Hydrogen Stocks Enduring Tough 2025 – What Is The Latest (BP, BE, PLUG, LIN)

The hydrogen sector continues to evolve amid shifting regulatory landscapes, technological advancements, and corporate strategic pivots. With pressure on energy firms to maximise margins, and reduce their renewables efforts to a degree, the sector has come under pressure.

We take a look at some of those touted as the best hydrogen stocks on the market, digging into recent financial results, and the view from the street.

BP (NYSE: BP) – A Reversal from Decarbonisation Efforts?

BP has significantly scaled back its hydrogen and carbon capture initiatives, marking a dramatic reversal from its earlier decarbonization commitments. The company abandoned its 80-MW HyGreen electrolytic hydrogen project in Teesside, UK, after failing to secure government funding. This decision aligns with a broader strategic pivot toward oil and gas, driven by investor demands for higher returns.

Activist shareholders, including Elliott Management, pressured BP to prioritize fossil fuel investments, leading to a 70% reduction in renewables spending and a 20% increase in hydrocarbon capital expenditures.

The financial ramifications of this shift are evident in BP’s Q1 2025 results: net profit fell 48% year-over-year to $1.4 billion, attributed to weak refining margins and gas trading performance. Despite launching three new upstream projects, BP’s stock declined 4% post-earnings, reflecting investor skepticism about its revised strategy. Notably, the departure of Chief Strategy Officer Giulia Chierchia underscores internal tensions between legacy energy operations and green ambitions.

BP’s share price has experienced a drop of -3.71% in the last 5 days, continuing the declining trend. The stock dropped -21.26% in the past year. Analyst sentiments are reserved with a median price target of $33.81 which is not much higher than the share price of today at $29.34. This is evident by analyst price targets, Jefferies have downgraded BP from “Buy” to “Hold” and dropped the price target of the stock from $40.80 to $29. Piper Sandler have also followed suit, dropping the price target on the stock from $35 to $32, and keep a neutral rating on the stock. Morgan Stanley are also in agreement, and have downgraded the stock from “Equal Weight” to “Underweight” lowering the price target of $29.40 to $26.50.

While BP retains a nominal commitment to hydrogen, its current pipeline focuses on projects that decarbonize existing assets or align with regional hubs. For example, the H2Teesside blue hydrogen project remains active, targeting 1.2 GW of production by 2030. However, the company’s hydrogen portfolio has been pared from 30 to 5–7 prioritized initiatives, signaling a narrowed focus.

Bloom Energy (NYSE: BE) – A Year of Two Halves

Bloom Energy’s (NYSE: BE) share price has had a tumultuous start to the year with a 18.23% drop year-to-date. The share price fell from $23.37 to $19.11, and is seemingly stuck in a bearish pattern for now. Zooming out however gives a different perspective, with the rolling 12 month performance showing an impressive 26.31% rise.

The company most recently reported record Q1 revenue of $326 million, a 38.6% year-over-year increase, driven by robust demand for its solid-oxide fuel cells and electrolyzers. The company’s non-GAAP operating profit reached $13.2 million, a $43.9 million improvement from Q1 2024, while gross margin expanded to 28.7%. These results reaffirmed Bloom’s 2025 guidance, buoying investor confidence despite broader market volatility.

A key catalyst was Mizuho’s upgrade of Bloom to “Outperform,” citing growing demand for industrial decarbonization solutions and the company’s high-temperature electrolysis technology. Piper Sandler and Morgan Stanley are among two analysts that have kept “Overweight” ratings on the stock, lowering their price targets from $31 to $26 and $35 to $30 respectively.

Operational milestones include the deployment of fuel cells for data center backup power and partnerships with utilities to address grid reliability challenges. With $25.2 million in Q1 EBITDA and a streamlined cost structure, Bloom is poised to leverage its $2.6 billion backlog, particularly in the Asia-Pacific and European markets.

Plug Power (NASDAQ: PLUG) – Analysts Cutting as Stock Falls

Plug Power’s stock surged 25.93% in late April 2025 after securing a $525 million secured loan and reporting preliminary Q1 revenue of $140–$180 million.

The company commissioned its Louisiana green hydrogen plant, which is expected to reduce third-party fuel costs and improve margins. Its GenEco electrolyzer business saw a 575% revenue jump year-over-year, with deployments in Europe and Asia.

Despite these advances, Plug faces lingering financial challenges. The loan provides near-term liquidity but increases leverage, with a debt-to-equity ratio of 2.63. Analysts remain divided, with some advocating a “hold” stance until the company demonstrates sustained profitability. The stock’s 73% decline over the past 12 months reflects concerns over cash burn and delayed project timelines, with bears firmly in charge.

Analysts continue to hold an optimistic mean target price of $1.83, more than 2x the current share price today. Analysts were quick to issue revisions in response to missed Q1 earnings results.

Jefferies revised their view lower, cutting the PT from $1.70 to $0.90 whilst keeping a “Hold” rating on the stock. Other Analysts followed suit, with Wells Fargo lowering the firms price target from $1 to $2 keeping an “Equal Weight” rating on the shares. Piper Sandler, also lowered the price target from $1.10 to $0.80, keeping an “Underweight” rating, whilst Canaccord lowered their price targets from $1.25 to £1 and keeps a “Hold” rating on the shares.

Whilst Roth Capital also lowered their price target, the firm seems continues to hold a “Buy” rating and their price target remains lofty at $3.50 (down from $5).

Key Q1 milestones included the delivery of 848 fuel cell units and cryogenic systems for hydrogen mobility applications. Management anticipates improved working capital performance in H2 2025, supported by tax credit monetization and equity partnerships.

Linde (NASDAQ: LIN) – Diversification Helping Stock Outperform

Linde’s share price has managed to buck the trend of other names on the list, climbing an encouraging 11.03% YTD.

In recent earnings, the company reported Q1 2025 adjusted EPS of $3.95, surpassing estimates by $0.03, but revenue of $8.11 billion fell short of the $8.23 billion consensus. The stock dipped 1% post-announcement as the company issued softer Q2 guidance ($3.95–$4.05 EPS vs. $4.09 estimate) and narrowed its full-year EPS range to $16.20–$16.50.

CEO Sanjiv Lamba attributed the weakness to macroeconomic headwinds in Europe, where industrial gas demand slowed amid energy price volatility.

The mean target price for Linde is $491.60 which suggests a bit of wiggle room with the share price currently sitting at $459.85. There have not been many price target revisions on this stock since the beginning of the month.

Long-term growth drivers remain intact, including Linde’s leadership in blue hydrogen production and partnerships with U.S. Department of Energy hubs. The company invested $4.5 billion in capital expenditures in 2024, focusing on carbon capture and hydrogen infrastructure. However, near-term investor sentiment is tempered by Linde’s exposure to cyclical industries and currency fluctuations.

Analyst Bull Case

Analyst Bear Case

The hydrogen sector’s divergent fortunes reflect the complexity of the energy transition. BP’s retreat highlights the tension between legacy energy models and decarbonization, while Bloom Energy’s operational momentum and technological edge offer a compelling growth narrative. Plug Power remains a high-risk turnaround story, and Linde provides a level of stability in the sector for those seeking less volatility.