As the global energy landscape evolves, investors must assess the stability of traditional fossil fuels against the growth potential of renewable energy and advanced nuclear technologies. Some experts highlight a rising global backlash against renewables, as increasing evidence in Europe and elsewhere raises questions about long-term profitability and sustainability without government largesse. Others argue that addressing climate change is non-negotiable, making renewables a safe investment. This article also reflects the expected revival of the nuclear industry.

Though national governments typically influence energy policy with input from international organizations such as the International Energy Agency, private enterprise drives energy industry innovation and development. Energy companies have the unique task of balancing public input, global diplomacy, and international frameworks with economic advantage. Companies without a clear, politically informed global outlook and communications and public affairs strategy cannot succeed in the energy sector.

We looked at a mix of large, medium, and small-cap companies. Share prices quoted are the adjusted closing prices listed on January 2, 2024, and December 31, 2024, per Yahoo Finance historical lookups. The author has no direct interest in any of the companies highlighted here. Finally, past performance is no prediction of future results.

Hydrocarbons – Best Performers

TPL (Texas Pacific Land Corporation):

TPL is a major landowner in Texas, with extensive holdings in the Permian Basin, home to one of North America’s largest oil and gas deposits. TPL seeks to partner in facilitating every aspect of developing the Basin’s resources through its Land and Resource Management and Water Services and Operations divisions. TPL’s stock increased by 111%, from $524.15 to $1105.96. TPL joined the S&P 500 in November 2024, replacing Marathon Oil. Its royalty-based model includes exposure to U.S. shale production, which is expected to grow under the Trump administration without significant capital expenditures.

TRGP (Targa Resources):

Targa Resources provides midstream infrastructure for supply of natural gas and natural gas liquids, or NGLs (ethane, propane, butane, etc.) for the domestic and global markets. It is the largest gatherer and processor in the Permian, with pipeline transport, fractionation, and shipping capacities. Its integrated systems and strategic positioning create steady revenue streams amidst strong North American production. After experiencing a remarkable 111% growth from $84.51 to $178.50 in 2024, the stock is set to keep climbing, supported by the company’s infrastructure investments.

WMB (The Williams Companies):

The Williams Companies provides transport, storage and delivery for natural gas, handling approximately one-third of the U.S. natural gas supply. Assets include pipelines and gathering and processing operations. Its fee-based contracts help maintain stable earnings, support long-term growth, resist shocks, and provide investors with dependable returns. During 2024, the stock grew steadily by 59%, from $34.00 to $54.12, and stands to continue growing in an environment more supportive of natural gas infrastructure.

Hydrocarbons – Worst Performers

KOS (Kosmos Energy):

Kosmos Energy is focused on deepwater exploration and production in offshore Ghana, Equatorial Guinea, and the U.S. Gulf of Mexico as well as Mauritania and Senegal. The company is carrying significant debt, which may have contributed to Kosmos stepping back from preliminary plans to acquire London-based Tullow Oil in December 2024, though both companies are involved in developing the Jubilee field in Ghana (Kosmos has a 38.6% stake; Tullow a 38.9% stake). KOS shares drifted down during 2024, starting at $6.73 and ending at $3.42 for a 49% decrease.

TLW.L (Tullow Oil): Tullow Oil, which trades on the London Stock Exchange, operates mainly in Africa and encountered operational challenges, including tax disputes. These issues contributed to underperformance and inconsistent shareholder returns. The stock plummeted 44% from £38.28 at the start of the year to £21.44 by year-end. With the potential Kosmos Energy takeover having fallen through, and with reduced but still significant debt, the stock’s future remains uncertain, with CEO Rahul Dhir having announced his intent to resign in 2025.

APA (APA Corporation):

A well-established firm in the field, in the near term APA Corporation faces potential cost overruns and project delays as well as possible damage to its reputation through a planned pullout from North Sea production by 2029 necessitated by UK emission regulations. Despite its geographical diversity, it has not yet achieved consistent profitability from its international projects. Operations in Egypt are only just recovering from a production slump, and uncertainty remains regarding the start of production for its Suriname project. This mixed picture led to a 33.9% decrease from $34.91 to $23.09 in 2024.

Renewable and Clean(er) Energy – Best Performers

VGAS (Verde Clean Fuels, Inc.):

A development-stage company, Verde converts natural gas and biomass into gasoline or methanol and is also developing technology to mitigate gas flaring during oil production, using it instead to produce “30% less carbon intensive gas from gasoline”. While this technology-based approach is still proving its worth, the confidence fueled by consistent reductions in losses by 44.9% per year and a recent investment from Cottonmouth Ventures continued to drive the stock’s momentum. In 2024, the stock price increased by 75.76%, rising from $2.31 to $4.06.

