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Sporting a Zacks Rank #2 (Buy) Goodyear Tire’s stock is up roughly +3% after crushing third quarter earnings expectations after market hours on Monday.
Earnings of $0.36 per share crushed Q3 estimates of $0.17 a share by 112% despite sales of $5.14 billion slightly missing estimates of $5.15 billion. Goodyear attributed the favorable bottom-line results to a reduction in raw material costs which is starting to make GT shares look enticing at around $12.
This is starting to correlate with an anticipated rebound in Goodyear’s fiscal 2024 earnings which are projected at $1.30 per share and further suggests GT shares may be undervalued at the moment. Adjusting to a high inflationary environment, Goodyear’s stock has now rebounded and soared +23% year to date.
Boasting a Zacks Rank #1 (Strong Buy), TripAdvisor’s stock has spiked +11% today after the online travel company reassuringly surpassed Q3 top and bottom line expectations.
Third quarter earnings of $0.52 per share came in 8% better than expected with sales of $533 million topping estimates by 5%. More impressive, TripAdvisor’s earnings climbed 85% from $0.28 a share in the prior year quarter with sales rising 16% year over year.
Trading at $17 a share TripAdvisor’s stock performance is virtually flat for the year after this morning’s rally. Still, the plausibility of more upside looks likely as TRIP trades reasonably at 15.2X forward earnings with 40% EPS growth now expected in FY23 and FY24.
Rounding out the list is Viper Energy Partners which sports a Zacks Rank #2 (Buy). Viper Energy's stock has popped +5% in today's trading session after the variable distribution Master Limited Partnership (MLP) blasted Q3 estimates after market hours on Monday as well.
Driven by higher crude oil prices, Q3 earnings of $1.10 per share beat expectations of $0.46 a share by 139%. On the top line, sales of $293.24 billion surpassed Q3 estimates of $196.36 billion by 49%. Notably, Viper Energy has largely surpassed earnings expectations in its last four quarterly reports posting a very stellar average earnings surprise of 92%.
Viper Energy’s stock trades at $29 a share and is down -7% YTD but the company’s earnings outlook continues to strengthen with annual EPS estimates up sharply in the last 30 days. The trend looks set to continue and strong Q3 results offered support to Viper Energy’s 14X forward earnings multiple with it also noteworthy that VNOM offers a generous 3.83% dividend yield.
Image Source: Zacks Investment Research
Bottom Line
After impressive quarterly results, the affordable price tags of Goodyear, TripAdvisor, and Viper Energy Partners' stock are very intriguing. Building meaningful positions without breaking the bank may start to pay off as their earnings outlook continues to strengthen which is indicative of more upside.
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Time to Buy These Affordable Top-Rated Stocks After Earnings
Finding affordable stocks that won’t break the bank but have the potential to be viable investments is not always easy.
However, following their strong third quarter results on Monday here are several top-rated Zacks stocks that are appealing in this regard.
Goodyear (GT - Free Report)
Sporting a Zacks Rank #2 (Buy) Goodyear Tire’s stock is up roughly +3% after crushing third quarter earnings expectations after market hours on Monday.
Earnings of $0.36 per share crushed Q3 estimates of $0.17 a share by 112% despite sales of $5.14 billion slightly missing estimates of $5.15 billion. Goodyear attributed the favorable bottom-line results to a reduction in raw material costs which is starting to make GT shares look enticing at around $12.
This is starting to correlate with an anticipated rebound in Goodyear’s fiscal 2024 earnings which are projected at $1.30 per share and further suggests GT shares may be undervalued at the moment. Adjusting to a high inflationary environment, Goodyear’s stock has now rebounded and soared +23% year to date.
Image Source: Zacks Investment Research
TripAdvisor (TRIP - Free Report)
Boasting a Zacks Rank #1 (Strong Buy), TripAdvisor’s stock has spiked +11% today after the online travel company reassuringly surpassed Q3 top and bottom line expectations.
Third quarter earnings of $0.52 per share came in 8% better than expected with sales of $533 million topping estimates by 5%. More impressive, TripAdvisor’s earnings climbed 85% from $0.28 a share in the prior year quarter with sales rising 16% year over year.
Trading at $17 a share TripAdvisor’s stock performance is virtually flat for the year after this morning’s rally. Still, the plausibility of more upside looks likely as TRIP trades reasonably at 15.2X forward earnings with 40% EPS growth now expected in FY23 and FY24.
Image Source: Zacks Investment Research
Viper Energy Partners (VNOM - Free Report)
Rounding out the list is Viper Energy Partners which sports a Zacks Rank #2 (Buy). Viper Energy's stock has popped +5% in today's trading session after the variable distribution Master Limited Partnership (MLP) blasted Q3 estimates after market hours on Monday as well.
Driven by higher crude oil prices, Q3 earnings of $1.10 per share beat expectations of $0.46 a share by 139%. On the top line, sales of $293.24 billion surpassed Q3 estimates of $196.36 billion by 49%. Notably, Viper Energy has largely surpassed earnings expectations in its last four quarterly reports posting a very stellar average earnings surprise of 92%.
Viper Energy’s stock trades at $29 a share and is down -7% YTD but the company’s earnings outlook continues to strengthen with annual EPS estimates up sharply in the last 30 days. The trend looks set to continue and strong Q3 results offered support to Viper Energy’s 14X forward earnings multiple with it also noteworthy that VNOM offers a generous 3.83% dividend yield.
Image Source: Zacks Investment Research
Bottom Line
After impressive quarterly results, the affordable price tags of Goodyear, TripAdvisor, and Viper Energy Partners' stock are very intriguing. Building meaningful positions without breaking the bank may start to pay off as their earnings outlook continues to strengthen which is indicative of more upside.