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Looking for undervalued stocks? Value investors look for opportunities to buy stocks that are trading at significant discounts to their fair value, with the assumption that they’ll move up to their fair value in the near future. One proxy for fair value is analyst target price.

We ran a screen on stocks that use or produce clean sources of energy (a.k.a. “clean energy stocks”) for those trading at steep discounts to their analyst target prices, which may indicate that they are undervalued.

But because target prices are notoriously inflated, we only used the most pessimistic (the lowest) target prices, and for stocks with sufficient analyst coverage we only screened for stocks with 5 or more analyst ratings.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by target price.

1. Maxwell Technologies Inc. (NASDAQ:MXWL): Develops, manufactures, and markets energy storage and power delivery products, and microelectronic products. Market cap of $430.39M. Of the 11 analysts that have set a target price on the stock, the lowest price target stands at $20.00. This implies a current upside of 30.72% from current levels around $15.30. The stock is a short squeeze candidate, with a short float at 13.3% (equivalent to 14.18 days of average volume). The stock has performed poorly over the last month, losing 17.96%.

2. Fluor Corporation (NYSE:FLR): Provides engineering, procurement, construction, maintenance, and project management services worldwide. Market cap of $8.19B. Of the 21 analysts that have set a target price on the stock, the lowest price target stands at $61.00. This implies a current upside of 26.37% from current levels around $48.27. It's been a rough couple of days for the stock, losing 6.67% over the last week.

3. Newpark Resources Inc. (NYSE:NR): Provides fluids management, waste disposal, and well site preparation products and services primarily to the oil and gas exploration and production industry. Market cap of $732.77M. Of the 9 analysts that have set a target price on the stock, the lowest price target stands at $10.00. This implies a current upside of 24.38% from current levels around $8.04. The stock is a short squeeze candidate, with a short float at 9.91% (equivalent to 6.87 days of average volume). It's been a rough couple of days for the stock, losing 10.47% over the last week.

4. Progressive Waste Solutions Ltd. (NYSE:BIN): Operates as a vertically integrated waste management company in North America. Market cap of $2.26B. Of the 14 analysts that have set a target price on the stock, the lowest price target stands at $23.00. This implies a current upside of 21.95% from current levels around $18.86. The stock is currently stuck in a downtrend, trading 6.61% below its SMA20, 9.59% below its SMA50, and 17.42% below its SMA200. It's been a rough couple of days for the stock, losing 5.84% over the last week.

5. Clean Energy Fuels Corp. (NASDAQ:CLNE): Provides natural gas as an alternative fuel for vehicle fleets in the United States and Canada. Market cap of $813.82M. Of the 6 analysts that have set a target price on the stock, the lowest price target stands at $14.00. This implies a current upside of 21.11% from current levels around $11.56. The stock is a short squeeze candidate, with a short float at 25.29% (equivalent to 12.16 days of average volume). It's been a rough couple of days for the stock, losing 6.62% over the last week.

6. ABB Ltd. (NYSE:ABB): Provides power and automation technologies for utility and industrial customers worldwide. Market cap of $41.02B. Of the 6 analysts that have set a target price on the stock, the lowest price target stands at $21.11. This implies a current upside of 19.13% from current levels around $17.72. The stock has lost 16.02% over the last year.

7. Ashland Inc. (NYSE:ASH): Operates as a specialty chemicals company in the United States and internationally. Market cap of $4.28B. Of the 10 analysts that have set a target price on the stock, the lowest price target stands at $65.00. This implies a current upside of 18.59% from current levels around $54.81. This is a risky stock that is significantly more volatile than the overall market (beta = 2.77). The stock has gained 5.38% over the last year.

8. Waste Connections Inc. (NYSE:WCN): Provides solid waste collection, transfer, disposal, and recycling services. Market cap of $3.52B. Of the 7 analysts that have set a target price on the stock, the lowest price target stands at $37.00. This implies a current upside of 17.57% from current levels around $31.47. The stock is a short squeeze candidate, with a short float at 6.62% (equivalent to 8.73 days of average volume). The stock has gained 16.21% over the last year.

9. Ameresco, Inc. (NYSE:AMRC): Provides energy efficiency solutions for facilities in North America. Market cap of $517.28M. Of the 7 analysts that have set a target price on the stock, the lowest price target stands at $14.00. This implies a current upside of 17.35% from current levels around $11.93. The stock is a short squeeze candidate, with a short float at 6.55% (equivalent to 6.46 days of average volume). It's been a rough couple of days for the stock, losing 5.32% over the last week.

10. Green Plains Renewable Energy, Inc. (NASDAQ:GPRE): Engages in the production, marketing, and distribution of ethanol and related distillers grains in the United States. Market cap of $338.21M. Of the 7 analysts that have set a target price on the stock, the lowest price target stands at $12.00. This implies a current upside of 16.73% from current levels around $10.28. This is a risky stock that is significantly more volatile than the overall market (beta = 2.12). The stock is a short squeeze candidate, with a short float at 14.45% (equivalent to 12.03 days of average volume). The stock has lost 7.3% over the last year.

11. Republic Services, Inc. (NYSE:RSG): Provides nonhazardous solid waste collection, transfer, and disposal services in the United States. Market cap of $9.91B. Of the 8 analysts that have set a target price on the stock, the lowest price target stands at $31.00. This implies a current upside of 15.80% from current levels around $26.77. The stock has lost 8.04% over the last year.

*Target price data sourced from Thomson/First Call (via Yahoo! Finance), all other data sourced from Finviz.

Source: 11 Clean Energy Stocks Undervalued By Target Price