5 High Growth Utility Stocks to Buy

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In this article, we will take a look at the 5 high growth utility stocks to buy. To read our analysis of the recent technology trends, and market activity, you can go to the 12 High Growth Utility Stocks to Buy.

5. ReNew Energy Global Plc (NASDAQ:RNW)

Latest YoY Quarterly Revenue Growth: 28.10%

Number of Hedge Fund Holders: 13

Based in Gurugram, India, ReNew Energy Global Plc (NASDAQ:RNW) is India’s leading renewable energy company with a clean energy portfolio of nearly 13.8 GWs on a gross basis as of September 30, 2023

On December 4, ReNew Energy Global Plc (NASDAQ:RNW) announced the signing of a Memorandum of Understanding with the Asian Development Bank to collaborate on climate change mitigation and adaptation projects. The MoU covers projects with investment value of more than $5.3 billion between 2023 and 2028.

Earlier on November 20, ReNew Energy Global Plc (NASDAQ:RNW) released its financial results for the three months ended September 30, 2023. Its total revenue increased by 28% y-o-y to $345 million while it generated a net income of $45 million. Its normalized EPS of $0.11 surpassed the consensus estimates by $0.09.

Following the earnings release, Roth MKM analyst Justin Clare reiterated a ‘Buy’ rating for ReNew Energy Global Plc (NASDAQ:RNW) shares with an unchanged price target of $9 per share, which represents a potential upside of 25.70% based on the share price on December 15.

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