2 Renewable Energy Stocks up Over 20% in 2024

These two renewable energy stocks are up 20% and 40%! And more is definitely on the way as energy production increases.

| More on:
Solar panels and windmills

Image source: Getty Images

When it comes to future investments, renewable energy stocks remain a strong opportunity. Yet some have struggled due to higher interest rates and inflation, creating more costs in a costly new environment.

However, long-term investors need to think, well, long term! There continues to be a growing market demand for clean energy solutions, with policy support and incentives providing a clear path forward. Technological advancements have also provided more economically viable options as renewable energy stocks continue to expand their assets. And given their long-term sustainability, these are investments you can pick up and hold for life!

Yet, not all renewable energy stocks are down. In fact, today, we’re going to cover some that have already seen massive increases in 2024. So, let’s get right into it.

Cameco stock

Cameco (TSX:CCO) stock has soared 91% in the last year and is already up 20% year to date. This comes as uranium spot prices continue to climb higher.

Yet even so, there is also interest from a variety of other reasons as well relating to Cameco stock specifically. The company has been making partnerships with renewable energy companies to expand its operations. And it needs to, as nuclear power becomes the go-to source to help bridge the clean energy transition.

Right now, there are almost 500 nuclear power plants around the world. However, dozens are being built in densely populated countries such as China and India as well. This growing opportunity means a growing investment opportunity for those seeking more growth from Cameco stock.

Given that it’s the world’s largest publicly traded uranium producer, Cameco stock certainly continues to be a strong opportunity for those seeking out more growth — not just in 2024 but far beyond.

Lundin stock

Another strong option to consider actually isn’t technically even a renewable energy stock. That being said, it’s absolutely crucial to renewable energy companies. That’s Lundin Mining (TSX:LUN), which is a major copper producer, with about 63% of its production dedicated to copper production.

Why is copper so important? Copper is used in pretty much every aspect of its operations. Electrical conductivity makes it essential for generation, transmission, and distribution of renewable energy systems. In fact, copper is widely used in electrical wiring, cables, busbars in solar photovoltaic systems, wind turbines, and more.

It’s also needed for energy storage, such as batteries and supercapacitors. These play a crucial role in integrating renewable energy sources like solar and wind into a grid. What’s more, the high conductivity and corrosion resistance of copper makes it an ideal choice for renewable energy applications, as it makes an efficient energy transfer with minimal energy loss.

As for Lundin stock, shares have soared about 40% as the company announced its most recent earnings. While it achieved record copper production in 2023, it’s now aiming for even more for 2024. And that’s very exciting for today’s investors. Even while the company remains a steal among copper and mineral producers. So, this is certainly one stock that could provide you with huge income for 2024, with more on the way as copper becomes integral to renewable energy use.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.

More on Energy Stocks

A small flower grows out of a concrete crack.
Energy Stocks

The Future Giants: 3 Emerging Stocks With Incredible (and Proven) Growth Potential

Three growth stocks are sound investment prospects and future giants for their visible growth potential.

Read more »

Gas pipelines
Energy Stocks

Buy, Sell, or Hold Enbridge Stock?

Have you invested in Enbridge (TSX:ENB)? Here's a case for prospective and existing investors looking to buy, sell, or hold…

Read more »

Nuclear power station cooling tower
Energy Stocks

Is it Too Late to Buy Cameco Stock?

Uranium prices are booming, and so is Cameco stock (TSX:CCO). But investors should consider this if they think they missed…

Read more »

consider the options
Energy Stocks

Is Ballard Stock a Buy After Earnings?

Ballard (TSX:BLDP) stock saw shares rise slightly on shrinking losses, but there is still a lot of work to be…

Read more »

Growing plant shoots on coins
Energy Stocks

Dividend Darlings: 3 Canadian Stocks That Are Too Good to Ignore

Rising bond yields are headwinds for stocks, but income-investors can’t pass up on these three high-yield Canadian stocks.

Read more »

Nuclear power station cooling tower
Energy Stocks

TSX Energy Sector: Uranium Stocks vs. Natural Gas?

Even though the demand for fossil fuels (including natural gas) is expected to slack, the timeline is in decades. Meanwhile,…

Read more »

edit CRA taxes
Energy Stocks

The 2024 Tax Hacks Every Smart Investor Should Know

Smart taxpayers can turn to two investment accounts to lessen their tax burdens and save money at the same time.

Read more »

A plant grows from coins.
Energy Stocks

Say Goodbye to Volatility With Rock-Solid, Stable Low Beta Stocks

Hydro One (TSX:H) stock is a great volatility fighter for income investors seeking stability on the TSX.

Read more »