NYSE:LIN) and held positions worth $3.47 billion. This is compared to 48 positions in the previous quarter with stakes worth $3.25 billion. The hedge fund sentiment for the stock is positive. As of September 30, Impax Asset Management is the largest shareholder investor in the company and has stakes worth $816.9 million.

Here is what ClearBridge Investments had to say about Linde plc (NYSE:LIN) in its third-quarter 2022 investor letter:

“Seeing better opportunities elsewhere in the materials sector, we exited our position in Ecolab and added to copper producer Freeport-McMoRan (FCX), which supplies a much-needed resource for the energy transition, and specialty chemical company Linde plc (NYSE:LIN), which has historically held onto pricing gains it has achieved following increases in energy costs. We think this pricing power should protect profitability during the acute inflationary phase and potentially lead to margin expansion when cost pressures abate. Linde also continues to be well-positioned on hydrogen and carbon capture with contract-backed project capex likely accelerating in the medium term as the recently passed Inflation Reduction Act rolls out.”