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.
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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. (NASDAQ:BLDP) 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. (NASDAQ:BLDP) 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. (NASDAQ:BLDP) 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 (NYSE:NJR) 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 (NYSE:NJR) 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 (NYSE:NJR) 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. (NASDAQ:WPRT) 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. (NASDAQ:WPRT) 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. (NASDAQ:WPRT) 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. (NASDAQ:PLUG) 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. (NASDAQ:PLUG) 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. (NASDAQ:PLUG) 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.
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