Energy Funds Top List on 'Clean' Companies

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Investors, renewing their appetite for risk this week, bought up energy stocks. The economy may have bottomed, reports have suggested, making energy shares more attractive, as companies may be on the cusp of ramping up production, requiring more oil, gas and other power sources.

The latest economic report was today's release of the University of Michigan's final index of consumer sentiment, which rose to 65.1 in April from 57.3 in March, the largest increase in more than two years. The index hit 55.3 in November, the lowest in three decades.

For the week ending Thursday, April 30, the average energy fund tracked by TheStreet.com Ratings rose 3.8%, excluding inverse funds.

Fourteen of the 25 best-performing energy funds focus on companies making clean energy products like solar panels and wind turbines. Now that President Barack Obama has a larger majority in the U.S. Senate, the outlook for rebuilding the energy production and distribution system to include renewable energy has been enhanced.

The top-performing energy sector fund this week is the Market Vectors Global Alternative Energy ETF (GEX Quote), up 11%. Contributing stocks include First Solar (FSLR Quote), up 31%; Vestas Wind Systems (VWDRY Quote), up 14%; Evergreen Solar (ESLR Quote), up 14%; and Energy Conversion Devices (ENER Quote), up 13%.

First Solar reported $164.6 million in first-quarter net income, triple the year-earlier result as its shift to new cadmium-telluride solar cells cut manufacturing costs in half compared to polysilicon cells. Denmark-based Vestas Wind Systems received an order for 23 more wind turbines to be built in Canada, raised $1.06 billion in new equity and reported 70% higher first-quarter net income.