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Best Renewable Energy Stocks to Buy Now (2023)

Top renewable energy stocks in 2023 ranked by overall Zen Score. See the best renewable energy stocks to buy now, according to analyst forecasts for the utilities - renewable industry.

According to Zen Score, the 3 best renewable stocks to buy right now are:

Nextera Energy Partners (NYSE:NEP) is the top renewable energy stock with a Zen Score of 46, which is 20 points higher than the renewable energy industry average of 26. It passed 17 out of 38 due diligence checks and has strong fundamentals. Nextera Energy Partners has seen its stock lose -38.83% over the past year, underperforming other renewable energy stocks by -8 percentage points.

Nextera Energy Partners has an average 1 year price target of $73.22, an upside of 49.92% from Nextera Energy Partners's current stock price of $48.84.

Nextera Energy Partners stock has a consensus Buy recommendation according to Wall Street analysts. Of the 9 analysts covering Nextera Energy Partners, 22.22% have issued a Strong Buy rating, 55.56% have issued a Buy, 22.22% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Ormat Technologies (NYSE:ORA) is the second best renewable energy stock with a Zen Score of 39, which is 13 points higher than the renewable energy industry average of 26. It passed 15 out of 38 due diligence checks and has average fundamentals. Ormat Technologies has seen its stock lose -21.12% over the past year, overperforming other renewable energy stocks by 10 percentage points.

Ormat Technologies has an average 1 year price target of $91.25, an upside of 25.29% from Ormat Technologies's current stock price of $72.83.

Ormat Technologies stock has a consensus Buy recommendation according to Wall Street analysts. Of the 4 analysts covering Ormat Technologies, 25% have issued a Strong Buy rating, 25% have issued a Buy, 50% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Advent Technologies Holdings (NASDAQ:ADN) is the third best renewable energy stock with a Zen Score of 37, which is 11 points higher than the renewable energy industry average of 26. It passed 12 out of 33 due diligence checks and has average fundamentals. Advent Technologies Holdings has seen its stock lose -87.62% over the past year, underperforming other renewable energy stocks by -56 percentage points.

Advent Technologies Holdings has an average 1 year price target of $0.60, an upside of 34.23% from Advent Technologies Holdings's current stock price of $0.45.

Advent Technologies Holdings stock has a consensus Hold recommendation according to Wall Street analysts. Of the 1 analyst covering Advent Technologies Holdings, 0% have issued a Strong Buy rating, 0% have issued a Buy, 100% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Out of 9 renewable energy stocks that have issued dividends in the past year, the 3 renewable energy stocks with the highest dividend yields are:

Atlantica Sustainable Infrastructure (NASDAQ:AY) has an annual dividend yield of 8.58%, which is 4 percentage points higher than the renewable energy industry average of 4.34%. Atlantica Sustainable Infrastructure's dividend payout is not stable, having dropped more than 10% three times in the last 10 years. Atlantica Sustainable Infrastructure's dividend has shown consistent growth over the last 10 years.

Atlantica Sustainable Infrastructure's dividend payout ratio of 1,711.5% indicates that its high dividend yield might not be sustainable for the long-term.

Algonquin Power & Utilities (NYSE:AQN) has an annual dividend yield of 8.42%, which is 4 percentage points higher than the renewable energy industry average of 4.34%. Algonquin Power & Utilities's dividend payout is not stable, having dropped more than 10% one times in the last 10 years. Algonquin Power & Utilities's dividend has shown consistent growth over the last 10 years.

Algonquin Power & Utilities's dividend payout ratio of -148.5% indicates that its high dividend yield might not be sustainable for the long-term.

Nextera Energy Partners (NYSE:NEP) has an annual dividend yield of 6.75%, which is 2 percentage points higher than the renewable energy industry average of 4.34%. Nextera Energy Partners's dividend payout is stable, having never dropped by more than 10% in the last 10 years. Nextera Energy Partners's dividend has shown consistent growth over the last 10 years.

Nextera Energy Partners's dividend payout ratio of 193.1% indicates that its high dividend yield might not be sustainable for the long-term.

Renewable energy stocks were up 0.08% in the last day, and down -3.04% over the last week.

We couldn't find a catalyst for why renewable energy stocks are up.

Based on WallStreetZen's Valuation Score, the 3 most undervalued renewable energy stocks right now are:

Enlight Renewable Energy (NASDAQ:ENLT) is the most undervalued renewable energy stock based on WallStreetZen's Valuation Score. Enlight Renewable Energy has a valuation score of 43, which is 28 points higher than the renewable energy industry average of 15. It passed 3 out of 7 valuation due diligence checks.

Atlantica Sustainable Infrastructure (NASDAQ:AY) is the second most undervalued renewable energy stock based on WallStreetZen's Valuation Score. Atlantica Sustainable Infrastructure has a valuation score of 29, which is 14 points higher than the renewable energy industry average of 15. It passed 2 out of 7 valuation due diligence checks.

Atlantica Sustainable Infrastructure's stock has dropped -31.45% in the past year. It has performed in line with other stocks in the renewable energy industry.

Advent Technologies Holdings (NASDAQ:ADN) is the third most undervalued renewable energy stock based on WallStreetZen's Valuation Score. Advent Technologies Holdings has a valuation score of 29, which is 14 points higher than the renewable energy industry average of 15. It passed 2 out of 7 valuation due diligence checks.

Advent Technologies Holdings's stock has dropped -87.62% in the past year. It has underperformed other stocks in the renewable energy industry by -56 percentage points.