---
title: "The 3 Best Energy Stocks to Buy in August 2024"
description: "The article provides information on three energy stocks to buy in August 2024: Quanta Services (PWR), NextEra Energy (NEE), and Canadian Solar (CSIQ). It highlights the growth potential and strong fin"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/211217677.md"
published_at: "2024-08-09T13:39:56.000Z"
---

# The 3 Best Energy Stocks to Buy in August 2024

> The article provides information on three energy stocks to buy in August 2024: Quanta Services (PWR), NextEra Energy (NEE), and Canadian Solar (CSIQ). It highlights the growth potential and strong financials of these companies in the evolving energy sector. The upcoming election and government policies are crucial factors influencing the energy industry. The article suggests investors should consider these stocks for potential gains.

From traditional energy sources like natural gas and oil to newer alternatives like hydrogen and solar, the energy sector has evolved massively over the years. Yet, there is something unchanged — energy is still at the core of our daily lives. Without energy, barely anything could function. It plays a critical role in every method of transportation possible, from millions of vehicles on the road to planes used for domestic and international travel.

The energy sector depends largely on government policies, thus the upcoming election is crucial in forming the guidelines and the direction for energy companies. The progressives will continue to push for an aggressive transition to a renewable energy agenda. At the same time, the conservatives plan to roll back the current green policies enacted under the Biden administration. However, strong energy companies with growth catalysts and strong financials will sail through regardless of the election results. Below are the three best energy stocks to buy in August 2024.

## Quanta Services (PWR)

Source: Pand P Studio / Shutterstock.com

**Quanta Services** (NYSE:**PWR**) is a great option for investors looking for growth energy stocks. For those who are unfamiliar, Quanta Services is an American company that provides infrastructure solutions to the energy industry in the country. The company has built the biggest craft labor force in the U.S. and is still expected to keep growing.

Quanta Services has a consistent pattern of top-notch financials. Quanta has been delivering double-digit growth nearly with every quarter financials release, and the second quarter ending on June 30 was just that. In Q2 FY2024, the company reached revenues of $5.59 billion, a 10.8% increase year-over-year, not to mention that its margin has also improved. Moreover, Quanta Services’ EPS is projected to reach 20% growth in 2024, beating the industry average of 10%. The successful journey of Quanta Services will continue, and investors should get on the train before it is too late.

## NextEra Energy (NEE)

Source: T. Schneider / Shutterstock.com

If you have been following me for a while now, I first made my buy recommendation for **NextEra Energy** (NYSE:**NEE**) on April 15 of this year. Since then, the stock is up more than 20% as of writing, and I am still bullish on NextEra Energy.

NextEra Energy is the largest electric utility company in the United States, with many growth catalysts. Florida Power & Light, a subsidiary of NEE focused on renewable energy, experienced a $80 million increase in net income. This is true, especially considering it is a renewable energy company, and the market will most certainly see the Fed on its interest rate cut journey begin as soon as the September meeting.

In terms of finances, NEE beat the expected earnings in the second quarter by $0.06 at $0.96 earnings per share (**EPS**). Investors should not only get excited about the future of NextEra Energy with upcoming rate cuts but also invest in the stock as soon as possible.

## Canadian Solar (CSIQ)

Source: rafapress / Shutterstock.com

The last stock making the list is **Canadian Solar** (NASDAQ:**CSIQ**). As of writing, the stock is down over 45% this year alone and nearly 60% from the previous year. This is because the solar company experienced three consecutive quarters of revenue decline.

This presents a great buying opportunity, considering how undervalued the stock looks at the moment. The price-to-earnings ratio has corrected itself to 4.90x, which comes at a much-discounted price compared to the industry average. The forward P/E is 6, making it more competitive than most of the solar companies.

Earlier this year, Canadian Solar secured $160 million in funds to finance the Bayou Galion solar project in Northeast Louisiana. The completion of this project will strengthen Canadian Solar’s position in the market.

Now is a great time to bet on Canadian Solar’s future, and investors should not miss out on this amazing opportunity.

*On the date of publication, Andy Kim did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com* *Publishing Guidelines.*

*On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.*

Andy is a self-taught investor who is interested in ESG and socially responsible investing. He has managed the portfolio of a small investment fund and started his own research firm. Through his freelance writing on InvestorPlace, he hopes to find and share promising investments in companies with the goal of bettering the world.

### Related Stocks

- [NEE.US - Nextera Energy](https://longbridge.com/en/quote/NEE.US.md)
- [CSIQ.US - Canadian Solar](https://longbridge.com/en/quote/CSIQ.US.md)
- [PWR.US - Quanta Services](https://longbridge.com/en/quote/PWR.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
