Best Renewable Energy Stocks this May 2026 in Canada

Algonquin Power & Utilities stands out as a premier renewable energy company in Canada, boasting over $17.6 billion in assets across North America and a robust commitment to clean power generation. With a solid dividend yield of 4.23%, it presents an attractive option for income-focused investors, despite a challenging five-year return of -56.68%. Analysts maintain a neutral outlook, with CIBC's recent ratings affirming stability while Raymond James upgraded its position to outperform, highlighting its potential for growth.

Based on its recent share price of $9.44, AQN stock is estimated to be approximately 50% undervalued.

Northland Power Inc. offers an attractive dividend yield of 4.24%, alongside a strong 1-year return of 24.12, although it has faced a significant decline of 45.83% over the past five years. With recent analyst ratings indicating an "Outperform" stance from multiple firms, the stock appears to be modestly undervalued, trading around CA$21.25 against a fair value estimate of CA$22.15. Given these factors, investors may view Northland Power as a potential buy, especially considering positive signals from moving averages.

Northland Power Inc. stock shows positive buy signals from both short and long-term Moving Averages.

NPI stock represents Northland Power Inc., a power producer operating in Canada, the Netherlands, Germany, Colombia, Spain, the United States, and other international markets.

Northland Power is considered modestly undervalued at approximately CA$21.25, compared to a fair value estimate of CA$22.15, influenced by upcoming projects and funding risks.

Northland Power cut its dividend to redirect cash flow towards financing growth projects internally, as its stock price is significantly below its pandemic high.

Innergex Renewable Energy, a TSX-listed company specializing in hydroelectric, wind, and solar projects, emphasizes sustainable energy solutions in Canada and internationally. With a dividend yield of 2.62%, the company has delivered a strong one-year return of 49.35%, making it an attractive option for investors looking for growth in the renewable sector. Despite a challenging five-year return of -39.18%, analysts from National Bank Financial and Scotiabank maintain an outperform and sector perform rating, respectively, indicating a potential for recovery and growth.

Cheniere Energy (LNG) has a consensus rating of Buy from 14 analysts, with 43% recommending a Strong Buy and 57% recommending Buy.

IREN Limited shares have decreased by $1.41, or 2.71%, since the market last closed, opening at $53.28.

Innergex Renewable Energy Inc. shows positive signals but is currently considered a hold or accumulate, pending further developments.

BLX offers a modest dividend yield of 2.38% and has achieved a strong 1-year return of 17.89, suggesting potential short-term growth. However, the stock's 5-year return is negative at -11.76%, indicating long-term challenges. With a consensus rating of "Moderate Buy" from analysts and recent upgrades signaling positive outlooks, investors may find BLX an intriguing option for income and potential appreciation.

BLX has a consensus rating of 'Moderate Buy' from 4 Wall Street analysts, with 1 sell, 2 buy, and 1 strong buy rating.

The average 12-month price target for Boralex Inc Cl A is C$34.90, with a high of C$37.25 and a low of C$32.00.

BLX represents Banco Latinoamericano de Comercio Exterior, a multinational bank focused on financing foreign trade and economic integration in Latin America and the Caribbean.

BLX is a power producer specializing in renewable energy, operating power stations in Canada, France, the U.S., and the U.K. across wind, solar, hydroelectric, and thermal technologies.