Investing

Wall Street Thinks These 5 Energy Dividend Stocks Will Double by 2030

Lee Jackson

Published: November 23, 2023 1:10 pm

The setup for the benchmark Oil indices of Brent Crude and West Texas Intermediate to soar over $100 was all in place. Massive Saudi and OPEC+ production cuts, U.S producers halting drilling in some regions, and then the perfect storm: a Hamas attack on Israel, which started yet another war in the oil-rich Middle East.

Did oil explode to $100 and higher? Hardly, demand concerns and a weakening Chinese economy future started the selling. Add in Russian exports increasing in addition to rising inventories and short-sellers pounding the stocks on demand concerns, and you have just a few of the issues that have sent oil prices for both of the significant benchmarks back to levels last seen in July.

So what happens now? The Saudi Arabian government and OPEC+ have zero interest in oil staying at current levels, and there are a few scenarios that could play out for those looking to grab energy stocks now, with some at their lowest levels in almost four months.

We screened our 24/7 Wall St. energy database for companies many on Wall Street feel could double by 2030. With legacy energy and clean energy stocks getting hammered since September, now is the time to grab five companies that could be much higher seven years from now.

Array Technologies

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This top solar energy player posted outstanding third-quarter results and looks back on track for 2024. Array Technologies, Inc. (NASDAQ: ARRY) manufactures and sells ground-mounting tracking systems used in solar energy projects in the United States, Spain, Brazil, Australia, and internationally.

The company operates in two segments:

• Array Legacy Operations
• STI Operations.

The company’s products include:

• DuraTrack HZ v3, a single-axis tracker
• Array STI H250 to deliver a lower levelized cost of energy with a tracker system
• Array OmniTrack
• SmarTrack is a software product that uses site-specific historical weather and energy production data in combination with machine learning algorithms to identify the optimal position for a solar array in real time to enhance its energy production.

The stock exploded over the $50 level in early 2021, and trading at $15.60, shares only have to sell over $30 to double for shareholders. A feat that seems well in the cards by 2030.

Cameco

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While under the radar, this top stock has returned over 200% in the last five years. Cameco Corporation (NYSE: CCJ) provides uranium to generate electricity.

It operates through two segments:

• Uranium
• Fuel Services

The Uranium segment explores mines, mills and purchases and sells uranium concentrate.

The Fuel Services segment engages in

• Refining
• Converting
• Fabricated uranium concentrate, as well as purchased and sold conversion services. This segment also produces fuel bundles, assemblies, and zirconium-based components for CANDU reactors.

The company offers nuclear fuel processing services. It sells its uranium and fuel services to nuclear utilities in the Americas, Europe, and Asia.

With demand increasing dramatically and many clean energy-starved nations putting nuclear plants back on, a move to $90 from the current level of $45 by 2030 is an excellent possibility.

ConocoPhillips

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This is a large-cap company that offers substantial value for investors. ConocoPhillips (NYSE: COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide.

Conoco’s portfolio includes:

• Resource-rich North American tight oil and oil sands assets
• Lower-risk legacy assets in North America, Europe, Asia, and Australia
• An inventory of conventional and unconventional exploration prospects

The stock has risen 189% over the last three years after plunging to $27 in March 2020 and appears to trade well over the $200 level by 2030.

First Solar

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This top company has been hammered recently, so the path higher has been made more accessible. First Solar, Inc. (NASDAQ: FSLR) provides photovoltaic (PV) solar energy solutions in the United States, Japan, France, Canada, India, Australia, and internationally.

The company designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

First Solar also develops/sells downstream solar projects and has created some of the largest solar installations in the country.

There have been some trade-related concerns over the year; earnings are expected to revive in 2024. With very achievable systems business and module guidance, this is the strongest player in the sector.

After a massive five-year run that saw the shares explode higher by over 200%, shares were crushed this year, dropping a stunning 45% since May. To double by 2030, the stock would have to close just $40 higher than the 2023 high. Very possible by 2030.

Sunrun

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This stock has been sent to the penalty box but offers an excellent entry point at current trading levels that could double without even hitting a 52-week high. Sunrun Inc. (NASDAQ: RUN) engages in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States.

It also sells solar energy systems and products, such as panels and racking, and solar leads generated to customers.

The company offers battery storage and solar energy systems and sells services to commercial developers through multi-family and new homes. Its primary customers are residential homeowners.

Sunrun markets and sells its products through a direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing, referral channels, and its partner network.

Trading under $12 and moving to the $24 level by 2030 is possible.