Amid the world’s transition to cleaner energy sources, hydrogen stocks have had a resurgence in interest lately. This resurgence is despite a fall in the S&P 500 amid earnings season over the last couple of weeks, creating fresh opportunities to buy them cheaply.
One of the greatest benefits of scooping up shares of these hydrogen stocks now is that they could trade at a discount to their intrinsic values. The hydrogen stocks discussed in this article may be especially undervalued examples that investors can investigate further.
Here are the best hydrogen stocks to buy for November.
Plug Power (PLUG)
Plug Power (NASDAQ:PLUG) is a company that specializes in fuel cell systems. It is gaining traction for its hydrogen fuel cell solutions that power electric motors, primarily for forklifts in large warehouses. Ahead of PLUG’s earnings, now could be a great time to buy PLUG’s shares.
Wall Street predicts Plug Power will report lower earnings but higher revenues than last year when it releases its quarterly results. Some analysts estimate a loss of $0.32 per share and a revenue increase of 30.7%, which could send its stock price soaring.
The Biden and Hochul administrations, along with Plug Power, are investing in green hydrogen. Despite discovering potentially cheaper natural hydrogen, Plug Power is optimistic about its green hydrogen prospects. This makes it one of the best hydrogen stocks to buy.
Linde (NYSE:LIN) is a multinational chemical company leading in the industrial gases market, including hydrogen.
As LIN’s stock price surged from earnings posted for the previous quarter, Wall Street analysts remain bullish. LIN holds a “Moderate Buy” consensus from 12 analysts, with eleven recommending “buy” and one suggesting “hold.” The average price target is $424.50, with recent brokerage reports ranging from $410 to $463.
Furthermore, the company forecasts a 14%-15% year-over-year growth in adjusted EPS. Linde is partnering with others to build a $1 billion hydrogen production facility in Arizona. The goal is to produce hydrogen for up to 3,000 trucks, potentially decreasing diesel dependence.
Ballard Power Systems (BLDP)
Ballard Power Systems (NASDAQ:BLDP) designs and manufactures proton exchange membrane fuel cell products for markets such as heavy-duty motive, portable power, material handling and backup power.
Good news recently has given BLDP stock a lift in value. Ballard Power Systems stock rose 3.4% after receiving orders for 177 hydrogen fuel cell engines from Solaris Bus & Coach for deployment in Europe, marking the largest fleet of fuel cell buses in the region, with vehicles planned for Bologna, Italy and Germany.
BLDP is also gaining on some macro developments. Alternative energy stocks surged after France announced plans to more than double its renewable capacity by 2035, aiming for carbon neutrality by 2050. This news pushed the stock prices of hydrogen stocks like BLDP and the others on this list by a significant amount, making it a great time to scoop up shares.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.