Top Roofing Stocks That Could Benefit from the 2022 Climate Bill

August 16, 2022 - Baystreet.ca


With a new $370 billion clean energy and climate deal, keep an eye on green stocks. Analysis “suggests the measures would reduce US carbon emissions by up to 40% by 2030. Strong climate regulations from the Biden administration and action from states would be needed to get to Biden’s goal of cutting emissions 50% by 2030,” says CNN. “The bill also contains many tax incentives meant to bring down the cost of electricity with more renewables, and spur more American consumers to switch to electricity to power their homes and vehicles.” That could also be beneficial for companies, such as Northstar Clean Technologies (TSXV: ROOF) (OTCQB: ROOOF), which is focused on the sustainable recovery and reprocessing of asphalt shingles. Other shingles stocks to be aware of in the market include Owens Corning (NYSE: OC), Builders FirstSource Inc. (NYSE: BLDR), Beacon Roofing Supply Inc. (NASDAQ: BECN), and Home Depot Inc. (NYSE: HD).

Look at Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) For Example

Northstar Clean Technologies Inc. just announced that it has completed a non-brokered private placement with Renewable U Energy Inc. for 1,250,000 common shares at a price of $0.40 per Share for gross proceeds of $500,000.

Concurrent with the Private Placement, the Company and Renewable U have signed a non-binding and non-exclusive term sheet covering the Company's phase 1 expansion program of three asphalt shingle reprocessing facilities. With this stand-alone strategic equity investment, Renewable U has agreed to a twelve-month hold period, during which time the Shares may not be traded. There are no finder's fees payable pursuant to the Private Placement.

While the Company has received conditional approval of the Private Placement from the TSX Venture stock exchange, closing remains subject to final acceptance. The Company intends to use the proceeds from the Private Placement for general corporate purposes.

Other related developments from around the markets include:

Owens Corning “delivered another outstanding quarter while advancing our enterprise strategy which accelerates our growth, strengthens our earnings power, and creates additional value for our shareholders. Our global teams continue to execute at a high level as we make strategic investments to expand our total addressable markets and enhance our market-leading positions,” said Chair and Chief Executive Officer Brian Chambers. “For the second half of the year, we remain focused on delivering strong financial results and positioning the company for long-term success.”

Builders FirstSource Inc. reported its results for the first quarter ended March 31, 2022. Dave Flitman, President and CEO of Builders FirstSource, commented, “We started the year out strong achieving another quarter of record net sales, gross margin and Adjusted EBITDA, while also producing strong core organic sales growth of 15%. In addition, we continue to make progress investing prudently in our operations and delivering outstanding service to our customers as we work to overcome the supply chain constraints that persist throughout our industry. Our efforts to broaden our value-added products, which saw core organic sales up 31%, alongside our strategic investments in digital, are helping our customers get their jobs done quickly, on time and cost-effectively. The success we have achieved is directly attributable to our hard working and dedicated team members who go above and beyond each day to help us maintain our position as an industry leader.”

Beacon Roofing Supply Inc. and Rebuilding Together announced today that they have established a two-year national partnership to provide home repairs for underserved neighbors in Beacon communities. Rebuilding Together is the leading national nonprofit organization with a vision to ensure safe homes and communities for everyone. The partnership will fund neighborhood projects in communities where Beacon operates as well as support Rebuilding Together’s national operations. “As a distributor of essential building products such as roofing and siding that ensure safe homes every day, partnering with Rebuilding Together allows us to work with these local community champions to create an impact,” commented Julian Francis, Beacon’s President & CEO. “We will bring our hearts, hands, and materials to support our neighbors thriving as families, aging safely in place, and preserving the value of their homes for the next generation.”

Home Depot Inc. reduced its combined Scope 1 and 2 carbon emissions by approximately 172,000 metric tons in 2021, equivalent to taking more than 37,000 cars off the road for a year. The company reduced its electricity consumption by approximately 11 percent year-over-year in U.S. stores – while at the same time opening five new stores – and cut U.S. store electricity usage by 50 percent since 2010. Home Depot paid record Fiscal 2021 Success Sharing bonuses to non-management associates of approximately $739 million. The company's U.S. associate base was once again more ethnically diverse than the U.S. working population; approximately 36 percent of its new hires were women, and more than 57 percent were ethnically diverse in 2021. Home Depot spent $3.3 billion with Tier I diverse suppliers in 2021 and announced a goal to spend $5 billion annually by 2025.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Northstar Clean Technologies Inc. by Northstar Clean Technologies Inc. We own ZERO shares of Northstar Clean Technologies Inc. Please click here for full disclaimer.

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