3 S&P 500 Stocks Up More Than 50% YTD With More Room to Run
The major benchmark indices delivered a weak performance for the first quarter of 2022 amid investor concerns over rising interest rates, the war in Ukraine, and inflation. However, stocks were modestly higher on the first day of the new quarter, closing near session highs. The S&P 500 rose 0.34% to 4,545.86, while the Nasdaq Composite gained 0.29% to 14,261.50, and the Dow Jones Industrial Average added 139.92 points to close at 34,818.27.
April is traditionally the best month for stocks and is historically the best month for the S&P 500. The market is expected to remain focused on developments around the war, and the Federal Reserve’s plans to tighten its monetary policy.
Despite the market volatility, S&P 500 stocks Occidental Petroleum Corporation (OXY – Get Rating), The Mosaic Company (MOS – Get Rating), and Marathon Oil Corporation (MRO – Get Rating) have gained more than 50% in price this year and could continue to soar.
Houston, Tex.-based OXY engages in the acquisition, exploration, and development of oil and gas properties and operates through three segments: Oil and Gas; Chemical; and Midstream and Marketing.
Last month, Oxy Low Carbon Ventures, a subsidiary of OXY and Weyerhaeuser Co. (WY), announced their lease agreement to develop a carbon capture and sequestration project on a 30,000-acre space in Louisiana. This is expected to help the company expand its business operations and reduce its carbon emissions.
Also in March, OXY announced an agreement with SK Innovation Co. Ltd. to produce the first net-zero oil using environmental attributes. As per the agreement, SK Trading may purchase up to 2,00,000 barrels of net-zero oil per year for the next five years to develop net-zero products. This is expected to increase OXY’s revenue stream and may prove beneficial for the company.
OXY’s total revenue and other income increased 139.2% from the prior-year quarter to $8.01 billion in its fiscal fourth quarter, ended Dec. 31, 2021. Its non-GAAP net income attributable to common stockholders for the quarter came in at $1.45 billion, reflecting a 337.4% increase year-over-year, while its non-GAAP EPS stood at $1.48 billion, up 327.7% year-over-year.
OXY’s revenue for its fiscal year ending Dec. 31, 2022, is expected to come in at $30.56 billion, indicating a 16.1% year-over-year growth. The company’s EPS is expected to increase 144.5% from its year-ago value to $6.24. OXY also beat the consensus EPS estimates in each of the trailing four quarters.
OXY’s stock has gained 112.2% in price over the past year and 100.5% year-to-date to close its last trading session at $58.11.
OXY’s strong fundamentals are reflected in its POWR Ratings. The stock has an overall B rating, which translates to Buy in our POWR ratings system. The POWR ratings are calculated by considering 118 distinct factors, with each factor weighted to an optimal degree.
The company has an A grade in Growth and Momentum and a B in Quality. It is ranked #36 of 95 stocks in the B-rated Energy – Oil & Gas industry.
To get OXY’s ratings for Stability, Sentiment, and Value, click here.
MOS in Plymouth, Minn., produces and markets concentrated phosphate and potash crop nutrients in North America and internationally. It operates through the three segments of Phosphates; Potash; and Mosaic Fertilizantes.
MOS announced on February 24 that it has… Continue Reading at STOCKNEWS.com