Key Points
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Bloom Energy has an exciting clean power technology that is in high demand right now.
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GE Vernova’s turbines are at the heart of power generation.
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Brookfield Renewable has a 5.4% yield, clean power, and broad diversification.
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Bloom Energy‘s (NYSE: BE) hydrogen fuel cells are an exciting clean technology, but it is a one-trick pony. GE Vernova‘s (NYSE: GEV) turbines help generate power from wind and natural gas, but the stock’s dividend yield is a paltry 0.2%. My pick for playing artificial intelligence’s rabid demand for power is high-yield Brookfield Renewable Partners (NYSE: BEP). Here’s why I think this reliable passive-income investment wins out over the far more popular Bloom Energy and GE Vernova.
I’m a dividend investor
The first and most obvious reason why I prefer Brookfield Renewable Partners over Bloom Energy and GE Vernova is dividends. Bloom Energy doesn’t pay a dividend at all. GE Vernova’s yield, as noted, is 0.2%, which is even lower than the S&P 500 index‘s (SNPINDEX: ^GSPC) already tiny 1%. Brookfield Renewable Partners’ yield is 5.4%.
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To put that into further context, the average utility’s yield is roughly 3%. So not only does Brookfield Renewable beat Bloom Energy and GE Vernova on yield, it also bests most utilities. However, that’s just one factor here, because the distribution has grown steadily over the past decade at an annualized rate of 5%. That’s within management’s 5%-9% target range, and I expect further growth ahead. Notably, Brookfield Renewable believes it will support that growth through distributable cash flow growth of 10% a year through 2031.
Brookfield Renewable is more than a yield story
This isn’t just about income. Bloom Energy makes hydrogen fuel cells, which are in high demand right now as artificial intelligence (AI) data centers try to sidestep the power grid. But that’s just one technology. GE Vernova’s power turbines are used in wind power and natural gas power plants, which is a form of diversification, but remains fairly limited. Brookfield Renewable has its fingers in way more clean-energy technologies.
The list includes hydroelectric, solar, and wind power. It also has investments in storage. And, with partners, it owns Westinghouse, one of the world’s largest service providers to the nuclear power industry. I’m conservative, and I like to spread my bets around, so Brookfield Renewable Partners wins hands down on this one. But there’s even more to the diversification story because it also has a geographically diverse footprint, with assets in North America, South America, Europe, and Asia. It is pretty much a one-stop shop for clean energy.
There’s another not-so-subtle factor here, however, that I think makes Brookfield Renewable Partners a better option right now: investor sentiment. Bloom Energy’s stock has been highly volatile, driven by huge swings in investor sentiment. The stock is up 50% over the past year, but down 40% from its 52-week high. It’s actually gone through two 40% drawdowns over that span and one that was 30%. That’s a rollercoaster ride I can’t handle; collecting a large, reliable dividend is more my speed.
GE Vernova’s stock hasn’t experienced the same kind of volatility. However, it is difficult to assign a valuation range to the stock. This is because it has only recently become a stand-alone entity after being spun off from the old General Electric. The price-to-earnings ratio looks reasonable at roughly 22x, but there’s little historical context to know whether that’s a good, bad, or indifferent valuation. Add in the miserly yield, and I’m happier with Brookfield Renewable Partners.
Brookfield Renewable Partners isn’t perfect, but it fits well for me
There are very good reasons why some investors might avoid Brookfield Renewable Partners. For example, it isn’t likely to become a growth story anytime soon. However, if you are like me and prefer to own diversified income stocks, Brookfield Renewable Partners offers a way to play the AI power boom that beats out Bloom Energy and GE Vernova when you examine the full investment picture.
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Reuben Gregg Brewer has positions in Brookfield Renewable Partners. The Motley Fool has positions in and recommends Bloom Energy and GE Vernova. The Motley Fool recommends Brookfield Renewable Partners. The Motley Fool has a disclosure policy.
