Top Ways to Diversify for a Renewable Future - 5/13
Dylan Jovine
Monday, May 13, 20243 min read
With hurricane season nearing, it’s time to consider storm-prep stocks.
According to The Weather Channel, the 2024 hurricane season could be one of the most active on record. “The outlook issued on Thursday calls for 24 named storms, 11 of which will become hurricanes and six of which will reach Category 3 status or stronger,” they noted. “That is well above the 30-year average tally for both hurricanes and storms, and also markedly above the tally of 20 storms, seven hurricanes and three Cat 3-plus hurricanes in 2023.”
That being said, keep an eye on hurricane-related stocks, such as:
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Companies: Home Depot (SYM: HD) and Lowe’s (SYM: LOW) Home Depot (SYM: HD) and Lowe’s (SYM: LOW) historically stand to benefit from increased sales of plywood and other home improvement goods. This segment is “naturally positively exposed to preparation and recovery efforts,” says Morgan Stanley. These “typically see a boost in sales post-storm as damaged property is repaired.”
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Company: Xylem (SYM: XYL)
Xylem has a history of running higher in hurricane seasons, too. All as it works with “cities, counties and companies to create contingency plans that map out emergency response strategies and identify the required pumping equipment to react to natural disasters.”
