Home / Sector / Energy Shares / Up 50% in 2 weeks, this ASX hydrogen share is still a buy: expert

Up 50% in 2 weeks, this ASX hydrogen share is still a buy: expert

This hydrogen company has had plenty of news lately.

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
Published
| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • This ASX hydrogen share has soared 50% in two weeks 
  • One analyst is recommending the share as a buy
  • Today, the company's share price is in a trading halt 

This ASX hydrogen share has soared ahead in recent times, but could it go even higher?

The ReNu Energy Ltd (ASX: RNE) share price has soared 50% since 7 November and is currently trading at 6 cents.

Let's take a look at the outlook for this ASX hydrogen share.

A boy dressed in a business suit and old-fashioned flying helmet and goggles is lifted by a bunch of red helium balloons over a barren desert landscape.

Image source: Getty Images

What's ahead?

ReNu Energy shares have been lifting in the past couple of weeks amid hydrogen project news.

On 9 November, ReNu advised that superannuation fund HESTA had agreed to a non-binding term sheet to invest up to $100 million in the company's green hydrogen projects.

Commenting on the deal, ReNu CEO Greg Watson said:

Our task now is to advance to definitive agreements as soon as possible and progress commercial discussions with our project partners for green hydrogen offtake.

Meanwhile, on 17 November, ReNu advised it had signed a memorandum of understanding (MOU) with Australian Pacific Airports to develop a green hydrogen project at Launceston Airport.

Peak Asset Management executive director Niv Dagan recommends the ReNu Energy share price as a buy. Commenting on The Bull, Dagan said:

The company invests in renewable and clean energy technologies. Also, it identifies and develops hydrogen projects. RNE acquired Countrywide Hydrogen in February 2022.

The company continues to progress its hydrogen projects.

Trading halt

ReNu Energy shares are in a trading halt today at the company's request. The company's share price is on ice ahead of a capital raising. In a statement, ReNu Energy said:

The company requests that the trading halt remain in place until the commencement of
trading on Wednesday, 23 November 2022 unless before that time it makes an
announcement in relation to the Capital Raising to the market or requests that the trading
halt be lifted.

Share price snapshot

The ReNu Energy share price has descended 57% in the past year, while it has lost 26% year to date.

For perspective, the ASX 200 has fallen more than 3% in the last year.

This ASX hydrogen share has a market capitalisation of nearly $22 million based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Energy Shares

a man in a business suit looks at a map of the world above a line up of oil barrels with a red arrow heading upwards above them, indicting rising oil prices.
Energy Shares

How ASX 200 energy shares like Santos, Beach and Woodside surged in March's sinking market

| Bernd Struben

March saw investors pile into ASX 200 energy shares like Woodside, Santos and Beach.

Read more »

A miner stands in front of an excavator at a mine site.
Energy Shares

Why is this ASX energy stock racing 7% higher today?

| Marc Van Dinther

A judicial review against a key project pushed the uranium share up.

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Energy Shares

Why are AGL shares rising today?

| James Mickleboro

The energy giant's shares are in the spotlight on Wednesday.

Read more »

a man wearing old fashioned aviator cap and goggles emerges from the top of a cannon pointed towards the sky. He is holding a phone and taking a selfie.
Energy Shares

Guess which ASX 300 uranium stock is rocketing today on a 'fantastic milestone'

| Bernd Struben

Investors are piling into this ASX 300 uranium stock on Wednesday. But why?

Read more »

An oil refinery worker stands in front of an oil rig with his arms crossed and a smile on his face.
Energy Shares

4 ASX 200 energy shares rated buys

| Bronwyn Allen

ASX 200 energy shares have skyrocketed 14% over the past month.

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

Are investors taking a massive gamble by chasing the Woodside share price higher?

| Aaron Teboneras

Woodside shares surge as oil prices and Middle East risks intensify.

Read more »

A man has a surprised and relieved expression on his face.
Energy Shares

Bell Potter says this ASX penny stock could rocket 90%

| James Mickleboro

This is a high risk, high reward pick from the broker.

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

Down 40% last week, are Amplitude Energy shares now a buy?

| Aaron Bell

Should investors buy the dip?

Read more »