In this article, we will be looking at the 5 best solar stocks for 2021. To see our detailed analysis on the renewable energy sector and its future outlook, you can go directly to the 12 Best Solar Stocks for 2021.
5. Brookfield Renewable Partners L.P. (NYSE: BEP)
Number of Hedge Fund Holders: 24
Brookfield Renewable Partners L.P. (NYSE: BEP) is a renewable energy company operating mainly in North America, Colombia, Brazil, Europe, India, and China. It uses solar power to generate electricity, alongside hydroelectric, wind, and other renewable energy sources. The company ranks 5th on our list of the best solar stocks for 2021.
On June 28th, Brookfield Renewable Partners L.P. (NYSE: BEP) was upgraded to Outperform by Credit Suisse, with a $45 price target. This March, the company also announced its plans to build a green hydrogen production plant with Plug Power (NASDAQ: PLUG), which would utilize 100% of Brookfield Renewable Partners L.P.’s (NYSE: BEP) hydroelectric powered renewable energy. The stock also got upgraded to Equal Weight with a $42 price target by Wells Fargo this May.
In the first quarter of 2021, Brookfield Renewable Partners L.P. (NYSE: BEP) had EPS of -$0.24, missing estimates by -$0.23, while its $1.02 billion revenue represented a 28.78% growth year over year and beat estimates by $92.07 million. The company has a gross profit margin of 66.88% and the stock has gained 53.38% in the past year.
By the end of the first quarter of 2021, 24 hedge funds out of the 866 tracked by Insider Monkey held stakes in Brookfield Renewable Partners L.P. (NYSE: BEP). The total value of their stakes was roughly $223 million. This is compared to the previous quarter’s 20 hedge fund holders with a total stake value of approximately $277 million.
ClearBridge Investments, an investment management firm, mentioned Brookfield Renewable Partners L.P. (NYSE: BEP) in their first-quarter 2021 investor letter. Here‘s what they said:
“U.S. renewables utility Brookfield Renewable was another detractor. Brookfield Renewable is a pure-play renewables operator and developer headquartered in Canada and domiciled in the U.S., 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. Its development pipeline stands at 18,000 megawatts, providing confidence the company can meet its targeted double-digit cash flow growth through to 2025. Shares moderated amid expectations of rising bond yields, and a cool-off on the green trade.”
