In this article, we will take a look at the Top 9 Hydrogen Stocks to Buy Now.
The hydrogen sector is facing a watershed moment, with final investment decisions for projects with an overall annual capacity of 2 megatons slated for 2026, doubling the amount from the year prior. This takes place as the global hydrogen market, which was worth $201.4 billion in 2025, is expected to climb to $305.9 billion by 2034.
Compared to 104 in 2020, there were approximately 460 active low-carbon hydrogen projects operating as of February 2026, with an approximate capacity of 2.2 million tonnes per year (mtpa). According to GlobalData’s “Hydrogen in Oil and Gas” report, global hydrogen output capacity might reach 82.3 mtpa by 2030, assuming ongoing development initiatives. That said, the market seems to lack large-scale projects. Speaking on this, Ravindra Puranik, Oil and Gas Analyst at GlobalData, said the following:
“Despite an impressive increase in count of active low-carbon hydrogen projects, capacity additions remain far below the levels needed to meet the near-term targets set by the IEA Net Zero Emissions (NZE) scenario.”
On the other hand, the IEA noted that technologies frequently “experience cycles of exuberance followed by consolidation before stabilizing around the most viable opportunities” in its Energy Technology Perspectives 2026 report. The organization claims that although the hydrogen “bubble may be weakening, it is far from bursting.”
Our Methodology
We used screeners to identify Best Hydrogen and Fuel Cell Stocks and 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.
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. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
9. Ballard Power Systems Inc. (NASDAQ:BLDP)
Ballard Power Systems Inc. (NASDAQ:BLDP) ranks among the top hydrogen stocks to buy now. Ballard Power Systems Inc. released earnings for the first quarter of 2026 on May 5, with an EPS of -0.04, which exceeded the expectations of -0.06, representing a 33.33% positive surprise. Despite marginally missing revenue estimates, the company achieved a 26% year-over-year revenue growth, totaling CAD 19.4 million.
Additionally, Ballard Power’s gross margin improved by 14% from a significantly negative level a year ago, marking the company’s third consecutive positive quarter. Operating expenses fell 36%, while operating cash burn was reduced by around 65%. Management followed this up with tight 2026 guidance, with capex of $5M–$10M and total operating expense of $65M–$75M.
On the commercial front, Ballard Power Systems Inc. secured multi‑year FCmove‑SC fuel‑cell engine partnerships with New Flyer, Wrightbus, and Solaris. The Solaris agreement grows the company’s relationship until 2029 and ties Ballard Power directly to next‑gen hydrogen bus fleets throughout Europe.
Ballard Power Systems Inc. designs, develops, manufactures, sells, and services fuel cell products. It specializes in power products for bus, truck, rail, marine, stationary, and developing-market applications, as well as service delivery, including technical solutions, after-sales services, and training.
8. New Jersey Resources Corporation (NYSE:NJR)
New Jersey Resources Corporation (NYSE:NJR) ranks among the top hydrogen stocks to buy now. On May 20, Argus upgraded the price target for New Jersey Resources Corporation to $63 from $58 while maintaining a Buy rating on the company’s shares following its fiscal second-quarter 2026 earnings, which exceeded forecasts.
New Jersey Resources Corporation reported net financial earnings per share of $2.20 for the quarter, rising 24% from $1.78 in the same period the previous year. The results came in far above analyst forecasts, with the company’s Energy Services sector taking advantage of unpredictable winter market circumstances.
Overall, the Energy Services segment had the best performance, providing $37.0 million in Q2 NFE and $45.4 million year-to-date, thanks to natural gas price swings and the company’s long-option positioning approach. Clean Energy Ventures, on the other hand, recorded a $1.3 million loss in the second quarter and $39.8 million year-to-date, indicating the onset of project development and construction operations.
New Jersey Resources Corporation is a holding company. It provides regulated natural gas distribution, transmission, and storage services, as well as certain unregulated enterprises. It operates across five segments: natural gas distribution, clean energy ventures, energy services, storage and transportation, and home services and other services.
