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Renewable energy stocks delivered exceptional returns in 2020. However, most of the top TSX renewable energy stocks reversed some of their gains and have witnessed a healthy pullback in the recent past, providing investors a solid opportunity to buy these high-growth stocks at the current levels.
I see significant upside in renewable energy stocks thanks to the growing emphasis on carbon footprint reduction. Meanwhile, growing adoption, declining costs, capacity expansion, and significant capital investments provide a solid foundation for growth in the future.
Furthermore, top renewable energy companies are known for paying solid dividends, thanks to their contractual arrangements and ability to generate resilient cash flows.
The TSX Index is hitting all-time highs, but are any cheap Canadian stocks left? Here are three top value stocks you can buy and hold for almost forever.
Author Bio
Travis Hoium has been writing for fool.com since July 2010 and covers the solar industry, renewable energy, and gaming stocks among other things. Follow @TravisHoium
Renewable energy stocks might not be the first place you look for dividends, but maybe they should be. Leading owners of renewable energy assets have long histories of paying growing dividends and own assets that have contracted energy payments for decades.
Given low yields in bond markets and high valuations for growth stocks, dividend stocks like
Brookfield Renewable
Hannon Armstrong Sustainable Infrastructure Capital (NYSE:HASI), and
NextEra Energy Partners (NYSE:NEP) may be some of the best buys on the market today.