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First Solar, Inc. (FSLR) - $25 value - yours FREE >>
Range Resources Corporation (RRC) - $25 value - yours FREE >>
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3 Stocks to Gain From Ongoing US Clean Energy Transition
The United States is currently undergoing a significant shift toward cleaner energy sources as part of the effort to combat greenhouse gas emissions. This is evident in the data provided by the U.S. Energy Information Administration (“EIA”), which indicates that last year, 20% of the country's energy was generated from coal. Projections for 2023 and 2024 imply a decline in this proportion to 17% and 15%, respectively.
As a share of U.S. electricity generation, the proportions of renewables and natural gas are on the rise. EIA’s data reflects that in 2022, the United States generated 39% of its energy from natural gas and 21% from renewables, and it projects that the respective shares are going to increase to 42% and 22% this year. In renewables, the focus is more on generating electricity from solar energy, with new solar capacities coming online.
Hence, it appears opportune for investors to closely monitor companies engaged in natural gas production and solar module provision. Employing our Stock Screener, we have identified three stocks – EQT Corporation (EQT - Free Report) , Range Resources Corporation (RRC - Free Report) and First Solar, Inc. (FSLR - Free Report) – each carrying a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
3 Stocks In Focus
EQT Corporation is a leading producer of natural gas in the United States, with its operations across the prolific Appalachian basin. The company’s production outlook seems bright since it has premium untapped drilling locations across the gas-rich basin and is thus well-positioned to capitalize on clean energy demand.
Range Resources is also among the well-known natural gas producers in the domestic market, with a strong foothold in the Appalachian Basin. Having huge untapped high quality drilling locations, the company’s production outlook also seems promising.
To accelerate its fight against global warming, First Solar is primarily engaged in providing eco-efficient solar modules. The advanced thin-film photovoltaic modules of First Solar represent highly advanced solar technologies of the next generation.