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2 Highly Ranked Stocks to Buy as Earnings Approach
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Investors looking for stocks that may be able to turn the corner and keep moving higher this earnings season may want to consider BJ’s Restaurants (BJRI - Free Report) ) and PPG Industries (PPG - Free Report) ).
Let’s see why now is a good time to buy these stocks with both companies set to report their second-quarter results on Thursday, July 20.
BJ’s Q2 Preview
Higher highs could be around the corner for BJ’s stock which has soared +33% this year to easily top the S&P 500’s +19% and the Zacks Retail Restaurant Markets’ +11%.
BJ’s stock currently trades near its 52-week highs at around $35 a share with it noteworthy that its Zacks Retail-Restaurant Industry is in the top 12% of over 250 Zacks industries.
Easing inflation is boosting the prospects for many stocks in the space and BJ’s growth and recovery is starting to stand out. To that point, BJ’s is benefiting from its strong business environment as an owner and operator of high-end casual dining restaurants in the United States.
Image Source: Zacks Investment Research
According to Zacks estimates BJ’s Q2 sales are projected at $350.45 million, up 6% from a year ago. Even better, earnings are forecasted to soar 230% at $0.33 per share compared to EPS of $0.10 in the prior-year quarter.
Annual earnings are now forecasted at $0.71 per share this year, skyrocketing 317% from EPS of $0.17 in 2022. Furthermore, fiscal 2024 earnings are expected to climb another 64% at $1.17 per share. Total sales are projected to be up 5% in FY23 and rise another 4% in FY24 to $1.42 billion.
Image Source: Zacks Investment Research
PPG Q2 Preview
Similarly, PPG stock is hovering near its own 52-week highs at around $151 a share with the company’s expansion very intriguing at the moment. PPG continues to stand out among the basic materials sector as a global supplier of paints, coatings, chemicals, specialty materials, glass, and fiberglass.
Year to date, PPG stock is up +20% to top the benchmark and the Zacks Chemical-Specialty Markets’ +10%.
Image Source: Zacks Investment Research
PPG is expected to have posted solid top and bottom line growth during the second quarter. Earnings are forecasted to jump 18% at $2.14 per share with sales expected at $4.90 billion, up 4% from Q2 2022.
More impressive, annual earnings are now anticipated to leap 20% this year at $7.30 per share compared to EPS of $6.05 in 2022. Plus, FY24 earnings are expected to rise another 9% at $7.96 per share.
Image Source: Zacks Investment Research
Bottom Line
BJ’s Restaurants and PPG Industries’ stock currently boasts a Zacks Rank #1 (Strong Buy) heading into their Q2 reports. With strong quarterly results expected, this could help reconfirm both companies’ attractive growth trajectories and lead to even more upside in their stocks.
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2 Highly Ranked Stocks to Buy as Earnings Approach
Investors looking for stocks that may be able to turn the corner and keep moving higher this earnings season may want to consider BJ’s Restaurants (BJRI - Free Report) ) and PPG Industries (PPG - Free Report) ).
Let’s see why now is a good time to buy these stocks with both companies set to report their second-quarter results on Thursday, July 20.
BJ’s Q2 Preview
Higher highs could be around the corner for BJ’s stock which has soared +33% this year to easily top the S&P 500’s +19% and the Zacks Retail Restaurant Markets’ +11%.
BJ’s stock currently trades near its 52-week highs at around $35 a share with it noteworthy that its Zacks Retail-Restaurant Industry is in the top 12% of over 250 Zacks industries.
Easing inflation is boosting the prospects for many stocks in the space and BJ’s growth and recovery is starting to stand out. To that point, BJ’s is benefiting from its strong business environment as an owner and operator of high-end casual dining restaurants in the United States.
Image Source: Zacks Investment Research
According to Zacks estimates BJ’s Q2 sales are projected at $350.45 million, up 6% from a year ago. Even better, earnings are forecasted to soar 230% at $0.33 per share compared to EPS of $0.10 in the prior-year quarter.
Annual earnings are now forecasted at $0.71 per share this year, skyrocketing 317% from EPS of $0.17 in 2022. Furthermore, fiscal 2024 earnings are expected to climb another 64% at $1.17 per share. Total sales are projected to be up 5% in FY23 and rise another 4% in FY24 to $1.42 billion.
Image Source: Zacks Investment Research
PPG Q2 Preview
Similarly, PPG stock is hovering near its own 52-week highs at around $151 a share with the company’s expansion very intriguing at the moment. PPG continues to stand out among the basic materials sector as a global supplier of paints, coatings, chemicals, specialty materials, glass, and fiberglass.
Year to date, PPG stock is up +20% to top the benchmark and the Zacks Chemical-Specialty Markets’ +10%.
Image Source: Zacks Investment Research
PPG is expected to have posted solid top and bottom line growth during the second quarter. Earnings are forecasted to jump 18% at $2.14 per share with sales expected at $4.90 billion, up 4% from Q2 2022.
More impressive, annual earnings are now anticipated to leap 20% this year at $7.30 per share compared to EPS of $6.05 in 2022. Plus, FY24 earnings are expected to rise another 9% at $7.96 per share.
Image Source: Zacks Investment Research
Bottom Line
BJ’s Restaurants and PPG Industries’ stock currently boasts a Zacks Rank #1 (Strong Buy) heading into their Q2 reports. With strong quarterly results expected, this could help reconfirm both companies’ attractive growth trajectories and lead to even more upside in their stocks.