In this article, we will discuss 10 Most Promising Hydrogen and Fuel Cell Stocks According to Analysts.
The cleanest fuel on the planet may also be the most overlooked trade on Wall Street. That’s the contrarian thesis behind hydrogen and fuel cell stocks, a sector that has cycled through hype and disillusionment but is now drawing renewed attention from analysts and institutional investors who see the next leg of the energy transition taking shape. Unlike solar or EVs, this is not a trade that has already played out. It’s a still-emerging theme where technology is maturing faster than sentiment, but only for those willing to separate genuine industrial demand from speculative excess.
The investment case is being driven by decarbonization at scale; heavy logistics have created a structural need for hydrogen as an energy carrier in sectors where electrification has clear physical limits. Data from Grand View Research projects the global hydrogen generation market to grow from approximately $174 billion in 2024 at a CAGR of around 9%–10% through 2030, driven by expanding green hydrogen production capacity and government-backed clean energy mandates. According to the analysis highlighted by PR Newswire, it points to accelerating momentum in fuel cell adoption across commercial transport and stationary power, fueled by falling electrolyzer costs and improving infrastructure buildout.
At the same time, engineering and energy research published on platforms like arXiv highlights how advances in electrolyzer efficiency and fuel cell durability are narrowing the cost gap with conventional energy sources, reinforcing the long-term commercial viability of the technology by pointing to its ability to deliver high energy density and zero direct emissions across applications where alternatives fall short.
For analysts and funds searching for the next asymmetric opportunity in the energy transition, hydrogen and fuel cell stocks may be one of the most misunderstood yet structurally supported plays in the market today.
With this context in mind, here are some promising hydrogen and fuel cell stocks according to analysts.
Our Methodology
We used stock screeners to identify the hydrogen and fuel cell stocks with an analyst upside potential of over 25%. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds. To make the list easier to navigate, we ranked the stocks in ascending order of their upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).
10 Most Promising Hydrogen and Fuel Cell Stocks According to Analysts
10. The Chemours Company (NYSE:CC)
Upside Potential: 25.65%
Target Price: $26.70
On May 21, JPMorgan analyst Jeffrey Zekauskas raised the firm’s price target for The Chemours Company (NYSE:CC) to $22 from $17 while maintaining a Neutral rating on the shares. The upward revision reflects an improved outlook for the company’s operating performance and suggests that JPMorgan sees greater value in the stock relative to its previous assessment.
On May 13, Alembic Global increased its price target on The Chemours Company to $30 from $24 and reiterated an Overweight rating on the shares. The higher target price and continued positive rating indicate confidence in the company’s growth prospects and its ability to benefit from favorable trends across its core end markets.
Founded in 2015 and headquartered in Wilmington, Delaware, The Chemours Company manufactures critical titanium technologies, fluoroproducts, and chemical solutions for major industries. It produces Nafion membranes, the foundational ion-exchange material utilized in hydrogen fuel cells and electrolyzers for clean energy and mobility applications.
9. General Motors Company (NYSE:GM)
Upside Potential: 25.66%
Target Price: $97.26
On June 16, General Motors Company (NYSE:GM) and Lockheed Martin announced a collaboration aimed at strengthening the United States manufacturing and defense industrial base. Operating under a memorandum of understanding, the companies will explore opportunities to accelerate the delivery of critical defense capabilities by combining Lockheed Martin’s expertise in defense production with General Motors’ advanced commercial manufacturing and engineering capabilities. The partnership will focus on enhancing defense supply chains, advancing manufacturing and design processes, and evaluating opportunities to expand production capacity through the application of proven commercial manufacturing techniques and infrastructure to defense-related programs.
On June 11, General Motors Company was awarded a firm-fixed-price contract for infantry squad vehicles and winch kits valued at $142.98 million, bringing the total cumulative face value of the program to $623.77 million. The contract was awarded through a competitive process in which three bids were received. Work locations and funding allocations will be determined with each order, and the contract is expected to continue through June 24, 2027. The award further expands General Motors’ presence within the defense sector through its GM Defense subsidiary.
