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The Zacks Analyst Blog Highlights: SunPower, Ameresco, Azure Power Global and ReneSola

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·5 min read
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For Immediate Release

Chicago, IL – December 8, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: SunPower Corp. SPWR, Ameresco, Inc. AMRC, Azure Power Global Ltd AZRE and ReneSola Ltd SOL.

Here are highlights from Monday’s Analyst Blog:

COVID-19 Accelerates Reduction on GHG Emissions in U.S.: 4 Picks

According to a new study revealed by the research group, BloombergNEF, greenhouse gas (GHG) emissions are predicted to decline 9% in 2020 from the 2019 level. This would mark the lowest level emissions in at least the past three decades.

This indicates the possibility of increased clean energy adoption in the nation, thereby enticing investors to add renewable stocks to their portfolios.

Role of COVID-19 in GHG Emission Reduction

We know that the transportation and power sectors along with industrial activities are primarily responsible for burning of fossil fuels, resulting in emission of greenhouse gases like carbon dioxide and methane. With the coronavirus pandemic-induced travel as well as business restrictions, electricity demand, travel and industrial activities witnessed a significant decline.

BloombergNEF stated that in the absence of the COVID-19 crisis, U.S. GHG emissions in 2020 would have reduced only 1% from 2019. It was the mandated cessation of economic activities to stop the spread of coronavirus that led to the additional reduction of 8%.

Solid Installation Trends Visible

Clean energy investors should be further encouraged by the steep increase in solar and wind installations in the nation in recent times. Notably, solar and wind constitute a major portion of renewable industry in the United States.

Per data provided by the Solar Energy Industries Association, in the second quarter of 2020, the U.S. solar market installed 3.5 gigawatts-direct current (GWdc) of solar photovoltaic (PV) capacity, which reflects a 52% year-over-year increase.

As stated in its latest report by the American Wind Energy Association, the U.S. wind industry installed nearly 2,000 megawatts (MW) of new wind power capacity in the third quarter of 2020, setting a record for third-quarter additions.

Notably, wind turbine installations through the third quarter increased 72% on a year-over-year basis.

Therefore, when the majority of industries are still in an early stage of recovery from the effects of the COVID-19 pandemic, it is reasonable to conclude that the U.S. renewable space is thriving.

What’s Ahead?

With the pandemic not expected to die out anytime soon, travel and business restrictions will remain albeit to a lesser extent as resumption of economic activities is taking place but at a slow pace. In line with this, BloombergNEF forecasts GHG emissions to increase in 2021 but lingering coronavirus disruptions will keep emissions 5% lower than in 2019.

Stocks to Buy

Considering the aforementioned discussion, investors may add the following renewable industry stocks that boast strong historical performance and an impressive outlook:

SunPower designs, develops, manufactures, markets and sells high-performance solar electric power technology products like solar cells and panels. The company boasts a solid four-quarter average earnings surprise of 49.23% and is estimated to generate earnings growth of 324.3% in 2021. It currently carries a Zacks Rank #2 (Buy).

Ameresco is a leading independent provider of comprehensive energy efficiency and renewable energy solutions for facilities throughout North America and the United Kingdom. The company boasts a solid four-quarter average earnings surprise of 68.56% and long-term earnings growth rate of 17.50%. It currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Azure Power Global is a producer and developer of solar energy. The company boasts a solid four-quarter average earnings surprise of 71.15% and is estimated to generate sales growth of 11.5% in 2021. It currently carries a Zacks Rank #2.

ReneSola is a leading international brand in solar project development, construction, operations and asset management. The company boasts a solid four-quarter average earnings surprise of 41.46% and is estimated to generate earnings growth of 925% in 2021. It currently carries a Zacks Rank #2.

Breakout Biotech Stocks with Triple-Digit Profit Potential

The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.

Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.

See these 7 breakthrough stocks now>>

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.


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Renesola Ltd. (SOL) : Free Stock Analysis Report
 
SunPower Corporation (SPWR) : Free Stock Analysis Report
 
Ameresco, Inc. (AMRC) : Free Stock Analysis Report
 
Azure Power Global Ltd. (AZRE) : Free Stock Analysis Report
 
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