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Best Renewable Energy Stocks to Buy Now (2024)

Top renewable energy stocks in 2024 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:

Enlight Renewable Energy (NASDAQ:ENLT) is the top renewable energy stock with a Zen Score of 51, which is 22 points higher than the renewable energy industry average of 29. It passed 17 out of 33 due diligence checks and has strong fundamentals. Enlight Renewable Energy has seen its stock return 0.75% over the past year, overperforming other renewable energy stocks by 5 percentage points.

Enlight Renewable Energy has an average 1 year price target of $18.50, an upside of 14.62% from Enlight Renewable Energy's current stock price of $16.14.

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

Nextera Energy Partners (NYSE:NEP) is the second best renewable energy stock with a Zen Score of 48, which is 19 points higher than the renewable energy industry average of 29. It passed 17 out of 38 due diligence checks and has strong fundamentals. Nextera Energy Partners has seen its stock lose -56.14% over the past year, underperforming other renewable energy stocks by -52 percentage points.

Nextera Energy Partners has an average 1 year price target of $33.07, an upside of 22.17% from Nextera Energy Partners's current stock price of $27.07.

Nextera Energy Partners stock has a consensus Buy recommendation according to Wall Street analysts. Of the 7 analysts covering Nextera Energy Partners, 28.57% have issued a Strong Buy rating, 28.57% have issued a Buy, 28.57% have issued a hold, while 14.29% have issued a Sell rating, and 0% have issued a Strong Sell.

Renew Energy Global (NASDAQ:RNW) is the third best renewable energy stock with a Zen Score of 46, which is 17 points higher than the renewable energy industry average of 29. It passed 15 out of 33 due diligence checks and has strong fundamentals. Renew Energy Global has seen its stock lose -6.43% over the past year, underperforming other renewable energy stocks by -2 percentage points.

Renew Energy Global has an average 1 year price target of $8.67, an upside of 61.1% from Renew Energy Global's current stock price of $5.38.

Renew Energy Global stock has a consensus Strong Buy recommendation according to Wall Street analysts. Of the 3 analysts covering Renew Energy Global, 100% have issued a Strong Buy rating, 0% have issued a Buy, 0% have issued a hold, while 0% have issued a Sell rating, and 0% have issued a Strong Sell.

Out of 6 renewable energy stocks that have issued dividends in the past year, the 3 renewable energy stocks with the highest dividend yields are:

Nextera Energy Partners (NYSE:NEP) has an annual dividend yield of 12.72%, which is 8 percentage points higher than the renewable energy industry average of 5.19%. 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 158% indicates that its high dividend yield might not be sustainable for the long-term.

Atlantica Sustainable Infrastructure (NASDAQ:AY) has an annual dividend yield of 10.22%, which is 5 percentage points higher than the renewable energy industry average of 5.19%. 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 601.4% 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 7.46%, which is 2 percentage points higher than the renewable energy industry average of 5.19%. 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 1,446.7% indicates that its high dividend yield might not be sustainable for the long-term.

Renewable energy stocks were down -2.76% in the last day, and down -5.18% over the last week. Fusion Fuel Green was the among the top losers in the utilities - renewable industry, dropping -11.43% yesterday.

Shares of companies within the broader materials sector are trading lower amid overall market weakness.

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

Nextera Energy Partners (NYSE:NEP) is the most undervalued renewable energy stock based on WallStreetZen's Valuation Score. Nextera Energy Partners has a valuation score of 71, which is 45 points higher than the renewable energy industry average of 26. It passed 5 out of 7 valuation due diligence checks.

Nextera Energy Partners's stock has dropped -56.14% in the past year. It has underperformed other stocks in the renewable energy industry by -52 percentage points.

Enlight Renewable Energy (NASDAQ:ENLT) is the second most undervalued renewable energy stock based on WallStreetZen's Valuation Score. Enlight Renewable Energy has a valuation score of 71, which is 45 points higher than the renewable energy industry average of 26. It passed 5 out of 7 valuation due diligence checks.

Enlight Renewable Energy's stock has gained 0.75% in the past year. It has overperformed other stocks in the renewable energy industry by 5 percentage points.

Excelerate Energy (NYSE:EE) is the third most undervalued renewable energy stock based on WallStreetZen's Valuation Score. Excelerate Energy has a valuation score of 57, which is 31 points higher than the renewable energy industry average of 26. It passed 4 out of 7 valuation due diligence checks.

Excelerate Energy's stock has dropped -33.99% in the past year. It has underperformed other stocks in the renewable energy industry by -29 percentage points.