‘Have to keep the coal burning’: Arnold Schwarzenegger blasts Germany for closing nuclear power plants, praises California for keeping them open — 3 clean energy stocks to bet on the future

Cameco (CCJ)

Uranium is the mostly widely used fuel by nuclear power plants. Therefore Cameco — a major uranium producer — is well-positioned if nuclear power becomes a more significant source of electricity production.

Cameco operates uranium mines in Canada, the U.S., and Kazakhstan. The business is backed by long-term contracts with customers around the world, averaging 29 million pounds per year over the next five years in deliveries.

Other than mining uranium, Cameco also provides fuel services to nuclear power plants.

Although Cameco is headquartered in Saskatoon, Saskatchewan, Canada, its shares trade on both the Toronto Stock Exchange and the New York Stock Exchange.

Goldman Sachs analyst Neil Mehta has a ‘Buy’ rating on Cameco and a price target of $62 — roughly 37% above where the stock sits today.

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First Solar (FSLR)

The U.S. Energy Information Administration emphasizes that solar energy technologies and power plants "do not produce air pollution or greenhouse gasses when operating." Additionally, when solar energy replaces other energy sources with larger environmental impacts, it can have "a positive, indirect effect" on the environment.

For those interested in investing in this segment, check out First Solar, one of the world's largest manufacturers of photovoltaic solar panels.

First Solar’s thin-film solar module technology stands out for its efficiency and environmental advantages over traditional silicon-based panels. The company's commitment to sustainability extends beyond its products to its operational practices, emphasizing resource efficiency and responsible manufacturing.

In Q2 of 2024, First Solar reported net sales of $1.0 billion, with management anticipating full-year net sales between $4.4 billion and $4.6 billion.

Shares have climbed 24% year to date. Oppenheimer analyst Colin Rusch has an “Outperform” rating on First Solar and a price target of $326, suggesting a further upside of 52%.

Tesla (TSLA)

Cars, SUVs, and trucks fueled by gasoline, diesel and E85 emit a mix of smog-forming pollutants from their tailpipes, including nitrogen oxides, non-methane organic gasses, carbon monoxide, particulate matter and formaldehyde.

That’s why many consider Tesla (TSLA) to be a top green stock — the company helps resolve the issue through the production of electric vehicles (EVs) that produce no tailpipe emissions.

The company has been at the forefront of the EV transition. In 2023, it delivered 1.81 million EVs, marking a 38% increase from 2022.

In Q1 of 2024, however, Tesla’s vehicle deliveries fell 8.5% year over year to 386,810. In Q2, deliveries totaled 443,956, down 5% year over year but better than analysts’ expectations.

Tesla shares are down 13% over the last 12 months, but Morgan Stanley analyst Adam Jonas sees a comeback on the horizon. Jonas has an “Overweight” rating on Tesla with a price target of $310 — around 34% above the current levels.