7. Westport Fuel Systems Inc. (NASDAQ:WPRT)
Westport Fuel Systems Inc. (NASDAQ:WPRT) ranks among the top hydrogen stocks to buy now. On May 15, Westport Fuel Systems Inc. reported considerable gains in its financial health for the first quarter of 2026, despite a net loss of $0.51 per share. Westport’s Q1 results reflect the company’s strategic shift, including a partnership with Volvo Group and its expansion into the North American market.
Notably, Cespira’s revenue for the quarter increased 33% year-over-year, owing mostly to LNG HPDI truck interest and a second OEM truck test, while Westport’s High-Pressure Controls business increased 21% due to greater engineering service revenues.
In order to position the company and its Cespira venture to secure long-term growth in the heavy-duty decarbonization market, Westport Fuel Systems Inc. management highlighted suitable LNG market conditions in Europe, developing LNG and CNG infrastructure, as well as robust interest at the ACT Expo regarding its high-pressure CNG storage platform.
Westport Fuel Systems Inc. designs, manufactures, and supplies advanced fuel systems and components for alternative fuels like natural gas, renewable natural gas, propane, and hydrogen. The company provides these technologies to the global automotive and transportation industries to help create cleaner, more fuel-efficient vehicles and lower emissions.
6. Plug Power Inc. (NASDAQ:PLUG)
Plug Power Inc. (NASDAQ:PLUG) ranks among the top hydrogen stocks to buy now. On May 12, Craig-Hallum boosted its price target for Plug Power Inc. to $5 from $4, while keeping a Buy rating on the company’s shares. The company reported strong first-quarter results, which represented a further move toward its financial targets.
Plug Power Inc. posted first-quarter revenue of $165.5 million, which exceeded the Street’s expectation of $139.9 million. The firm also reported a narrower-than-expected adjusted loss of $0.08 per share, which topped analyst projections of $0.09 per share.
Given Plug Power’s lengthy history of losses, Craig-Hallum pointed out that successive quarters of considerably better operating performance are impressive.
Craig-Hallum cited a strong market environment for all of Plug Power’s business segments, particularly sales of hydrogen fuel, electrolysis equipment, and material handling. The firm also claimed that a lower cost structure, increased optimization of Plug Power’s hydrogen production footprint, plus a stronger balance sheet, could meet fiscal 2026 objectives.
Plug Power Inc. is an alternative energy technology firm. It designs, develops, commercializes, and manufactures hydrogen and fuel cell systems for the material handling and stationary power fields.
5. Bloom Energy Corporation (NYSE:BE)
Bloom Energy Corporation (NYSE:BE) ranks among the top hydrogen stocks to buy now. On May 11, Barclays boosted the price target for Bloom Energy Corporation to $254 from $177, while keeping an Equalweight rating on the company’s shares. The firm raised its price target in response to the company’s quarterly revenue and margin performance, which surpassed estimates.
Barclays analyst Christine Cho remarked that the company is changing its model to raise numbers over the course of its estimate. The adjustment represents a quarterly beat in top line and margins, a boost in forecasts for 2026, and management comments on the longer-term prospects.
Meanwhile, on April 29, BTIG boosted its price target for Bloom Energy Corporation to $295 from $165 while keeping a Buy rating for the company. In addition to its first-quarter 2026 results, the firm highlighted an expanded cooperation with Oracle Corp.
Bloom Energy Corporation struck a master services deal with Oracle for as much as 2.8 gigawatts of fuel cells and granted Oracle a warrant for roughly 3.5 million shares.
Bloom Energy Corporation manufactures and installs power production platforms based on solid oxide fuel cells. Bloom Energy Server turns conventional low-pressure natural gas or biogas into electricity using an electrochemical method that does not include combustion.
4. Air Products and Chemicals, Inc. (NYSE:APD)
Air Products and Chemicals, Inc. (NYSE:APD) ranks among the top hydrogen stocks to buy now. On May 1, BofA Securities boosted Air Products and Chemicals, Inc.’s price target to $305 from $303, retaining a Neutral rating on the company’s shares.
The company announced second-quarter EPS of $3.20, which exceeded BofA’s expectation of $3.04. The beat was driven by cost savings and one-time benefits in Asia linked to cash receipts from assets held pending sale.
Air Products’ third-quarter outlook is consistent with expectations. The new full-year range indicates fourth-quarter earnings of $3.40 to $3.55 per share, lower than the Street average of $3.57.