Founded in 1908 and headquartered in Detroit, Michigan, General Motors Company is an automaker that designs, builds, and sells cars, trucks, and auto parts globally. Ranking among the most promising hydrogen and fuel cell stocks according to analysts, it produces existing hydrogen fuel cells for stationary industrial and commercial uses through its joint venture with Honda.
8. Exxon Mobil Corporation (NYSE:XOM)
Upside Potential: 26.53%
Target Price: $170.23
Reported on June 23, Exxon Mobil Corporation (NYSE:XOM) received a significant legal victory in a long-running dispute involving assets that were seized by the Cuban government following the rise of Fidel Castro. The case centers on the confiscation of Exxon’s former refinery operations, fuel terminals, packaging facilities, and extensive network of service stations in Cuba. Exxon pursued claims against Cuban state-owned entities under the Helms-Burton Act, seeking more than $1 billion in damages. While both the U.S. District Court for the District of Columbia and a divided panel of the D.C. Circuit Court of Appeals previously ruled in favor of the defendants, the U.S. Supreme Court reversed those decisions and remanded the case for further proceedings. The ruling revives Exxon’s legal claims and could potentially strengthen its position in pursuing compensation for the seized assets.
Earlier, on June 15, Bank of America upgraded Exxon Mobil Corporation to Buy from Neutral and established a $154 price target. The firm argued that the shares offered an attractive risk-reward profile, particularly in light of heightened geopolitical tensions in the Middle East. According to the analyst, Exxon’s stock was trading below levels seen before the onset of the Iran-related conflict despite the possibility of sustained support from higher oil prices. Bank of America further noted that the company could benefit from elevated energy prices if tensions persist while still maintaining upside potential in a more stable geopolitical environment.
Exxon Mobil Corporation traces its origins to the founding of Standard Oil in 1870 and is headquartered in Spring, Texas. The company invests heavily in large-scale blue hydrogen projects aimed at supplying lower-carbon fuel solutions to industries that are difficult to decarbonize while capturing associated carbon emissions.
Exxon’s revived billion-dollar legal claim, exposure to potentially stronger energy prices, and expanding investments in lower-carbon energy technologies reinforce its appeal as a diversified long-term energy investment.
7. Chevron Corporation (NYSE:CVX)
Upside Potential: 26.64%
Target Price: $216.41
On June 16, Chevron Corporation (NYSE:CVX) and HELLENiQ ENERGY announced an agreement for Chevron to participate in the Block 10 concession located offshore in the Kyparissiakos Gulf in Greece’s Southern Ionian Sea. Under the terms of the agreement, Chevron will acquire a 70% participating interest and assume operatorship of the concession, while HELLENiQ ENERGY will retain a 30% stake. The partnership further expands Chevron’s presence in the Eastern Mediterranean and reflects its confidence in the region’s exploration potential. Block 10 is currently in its second exploration phase, with both 2D and 3D seismic studies completed, providing valuable subsurface data that could support future drilling activities and resource development opportunities. It is among the most promising hydrogen and fuel cell stocks according to analysts.
On May 29, Chevron Corporation announced the appointment of Scott Keller as general counsel, effective July 1. Keller will initially report to current Chief Legal Officer R. Hewitt Pate in preparation for Pate’s planned retirement in mid-2027 after 17 years of service. Upon his expected appointment as chief legal officer on January 1, 2027, Keller will oversee Chevron’s global legal operations and report directly to Chairman and CEO Mike Wirth. The appointment supports an orderly leadership transition and reinforces continuity within the company’s executive management team.
Founded in 1879 and headquartered in Houston, Texas, Chevron Corporation is a globally integrated energy company that explores for, produces, and refines crude oil and natural gas into transportation fuels. Its Chevron New Energies division is actively building out hydrogen production, distribution networks, and a series of retail fueling sites.
6. Shell plc (NYSE:SHEL)
Upside Potential: 27.8%
Target Price: $100.49
On June 16, Shell plc (NYSE:SHEL) and Sinexcel signed a memorandum of understanding and inaugurated the Shell Recharge-Sinexcel joint laboratory in Shenzhen, marking a significant step forward in their collaboration to develop next-generation electric vehicle charging technologies and sustainable energy solutions. The partnership combines Shell’s extensive global operational expertise with Sinexcel’s advanced power electronics capabilities, creating a platform for innovation in EV charging infrastructure. Management views the collaboration as an important initiative to accelerate the deployment of more efficient and scalable charging technologies that can support the growing adoption of electric mobility.