GEV (GE Vernova):

American legacy giant GE finalized the spinoff of the energy company GE Vernova on April 1, 2024, and changed its own name to GE Aerospace, keeping the original GE ticker symbol, with GEV shares closing at an adjusted $141.91. On December 31, 2024, the adjusted close was $328.93, a 131.78% increase. With an established record as a global player in the electrification and power generation fields, areas of concentration include energy (gas, hydro, nuclear and steam), wind (offshore and onshore), Electrification (grid solutions, solar storage, etc.), and Accelerators (including R&D projects).

WAVE (Eco Wave Power):

Eco Wave Power utilizes tidal power, harnessing ocean waves for electricity generation. This technology broadens the renewable mix beyond intermittent sources like wind and solar and allows for power generation where infrastructure could not typically be constructed, offering additional clean power sources. As a novel technology, with a tiny market cap ($64M), Eco Wave saw more explosive growth than its renewable counterparts, rising an extreme 628.48% from $1.51 to $11.00 in 2024.

Renewable Energy – Worst Performers

ENPH (Enphase Energy):

Enphase Energy, a leader in solar microinverters, faced declining revenue, workforce restructuring, and competitive pressures from Inflation Reduction Act tax credits, resulting in weaker financial performance and a significant 47.6% drop in its stock value from $131.24 to $68.68.

NEP (NextEra Energy Partners):

NextEra Energy Partners focuses on renewable energy projects, had suspension of distribution growth and a change in its growth drivers, moving from acquisitions toward repowering wind turbines, leading to declining investor confidence despite a strong 2Q 2024 report and significant stock underperformance, represented by a 33.6% price drop from $26.81 to $17.80.

BEP (Brookfield Renewable Partners):

Brookfield Renewable Partners, a global leader in renewable energy, experienced underperformance due to fluctuations in currency values between USD and CAD, along with regulatory uncertainties as the Trump administration is set to take office. This situation affected investor confidence and hindered its stock performance during 2024. The stock’s price dropped a modest 8% overall, starting at $24.92 and ending at $22.79.

Nuclear Stocks – Best Performers

NNE (NANO Nuclear Energy):

Nano Nuclear Energy, a developer of advanced microreactor technologies like the ZEUS reactor, saw strong stock growth driven by technological advancements, strategic partnerships to secure access to enriched uranium, and increased visibility within the nuclear energy sector. Since its May 8, 2024, IPO, closing at $5.19, the stock’s price has grown 379.77% to $24.90.

SMR (NuScale Power Corporation):

NuScale Power, an emerging leader in small modular reactors, has seen strong stock growth fueled by technological innovation, global strategic partnerships, and regulatory support for clean energy solutions in the nuclear sector through measures like the ADVANCE Act, which appear to remain consistent with the incoming Trump administration. This rapid demand growth and regulatory backing resulted in an explosive increase of 471 % as the stock price surged from $3.14 to $17.93 this year.

CEG (Constellation Energy):

Albeit using natural gas, not just renewables, Constellation Energy excels in clean energy, bolstered by strategic partnerships, a 20-year power purchasing agreement with Microsoft, and rising demand for nuclear power, driving strong performance and growth in the energy sector. This translated into a price growth of $115.25 to $223.71 for Constellation, a 94.11% increase.

Nuclear Stocks – Worst Performers

UUUU (Energy Fuels Inc.)

Energy Fuels Inc. is a uranium mining company with operations spanning the supply chain. Despite a major roadblock that had stopped its Madagascar operations from moving forward since 2019 being finally resolved, the stock experienced weakness throughout the year, with a 25.87% drop in stock price from $6.92 to $5.13.

CCJ (Cameco Corporation)

Nuclear fuel products and services provider Cameco only saw modest growth despite high demand for nuclear generation, only rising 22% from $42.04 to $51.39, underperforming S&P 500. This is likely due to the stock coming off of a sharp price increase in uranium in 2023 driven by geopolitical factors to a more stable price in 2024.

LEU (Centrus Energy Corporation)

Centrus Energy, a supplier of nuclear fuel components and services for the nuclear fuel industry, “only” grew by 26%, increasing from $52.85 to $66.61, following a weak Q3 and skepticism regarding nuclear growth after the Federal Energy Regulatory Commission rejected a deal between Amazon and Talen Energy in November 2024.