CSIQ - 3 Renewable Energy Growth Stocks to Buy Hand Over Fist Before 2024
2023-12-23 08:35:00 ET
This past year was a challenging one for the renewable energy sector. Surging interest rates drove up financing costs, making it more difficult for some industry players to fund their growth. That weighed on valuations across the sector.
However, that growth headwind should fade in 2024 as the Federal Reserve lowers rates. That makes now a great time to grab some high-quality renewable energy stocks . Canadian Solar (NASDAQ: CSIQ) , Brookfield Renewable (NYSE: BEPC) (NYSE: BEP) , and Clearway Energy (NYSE: CWEN) (NYSE: CWEN.A) stand out to a few Fool.com contributors as the top ones to buy before the new year. Here's what they had to say about these three renewable energy growth stocks.
Tyler Crowe (Canadian Solar): For the most part, renewable energy companies rarely trade for cheap valuations. They typically vacillate between a "meh" valuation and "too expensive." That is except for Canadian Solar. As of this writing, the company trades for 0.6 times its tangible book value, meaning that the market values this business for $0.60 on the dollar of its assets, net of its debt.
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3 Renewable Energy Growth Stocks to Buy Hand Over Fist Before 2024