On June 12, reports indicated that Shell plc (NYSE:SHEL) is preparing a potential sale of its offshore wind portfolio, valued at more than $1 billion, as part of its ongoing strategy to prioritize higher-return investments. According to sources familiar with the matter, a formal sale process could begin as early as late 2026 and conclude in 2027. The move reflects Shell’s disciplined capital allocation approach and its focus on directing resources toward businesses and projects that offer stronger long-term returns and cash flow generation.
Founded in 1907 and headquartered in London, United Kingdom, Shell plc (NYSE:SHEL) is a global energy and petrochemical enterprise. It invests heavily in green hydrogen production facilities, distribution hubs, and retail infrastructure to supply clean fuel for transport and industrial sectors.
5. BP p.l.c. (NYSE:BP)
Upside Potential: 31.25%
Target Price: $51.19
On June 9, BP p.l.c. (NYSE:BP) announced a new organizational structure aimed at simplifying the business, enhancing operational performance, and creating greater value for shareholders. Effective July 1, 2026, the company will transition from its existing three-segment framework to two core business segments: Upstream and Downstream. The Upstream division will consolidate BP’s oil and gas exploration, development, production, upstream joint ventures, renewable natural gas, and carbon capture and storage operations, while the Downstream division will encompass refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen, and Castrol. Management stated that the new structure will improve accountability, streamline operations, and enable faster and more effective decision-making across the organization.
On June 2, reports indicated that BP p.l.c. (NYSE:BP) had been engaged in advanced discussions regarding the potential sale of its UK North Sea assets to Ithaca Energy in a transaction valued at nearly £2 billion. Although negotiations reportedly stalled in recent weeks and no agreement was reached, sources familiar with the matter indicated that BP continues to evaluate strategic alternatives and may pursue similar transactions with other interested parties. The reported discussions highlight the company’s ongoing efforts to optimize its portfolio and focus capital on assets and businesses that align with its long-term strategic priorities.
BP p.l.c. (NYSE:BP) was founded in 1909, is headquartered in London, England, and operates as a global integrated energy company exploring for, refining, and marketing oil, natural gas, and petrochemicals. It develops multi-megawatt green and blue hydrogen production facilities globally to decarbonize industry and transportation.
4. Toyota Motor Corporation (NYSE:TM)
Upside Potential: 35.22%
Target Price: $235.2
On June 18, Toyota Motor Corporation (NYSE:TM) announced a safety recall affecting approximately 16,200 model year 2026 bZ and Lexus RZ vehicles in North America. According to the company, the electronic control unit responsible for managing the battery that supplies electricity to the drivetrain may experience an error that could cause the electric drive system to shut down. While power steering and power-assisted braking remain functional, the issue could result in a loss of motive power at higher speeds, increasing the risk of an accident. Toyota stated that dealers will update the battery ECU software free of charge, and affected owners will be notified beginning in mid-August.
On June 2, Toyota Motor Corporation reported U.S. vehicle sales of 238,800 units for May, representing a modest decline of 0.6% compared to the prior-year period, according to Bloomberg. Despite the slight decrease, the results reflect the company’s continued ability to maintain substantial sales volumes in one of the world’s largest automotive markets amid an evolving industry environment and shifting consumer demand trends.
Incorporated in 1937 and headquartered in Toyota City, Japan, Toyota Motor Corporation designs and manufactures vehicles under brands like Toyota, Lexus, and Hino. It heavily invests in zero-emission fuel cell electric vehicles (like the Mirai) and scalable fuel-cell power modules for heavy trucks, marine, and stationary applications.
3. Olin Corporation (NYSE:OLN)
Upside Potential: 35.67%
Target Price: $29.86
On June 18, JPMorgan lowered its price target on Olin Corporation (NYSE:OLN) to $25 from $26 while maintaining a Neutral rating on the shares. The adjustment reflects the firm’s updated outlook on the company and broader market conditions, though the continued Neutral rating suggests that JPMorgan sees Olin as relatively fairly valued at current levels. Analyst coverage remains focused on the company’s ability to navigate cyclical demand trends and execute on strategic initiatives within its chemicals portfolio.
