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Investors looking for quality stocks with near-term bullish catalysts need not look any further.
By scanning the Zacks Rank #1 list I have identified three stocks that offer compelling investment opportunities for all types of investors.
A growth stock, ServiceNow (NOW - Free Report) , with a convincing technical chart pattern for momentum traders.
A value-oriented utility stock, Northwest Natural (NWN - Free Report) , for the income investors.
And a well-diversified conglomerate, Griffon (GFF - Free Report) , offers steady growth at a reasonable valuation.
Additionally, each of these stocks boast Zacks Rank #1 (Strong Buy) ratings, further improving near term odds of bullish action.
Image Source: Zacks Investment Research
Griffon
Griffon is a diversified management and holding company conducting business through wholly owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them, and manages their capital structures.
GFF focuses on acquiring, owning, and operating businesses in a variety of industries, and intends to continue the growth of its existing segments and diversify further through investments and acquisitions.
Griffon’s primary businesses are the AMES company, which is a manufacturer of non-powered lawn and garden tools founded in 1876. ClosetMaid, a North American manufacturer and distributor of wood and wire home storage and organization products. And Clopay Building Products, a manufacturer of residential and commercial sectional doors and is North America's largest manufacturer of residential garage doors.
Analysts have recently upgraded GFF’s earnings expectations giving it the coveted Zacks Rank #1 (Strong Buy). FY23 earnings estimates have been revised higher by 5%, although they are projected to fall 2.7% YoY. FY24 earnings have been boosted by 2% and are forecast to grow 1.5% YoY.
Griffon is trading at a one year forward earnings multiple of 10.6x, which is well below the industry average of 22.8x, and below its five-year median valuation of 13.4x. GFF also pays a 1.2% dividend yield and has raised the payment by an average of 18.6% annually over the last three years.
Image Source: Zacks Investment Research
ServiceNow
ServiceNow is a leading cloud-based software company that provides a comprehensive suite of digital workflow solutions for enterprise organizations. Its platform offers a wide range of services, including IT service management, human resources, customer service management, security operations, and more. ServiceNow enables businesses to streamline and automate their workflows, improve operational efficiency, enhance employee productivity, and deliver exceptional customer experiences.
Sales growth at NOW has been nothing short of exceptional. Over the last ten years annual sales have grown from $188 million to $7.6 billion. The stock performance over that time has been equally impressive, compounding at an annual rate of 29% providing a total return of 1,180%.
Along with some slight earnings estimates revisions higher, and strong YoY expected growth, ServiceNow is building out a prime technical chart pattern.
After building out a base since April 2022, the price has broken out and formed a bull flag over the last few weeks. If NOW stock can trade above the $571 level, it should make a momentous mover higher. However, if the stock trades below $555, the setup is invalid, and investors can wait for another opportunity.
Image Source: TradingView
Northwest Natural
Founded in 1859, Northwest Natural is a gas utility company that operates in the Pacific Northwest region. Over the years, Northwest Natural has experienced substantial growth, expanding its customer base to serve more than 760,000 customers to date. The company's primary mission revolves around the delivery of natural gas to its customers in the Pacific Northwest. NWN has raised its dividend for 66 consecutive years.
Current quarter earnings have been revised higher by 42% over the last two months, giving NWN a Zacks Rank #1 (Strong Buy). FY23 earnings estimates have been upgraded just slightly but are projected to grow 6.3% YoY, a nice pace for a utility company.
Northwest Natural has a generous dividend yield of 4.6%, which has been raised by an average of 0.5% annually over the last five years. Over the last 25 years NWN’s dividend yield has grown at a CAGR of 2%.
Image Source: Zacks Investment Research
Northwest Natural is currently trading at a 10-year low valuation in terms of earnings multiple. Its one-year forward earnings multiple is 15.8x, which is below the market average of 20.5x, and well below its 10-year median 21.6x.
Image Source: Zacks Investment Research
Bottom Line
Whether you are a trader, long-term investor, or dividend seeker, Zacks proprietary research will almost always be able to identify a stock that fits in an investor’s portfolio.
