2 Renewable Energy Stocks To Buy Today
Date
9/1/2022 12:04:42 AM
(MENAFN- Baystreet.ca)
2 renewable energy Stocks to Buy Today
Canadian investors should be eager to get in on the renewable energy space in 2022. Polaris Market
Research recently projected that the global renewable energy market was set to register a compound
annual growth rate (CAGR) of 8.5% from 2021 through to 2029. It expects the market to rise from $860
billion in 2021 to a whopping $1.68 trillion at the end of the forecast period.
TransAlta Renewables(TSX:RNW) is a Calgary-based company that develops, owns, and operates
renewable power generation facilities. Its shares have dropped 7% in 2022 as of mid-afternoon trading
on August 31. The stock is down 11% year over year.
The company released its second quarter fiscal 2022 results on August 5. Adjusted EBITDA fell 13% year-
over-year to $279 million. Meanwhile, cash flow from operations shot up $209 million from the prior
year to $129 million. TransAlta Renewables currently possesses a price-to-earnings ratio of 39, putting it
in favourable value territory compared to its industry peers. It offers a monthly dividend of $0.078 per
share. That represents a strong 5.4% yield.
Algonquin Power & Utilities(TSX:AQN)(NYSE:AQN) is an Oakville-based company that owns and
operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility
assets. Its stock is down marginally in the year-to-date period.
In Q2 2022, Algonquin posted revenue growth of 18% to $624 million. The stock possesses a P/E ratio of
47, which still puts its shares in above-average value territory. Algonquin offers a quarterly dividend of
$0.181 per share, representing a strong 5.1% yield.
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