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Sizzling hot: Solar stocks set to end pandemic year at record highs

12/30/2020 | 10:46pm EDT
Solar panels are seen next to a Southern California Edison electricity station in Carson

(Reuters) - Solar stocks dazzled in 2020 and looked set to wrap up a year ravaged by the COVID-19 pandemic with triple-digit gains amid a shift in focus to 'clean energy' as the outbreak decimated the global oil industry.

Giving the rally a leg up was Joe Biden's victory in the November U.S. presidential election, along with the coronavirus aid and funding bill that extended solar tax credits by two years.

The credits have helped reduce the cost of solar projects, and the extension pushed shares of solar equipment makers Enphase Energy Inc, ReneSola Ltd and Canadian Solar Inc, among others, to record or multi-year highs.

Years of disappointing shareholder returns by the oil and gas industry, this year's pandemic and the clean energy push have encouraged investors to move their money out of traditional industries and into renewables, said Josh Sherman, partner at consultancy firm Opportune LLP.

Graphic: Eternal Sunshine: https://graphics.reuters.com/SOLAR-STOCKS/xlbvgmmyjvq/chart.png

For an inter
active graphic on solar stocks versus S&P 500 Energy index, click herehttps://tmsnrt.rs/2KTL87k.

The coming years could be even better for the U.S. solar industry, and industry research firm IBISWorld estimates total revenue could cross $19.4 billion in 2026, more than double this year's $8.23 billion.

Top solar trade group Solar Energy Industries Association and energy research firm Wood Mackenzie forecast U.S. solar installations will surge 43% this year, just shy of a pre-pandemic forecast, highlighting the industry's quicker-than-expected recovery from a virus-related slowdown.

Stocks are expected to extend their rally too, and Sherman said investor appetite will only increase next year as the solar industry ramps up infrastructure.

Graphic: Revenue Surge: https://graphics.reuters.com/SOLAR-STOCKS/rlgvdqgrrpo/chart.png

Underscoring the trends, leading brokerage J.P. Morgan hiked its price targets across the board for renewable companies on Dec. 23, bumping its target on solar equipment maker Solaredge Technologies Inc to $371 from $315.

Graphic: More room to run: https://graphics.reuters.com/SOLAR-STOCKS/nmopaboeyva/chart.png

"I don't think you can put that cork back in the bottle," Sherman said, adding the outlook for the industry is very strong for the near term.

(Reporting by Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila)

By Shariq Khan

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN SOLAR INC. -0.84% 35.25 Delayed Quote.-31.21%
DJ INDUSTRIAL 1.29% 34021.45 Delayed Quote.11.97%
ENPHASE ENERGY, INC. -2.18% 114.61 Delayed Quote.-34.68%
FIRST SOLAR, INC. -0.23% 69.57 Delayed Quote.-29.67%
LONDON BRENT OIL -0.01% 66.98 Delayed Quote.32.80%
NASDAQ 100 0.83% 13109.146878 Delayed Quote.3.59%
NASDAQ COMP. 0.72% 13124.988183 Delayed Quote.1.11%
RENESOLA LTD -0.84% 7.09 Delayed Quote.-37.45%
S&P 500 1.22% 4112.5 Delayed Quote.10.54%
SOLAREDGE TECHNOLOGIES, INC. -2.03% 204.01 Delayed Quote.-36.07%
SUNPOWER CORPORATION -1.60% 20.91 Delayed Quote.-17.12%
SUNRUN INC. -0.45% 39.45 Delayed Quote.-43.14%
WTI -0.02% 63.789 Delayed Quote.35.96%
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Financials (USD)
Sales 2021 5 707 M - -
Net income 2021 156 M - -
Net Debt 2021 1 063 M - -
P/E ratio 2021 13,9x
Yield 2021 -
Capitalization 2 110 M 2 110 M -
EV / Sales 2021 0,56x
EV / Sales 2022 0,50x
Nbr of Employees 12 774
Free-Float 75,3%
Duration : Period :
Canadian Solar Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends CANADIAN SOLAR INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 51,57 $
Last Close Price 35,25 $
Spread / Highest target 78,7%
Spread / Average Target 46,3%
Spread / Lowest Target 30,5%
EPS Revisions
Managers and Directors
Shawn Qu Chairman & Chief Executive Officer
Hui Feng Chang Chief Financial Officer, Director & Senior VP
Guo Qiang Xing Chief Technology Officer & Senior Vice President
Jian Yi Zhang Chief Compliance Officer, SVP & General Counsel
Harry E. Ruda Independent Director
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