Solar stocks rip higher as clean energy names make comeback
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Enphase Energy (ENPH
+9.8%) and SolarEdge Technologies (SEDG
+9.1%) comprise two of the top five gainers on the S&P 500, as rising oil prices resulting from the Russia-Ukraine conflict and the just-announced U.S. ban on Russian oil and gas imports continue to shift attention to alternative energy plays.
Solar companies rack up big gains across the board: SOL
+24.6%, MAXN
+22.6%, SPWR
+20.3%, SUNW
+15.3%, NOVA
+15%, CSIQ
+13.1%, AZRE
+12.5%, ARRY
+11.1%, RUN
+10.9%, DQ
+7.5%, JKS
+6.8%, FSLR
+6.1%.
Among other alt energy names, FuelCell Energy (FCEL
+7.2%) and Bloom Energy (BE
+12.5%) jump to YTD highs, while Gevo (GEVO
+20.5%), Plug Power (PLUG
+8.9%) and Ballard Power (BLDP
+12.9%) also post strong gains.
ETFs: TAN, FAN, ICLN, QCLN, PBW, PBD, ACES, CNRG, SMOG, ERTH
"Renewables will get even more attention than before," Raymond James analyst Pavel Molchanov tells Bloomberg. "It took the shock of the current war to finally bring the energy security issue to the forefront. Energy security and energy transition both point in the same direction, mutually reinforcing the shift away from fossil fuels."
Solar shares were weighed down last week after First Solar warned supply chain problems and rising costs will hurt earnings this year.