Environmentally-friendly stocks to target in the recycling, solar, and clean energy sectors
Earth Day is this Saturday, and its important to remember that making money and combating climate change are not mutually exclusive. For the 'green' investor out there, Waste Management Inc (NYSE:WM), Canadian Solar Inc. (NASDAQ:CSIQ), and Bloom Energy Corp (NYSE:BE) are three environmentally-friendly stocks that can help accomplish both.
2023 Top Pick Chugging Along
Waste Management may be known for trash and rowdy golf tournaments, but the company is at the forefront of recycling and landfill efforts nationwide. The stock, a top pick of 2023, is up 0.4% to trade at $167.59 today. WM has formed a bull flag pattern on the charts in the wake of a 2.9% gap higher on March 30. The shares' year-to-date breakeven level could step up as support going forward.
Solar Stock Ripe for Upgrades
Canadian Solar is one of the many solar stocks that could stand to benefit from ever-increasing renewable energy capacity and government subsidies. CSIQ is up 0.7% to trade at $40.33 today and boasts a 30% lead already in 2023. The shares traded as low as $34.31 on March 17, but their 320-day moving average stepped up as support. Despite the stock's healthy gains this year, three of the five brokerages in coverage maintain "hold" or "strong sell" ratings.
Bloom Energy Call Buyers in a Frenzy
Bloom Energy's 2022 sustainability report showed significant emissions savings. The fuel cell manufacturing stock is off by 1.8% to trade at $18.07 today and 5.1% lower in 2023. The shares' 30-day moving average has guided BE lower since 2023 peaks above $26.50, but a longer-term floor could be emerging between $16-$17.
The equity's 10-day call/put volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) is 8.32. So not only do calls outflank puts by a more than 8-to-1 ratio, that ratio sits in the 92nd percentile of its annual range, indicating that the rate of call buying is near 52-week highs.