On June 16, Olin Corporation and Huntsman Corporation announced that they had entered into a definitive agreement to combine in an all-stock merger of equals. The transaction is expected to generate more than $400 million in identified cost synergies and integration benefits, creating a larger and more diversified chemicals company to be known as OlinHuntsman. Under the terms of the agreement, Olin shareholders will own approximately 54.5% of the combined entity, while Huntsman shareholders will own approximately 45.5%. The merger has received unanimous approval from both companies’ boards and is expected to close in the first half of 2027, subject to customary regulatory and shareholder approvals.
Founded in 1892 and headquartered in Clayton, Missouri, Olin Corporation is a global manufacturer of chemicals (like chlor-alkali and epoxy) and Winchester ammunition. It functions as a key hydrogen and fuel cell stock by supplying massive volumes of byproduct hydrogen to the green energy sector, notably via its Hidrogenii joint venture with Plug Power.
2. Westlake Corporation (NYSE:WLK)
Upside Potential: 41.46%
Target Price: $113.56
On June 5, UBS analyst Joshua Spector lowered the firm’s price target on Westlake Corporation (NYSE:WLK) to $117 from $130 while maintaining a Buy rating on the shares. The analyst updated estimates to reflect a lower anticipated peak in petrochemical pricing during the second quarter and now expects pricing conditions to begin moderating in the third quarter before gradually normalizing through 2027. Despite the reduced target, UBS’s continued Buy rating reflects confidence in Westlake’s long-term fundamentals and ability to navigate changing market conditions.
On May 18, JPMorgan analyst Jeffrey Zekauskas upgraded Westlake Corporation to Neutral from Underweight while maintaining a $90 price target. The analyst noted that the shares are now trading closer to fair value and highlighted expectations that the company could generate free cash flow equivalent to approximately 3% of its market value in 2026 and 8% in 2027. JPMorgan also pointed to recent strength in polyethylene pricing, while expressing caution regarding the sustainability of certain price increases relative to export market dynamics.
Founded in 1986 and headquartered in Houston, Texas, Westlake Corporation is a global manufacturer of petrochemicals, polymers, and building products. It is tied to the hydrogen sector through its subsidiary, Westlake Epoxy, which produces specialized resins and materials essential for the structural composites used in hydrogen storage.
1. Westport Fuel Systems Inc. (NASDAQ:WPRT)
Upside Potential: 118.58%
Target Price: $4.94
On June 18, Westport Fuel Systems Inc. (NASDAQ:WPRT) announced that Cespira, its joint venture with Volvo Group, has signed a development agreement with Volvo to complete the integration and commercialization of Cespira’s High Pressure Direct Injection (HPDI) fuel system technology for Volvo’s 13-litre hydrogen-powered engine platform. Volvo Trucks is already conducting on-road testing of the technology, with a European-certified commercial launch targeted before 2030. Cespira’s HPDI system enables the direct injection of hydrogen at high pressures into internal combustion engines, providing diesel-like performance while utilizing a zero-carbon fuel source. The agreement represents a significant milestone in advancing hydrogen-powered heavy-duty transportation.
On May 14, Westport Fuel Systems Inc. reported first-quarter revenue of $2.29 million, exceeding analyst expectations of $2.2 million. Management highlighted continued momentum within the Cespira joint venture, which generated a 33% year-over-year increase in revenue driven by additional volumes supplied to a second original equipment manufacturer for truck trials. The company also noted that favorable liquefied natural gas pricing dynamics across Europe and other key markets are supporting stronger demand trends, creating a solid foundation for continued growth throughout 2026. Management emphasized that increasing market adoption of Cespira’s HPDI technology is becoming an increasingly meaningful contributor to overall financial performance.
Founded in 1995 and headquartered in Vancouver, Canada, Westport Fuel Systems Inc. engineers, manufactures, and supplies advanced alternative fuel components and systems for the transportation industry. It acts as a hydrogen and fuel cell stock by designing high-pressure hardware, valves, and hydrogen-capable direct-injection systems that allow vehicles to operate on clean hydrogen.
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