BofA expects the company to exceed the new range, owing to various levers to meet targets, though EPS may still fall short of double-digit growth.
BofA’s leading issue is the medium-term growth forecast, especially given NEOM headwinds. The firm is in agreement with management that spot market strength in ammonia is not likely to continue.
Air Products and Chemicals, Inc. manufactures and distributes atmospheric gases. It operates in the Americas, Asia, Europe, the Middle East, India, and Corporate and Other.
3. Cummins Inc. (NYSE:CMI)
Cummins Inc. (NYSE:CMI) ranks among the top hydrogen stocks to buy now. On May 22, Bernstein SocGen Group maintained a Market Perform rating on Cummins Inc. with a $700 price target. According to the firm, Cummins’ stock fell 5% after upgrading its 2030 guidance.
The ratings update followed Cummins’ Q1 earnings report. The company reported a 3% rise in total revenues in Q1 over the same period last year, hitting $8.4 billion. Meanwhile, adjusted net earnings, excluding the effects of a fuel cell unit sale, increased to $853 million from $824 million in the first quarter of 2025.
Additionally, Cummins Inc. declared that it will be bringing a new 4 megawatt natural gas engine into the data center prime power market, with initial deliveries anticipated in 2028. With EPA restrictions expected in 2027, Cummins’ engine strategy focuses on increasing content, leveraging its most innovative engine platform to achieve share growth, and generating additional aftermarket revenue.
Cummins Inc. is a U.S.-based firm that designs, manufactures, and services diesel and natural gas engines, electric and hybrid powertrains, and related components. Its segments include Engine, Distribution, Components, Power Systems, and Accelera.
2. BP p.l.c. (NYSE:BP)
BP p.l.c. (NYSE:BP) ranks among the top hydrogen stocks to buy now. On May 11, RBC Capital boosted BP p.l.c. (NYSE:BP) to Outperform from Sector Perform, citing rising commodity prices as a potential opportunity for the oil giant to reduce debt to levels in line with competitors.
RBC expects Brent will be $91/bbl in 2026. Under that notion, BP’s all-in net debt-to-CFFO ratio is expected to reduce from 2.2x in 2025 to 0.9x in 2026 and 0.5x by 2027. Moreover, BP p.l.c. (NYSE:BP) predicts production to stay steady in 2026, in contrast to 2025, with capital expenditures ranging from $13.0 billion to $13.5 billion.
The same day, Argus upgraded BP p.l.c. (NYSE:BP) to Buy from Hold and placed a $50 price objective for the company’s shares following solid first-quarter results. The improved first-quarter earnings reflected higher upstream output, higher realized refining margins, and a significant contribution from oil trading.
BP p.l.c. (NYSE:BP) is an integrated oil and gas corporation that provides carbon products and services. It operates in three segments: gas and low-carbon energy, oil production and operations, and customers/products.
1. Linde plc (NASDAQ:LIN)
Linde plc (NASDAQ:LIN) ranks among the top hydrogen stocks to buy now. On May 5, BofA Securities raised its price objective for Linde plc (NASDAQ:LIN) to $532 from $525, while retaining a Buy rating. The firm raised its 2026 earnings projection by $0.02 per share to $17.88 per share, which remains lower than the first-quarter beat of $0.07 per share, with its second-half 2026 estimates falling slightly.
The main cause of the decreased expectation is a drive to commission a significant portion of the Woodside project by 2027. Linde plc (NASDAQ:LIN) is developing and operating a nearby hydrogen and nitrogen supply plant, which will provide low-carbon hydrogen to Woodside’s substantial blue ammonia production.
Meanwhile, BMO Capital boosted Linde plc (NASDAQ:LIN)’s price objective to $560 from an unspecified previous level while maintaining an Outperform rating on the company’s shares. The firm emphasized near-term pricing stability and solid growth in demand in the US refining, electronics, and manufacturing industries as significant drivers of the elevated target.
Linde plc (NASDAQ:LIN) is a global industrial gas and engineering firm. It designs and manufactures industrial gas production equipment. The company also provides gas production and processing services for olefin, natural gas, air separation, hydrogen, and synthesis gas plants, as well as other plants.
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