Rags to Riches: 3 Hydrogen Stocks That Could Make Early Investors Rich

InvestorPlace06-27

Here are just a few hot hydrogen stocks to buy today. Bloom Energy (BE): RBC Capital reiterated an outperformed stock rating with a price target of $15. Plug Power (PLUG): PLUG just won a deal for 25 ...

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We’re now learning that U.S. Senators Bill Cassidy, M.D. (R-LA), Mike Crapo (R-ID), Jim Risch (R-ID) and Pete Ricketts (R-NE) have also argued that the Biden administration’s current 45V tax rule is making it difficult for U.S. hydrogen producers to qualify for tax credits. When and if it’s lifted, hydrogen stocks could push higher.\n“With the proposed rule, the IRS and Treasury strayed far away from the simple definition of clean hydrogen,” wrote the senators, as quoted by Cassidy.Senate.gov. “Significant buildout of renewable energy to support hydrogen production will surely face permitting, supply chain, and inflation issues.”\nIf loosened, the Biden Administration could get one step closer to cutting emissions, as hoped. Remember, hydrogen – which only produces water vapor and warm air – is key to helping the U.S. achieve its net-zero emission goals. \nWith high hopes that 45V will be changed, buy some of the top hydrogen stocks today.\nBloom Energy (BE)\nSource: Sundry Photography / ShutterstockAfter rallying from a low of about $9 to $18, Bloom Energy (NYSE:BE) just pulled back to about $13, again a strong buy opportunity.\nHelping analysts at RBC Capital just reiterated an outperform rating on the stock with a price target of $15. For example, the firm highlighted the potential for Bloom’s fuel cell technology to meet the increasing energy demands of data center customers. Analysts at BTIG reiterated a buy rating on the stock with a price target of $21.\nBloom just signed a contract with Intel (NASDAQ:INTC) to install fuel cell-based services at Intel’s computing data center in Santa Clara, California. With its focus on the rapidly growing data center market, this should draw even more attention to Bloom.\nInvestors should use the latest pullback in BE shares as a buying opportunity.\nPlug Power (PLUG)\nSource: T. Schneider / Shutterstock.comWeakness in shares of Plug Power (NASDAQ:PLUG) is also a buy opportunity.\nAt $2.45, PLUG now sits at triple bottom support dating back to January. It’s also over-extended on RSI, MACD and Williams’ %R. I’d like to see PLUG initially rally back to about $3.32 from its current price. Longer-term, I’d like to see it rally back to $7.50. \nHelping, the company said it saw a “substantial advancement” with its plants in Georgia and Tennessee. It also noted that its Louisiana joint venture with Olin (NYSE:OLN) is on track to see mechanical completion by the end of the third quarter.  Plus, it just signed two contracts to deliver basic engineering and design packages (BEDP) for projects in Europe and the U.S.\nPLUG also just won a deal for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems from a European customer. “The project will employ five of Plug’s 5 MW containerized PEM electrolyzers to reduce the company’s carbon footprint by using green hydrogen,” added the company.\nAnalysts at H.C. Wainwright are still bullish on PLUG, with a price target of $18. \nGlobal X Hydrogen ETF (HYDR)\nYou could also diversify with an exchange-traded fund, like the Global X Hydrogen ETF (NASDAQ:HYDR).\nWith an expense ratio of 0.5%, the ETF invests in stocks involved in hydrogen production and developing and manufacturing fuel cells. Some of its top holdings include Bloom Energy, Plug Power, Ballard Power (NASDAQ:BLDP), ITM Power (OTCMKTS:ITMPF) and Ceres Power (OTCMKTS:CPWHF).\nIt was last trading at $26.33, so it’s a buy on weakness. From that price, I’d like to see it triple when hydrogen names start to take off again. Plus, if and when the 45V tax credit is loosened, the ETF and related stocks will soar again.\nOn the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. \nIan Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.Energy, Hydrogen, Renewable EnergyGrowth Stocks\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2024/06/rags-to-riches-3-hydrogen-stocks-that-could-make-early-investors-rich/.\n©2024 InvestorPlace Media, LLC","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2446557640"}