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3 Top-Ranked Stocks Investors Can Buy Now
Investors looking for quality stocks with near-term bullish catalysts need not look any further.
By scanning the Zacks Rank #1 list I have identified three stocks that offer compelling investment opportunities for all types of investors.
A growth stock, ServiceNow (NOW - Free Report) , with a convincing technical chart pattern for momentum traders.
A value-oriented utility stock, Northwest Natural (NWN - Free Report) , for the income investors.
And a well-diversified conglomerate, Griffon (GFF - Free Report) , offers steady growth at a reasonable valuation.
Additionally, each of these stocks boast Zacks Rank #1 (Strong Buy) ratings, further improving near term odds of bullish action.
Image Source: Zacks Investment Research
Griffon
Griffon is a diversified management and holding company conducting business through wholly owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them, and manages their capital structures.
GFF focuses on acquiring, owning, and operating businesses in a variety of industries, and intends to continue the growth of its existing segments and diversify further through investments and acquisitions.
Griffon’s primary businesses are the AMES company, which is a manufacturer of non-powered lawn and garden tools founded in 1876. ClosetMaid, a North American manufacturer and distributor of wood and wire home storage and organization products. And Clopay Building Products, a manufacturer of residential and commercial sectional doors and is North America's largest manufacturer of residential garage doors.
Analysts have recently upgraded GFF’s earnings expectations giving it the coveted Zacks Rank #1 (Strong Buy). FY23 earnings estimates have been revised higher by 5%, although they are projected to fall 2.7% YoY. FY24 earnings have been boosted by 2% and are forecast to grow 1.5% YoY.
Griffon is trading at a one year forward earnings multiple of 10.6x, which is well below the industry average of 22.8x, and below its five-year median valuation of 13.4x. GFF also pays a 1.2% dividend yield and has raised the payment by an average of 18.6% annually over the last three years.
Image Source: Zacks Investment Research
ServiceNow
ServiceNow is a leading cloud-based software company that provides a comprehensive suite of digital workflow solutions for enterprise organizations. Its platform offers a wide range of services, including IT service management, human resources, customer service management, security operations, and more. ServiceNow enables businesses to streamline and automate their workflows, improve operational efficiency, enhance employee productivity, and deliver exceptional customer experiences.
Sales growth at NOW has been nothing short of exceptional. Over the last ten years annual sales have grown from $188 million to $7.6 billion. The stock performance over that time has been equally impressive, compounding at an annual rate of 29% providing a total return of 1,180%.
Along with some slight earnings estimates revisions higher, and strong YoY expected growth, ServiceNow is building out a prime technical chart pattern.
After building out a base since April 2022, the price has broken out and formed a bull flag over the last few weeks. If NOW stock can trade above the $571 level, it should make a momentous mover higher. However, if the stock trades below $555, the setup is invalid, and investors can wait for another opportunity.
Image Source: TradingView
Northwest Natural
Founded in 1859, Northwest Natural is a gas utility company that operates in the Pacific Northwest region. Over the years, Northwest Natural has experienced substantial growth, expanding its customer base to serve more than 760,000 customers to date. The company's primary mission revolves around the delivery of natural gas to its customers in the Pacific Northwest. NWN has raised its dividend for 66 consecutive years.
Current quarter earnings have been revised higher by 42% over the last two months, giving NWN a Zacks Rank #1 (Strong Buy). FY23 earnings estimates have been upgraded just slightly but are projected to grow 6.3% YoY, a nice pace for a utility company.
Northwest Natural has a generous dividend yield of 4.6%, which has been raised by an average of 0.5% annually over the last five years. Over the last 25 years NWN’s dividend yield has grown at a CAGR of 2%.
Image Source: Zacks Investment Research
Northwest Natural is currently trading at a 10-year low valuation in terms of earnings multiple. Its one-year forward earnings multiple is 15.8x, which is below the market average of 20.5x, and well below its 10-year median 21.6x.
Image Source: Zacks Investment Research
Bottom Line
Whether you are a trader, long-term investor, or dividend seeker, Zacks proprietary research will almost always be able to identify a stock that fits in an investor’s portfolio.