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Based in Hong Kong
Company profile

Provident Acquisition Corp is a blank check company. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company have not selected any specific business combination target. The Company intends to focus on consumption-focused companies with disruptive growth potential that have operations or prospective operations in Asia, with a particular focus on the technology sector in Southeast Asia.

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20 favorite alternative-energy stocks with expected upside of up to 102%

10:03 am ET October 23, 2021 (MarketWatch)

By Philip van Doorn

There are three ways that investors can tap into solar and other alternative-energy stocks, which have rebounded from a dramatic decline earlier in the year

The energy market is in continual flux -- oil and natural gas prices have been rising along with demand. And over the past few weeks, stocks of alternative-energy companies have shot up dramatically.

A list of analysts' favorite alternative-energy stocks is below.

The S&P 500 Index's energy sector -- made up completely of companies involved with the production of fossil fuels -- has been the benchmark index's best performer this year, rising 54%, while the full index is up 20%.

The onset of colder weather in areas that rely on fossil fuels for home heating, amid a supply shortage, has helped lead to a government estimate that electricity generation from coal will increase in the U.S this year, for the first time in seven years.

The stage may be set for an extended run for prices of oil, natural gas and related stocks. Here's some recent coverage of fossil-fuel stocks:

Alternative-energy stocks -- three approaches

What about alternative energy? It is a much longer-term play than the cyclical oil and gas industries.

1. Go for growth

Despite mandates for reduced carbon emissions in northern European countries, millions of homes are still heated by natural gas, and new pipelines are being built to meet demand. The capacity isn't available for a quick switch to alternative energy.

This is why investors looking to make a lot of money with alternative-energy stocks need to be very patient. It is a multi-year, even multi-decade, play, even though there are many alternative-energy companies expected to grow their sales rapidly.

Here's a recent list of 20 stocks of alternative-energy companies expected to increase sales the most through 2023. The list includes solar and wind-power companies, but also companies that make electric-car batteries, such as Tesla Inc. (TSLA) and other electric-vehicle manufacturers. It only looks out two-plus years, but rapid growth may be your best focus if you wish to hold individual stocks in an early-stage industry.

2. Exchange traded funds

The list of the fastest expected alternative-energy revenue growers was culled from the portfolios of five large alternative-energy ETFs. These might be the best way to approach new industries for most investors, because of their diversification and relatively low expenses:

Click the tickers for more information about each ETF -- they follow varied strategies. Click here for Tomi Kilgore's detailed guide to the wealth of information available for free on MarketWatch's quote page.

3. A shorter-term view

Another way to consider individual alternative-energy stocks is to think shorter-term and look at investment analysts' ratings. The ratings are generally based on 12-month price targets. One year is a short period for serious long-term investors, but the 12-month price target is a long tradition for analysts that work for brokerage firms and for the financial media.

First, to see just how volatile the alternative-energy industries can be, take a look at this 2021 total-return chart for the Invesco Solar ETF:

And now the two-year chart:

There's tremendous support for alternative-energy stocks, but also plenty of volatility.

Going back to the five alternative-energy ETFs, if we look at their portfolios and remove duplicates, we have a list of 203 stocks, with 144 covered by at least five analysts polled by FactSet. Among these, 52 are rated "buy" or the equivalent by at least 75% of analysts.

Here are the 20 screened alternative-energy stocks with the highest 12-month upside potential implied by consensus price targets. Share prices and target prices are in local currencies:

Company  Share "buy" ratings  Closing price -- Oct. 19  Consensus price target  Implied 12-month upside potential  Country  Held by 
FTC Solar Inc. FTCI  88%  6.76  13.63  102%  U.S.  QCLN 
Lion Electric Co. LEV  75%  11.39  20.19  77%  Canada  QCLN 
Lightning eMotors Inc. ZEV  86%  8.02  13.57  69%  U.S.  ACES 
Niu Technologies ADR Class A NIU  100%  25.28  42.65  69%  China  WCLN 
Azure Power Global Ltd. AZRE  100%  23.35  36.75  57%  India  ICLN 
Centrais Eletricas Brasileiras S.A.-Eletrobras ADR EBR  86%  7.06  10.97  55%  Brazil  ICLN 
Albioma FR:ABIO  100%  33.22  51.48  55%  France  ICLN 
Renewable Energy Group Inc. REGI  86%  54.78  82.38  50%  U.S.  ICLN 
Grenergy Renovables S.A. ES:GRE  86%  31.00  46.40  50%  Spain  TAN 
Nio Inc. ADR Class A NIO  90%  40.03  59.50  49%  China  QCLN 
Nordex SE XE:NDX1  80%  14.97  22.19  48%  Germany  ICLN 
CS Wind Corp. KR:112610  100%  71,700.00  104,333.34  46%  South Korea  ICLN 
Sunrun Inc. RUN  86%  51.62  73.53  42%  United States  ICLN 
MasTec Inc. MTZ  92%  86.87  123.58  42%  U.S.  GRID 
Daqo New Energy Corp. ADR DQ  77%  71.90  97.54  36%  China  ICLN 
Meyer Burger Technology AG CH:MBTN  86%  0.46  0.62  35%  Switzerland  ICLN 
Engie S.A. FR:ENGI  94%  11.82  15.85  34%  France  GRID 
Xinyi Energy Holdings Ltd. HK:3868  100%  4.72  6.29  33%  China  ICLN 
Doosan Fuel Cell Co. Ltd. KR:336260  100%  51,400.00  68,014.50  32%  South Korea  ICLN 
Sunnova Energy International Inc. NOVA  89%  40.41  52.72  30%  U.S.  ICLN 
Source: FactSet 

Don't miss:Investor who almost doubled the return of her index says these three midcap stocks are ripe for the economic recovery

-Philip van Doorn


(END) Dow Jones Newswires

October 23, 2021 10:03 ET (14:03 GMT)

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