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The Zacks Analyst Blog Highlights NGL Energy Partners, Beacon Roofing Supply, Granite Construction, Hooker Furniture and Limbach
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For Immediate Release
Chicago, IL – January 3, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: NGL Energy Partners (NGL), Beacon Roofing Supply (BECN - Free Report) , Granite Construction (GVA - Free Report) , Hooker Furniture (HOFT - Free Report) and Limbach (LMB - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
5 Top-Ranked Stocks to Buy for the 'January Effect'
After a rough 2022, the stock market capped off 2023 with solid gains. While the 30-stock Dow climbed to record highs, the broader S&P 500 hovered near its all-time high and posted a whopping gain of 24% for the year. The Nasdaq, too, registered its best year since 2020, banking on AI optimism.
Most importantly, the momentum will continue this year, particularly in January. This is because of the "January Effect", or a seasonal uptick in share prices throughout January. Stock prices tend to increase due to tax-loss harvesting and year-end bonuses being invested in the markets.
The January Effect is driven by positive consumer sentiment since many believe in investing at the beginning of a year for their future. Mutual fund managers' initiatives to eliminate losers and hang on to best-performing stocks in their portfolio to improve year-end performance reports are an additional driver behind the January Effect.
Now, skeptics may not trust these catchy market adages. After all, the stock market has scaled northward about 57% of the time in January in the past 30 years. But this time, stocks are well-poised for further gains, thanks to the Federal Reserve's dovish outlook amid ebbing inflationary pressure.
The Fed's preferred inflation gauge dipped in November for the first time since 2020. In unison, retail inflation, as well as wholesale price pressures, have shown signs of cooling down, compelling the Fed to keep its benchmark fed funds rate unchanged in its latest policy meeting and hint at three more interest rate cuts this year (read more: 5 Top Stocks to Gain From Lower Interest Rates in 2024).
Needless to say, lower interest rates bode well for the broader stock market as they lead to an increase in consumer outlays, reduce the cost of borrowings and boost economic growth. Therefore, investors should make the most of the bullish seasonal patterns and a not-so-aggressive Fed by placing bets on growth stocks for stupendous returns.
The CBOE Volatility Index (VIX), by the way, is at present well below 20, indicating a low-risk environment, which undoubtedly suits growth investing.
Thus, investors should place bets on NGL Energy Partners, Beacon Roofing Supply, Granite Construction, Hooker Furniture and Limbach since these stocks carry a Zacks Rank #1 (Strong Buy) and a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can see the complete list of today's Zacks Rank #1 stocks here.
NGL Energy Partners is a limited partnership operating a vertically integrated propane business. NGL Energy Partners currently has a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 141.8% over the past 60 days. NGL's expected earnings growth rate for the current year is 155.7%.
Beacon Roofing Supply is the largest publicly traded distributor of residential and non-residential roofing materials. Beacon Roofing Supply currently has a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 10.1% over the past 60 days. BECN's expected earnings growth rate for the current year is 9.2%.
Granite Construction is one of the nation's largest infrastructure contractors and construction materials producers. Granite Construction currently has a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 9.9% over the past 60 days. GVA's expected earnings growth rate for the current year is 35.1%.
Hooker Furniture is a leading manufacturer and importer of residential furniture. Hooker Furniture currently has a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 76.8% over the past 60 days. HOFT's expected earnings growth rate for the current year is 12.4%.
Limbach provides building systems. Limbach currently has a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 28.7% over the past 60 days. LMB's expected earnings growth rate for the current year is 173.4%.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights NGL Energy Partners, Beacon Roofing Supply, Granite Construction, Hooker Furniture and Limbach
For Immediate Release
Chicago, IL – January 3, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: NGL Energy Partners (NGL), Beacon Roofing Supply (BECN - Free Report) , Granite Construction (GVA - Free Report) , Hooker Furniture (HOFT - Free Report) and Limbach (LMB - Free Report) .
Here are highlights from Tuesday’s Analyst Blog:
5 Top-Ranked Stocks to Buy for the 'January Effect'
After a rough 2022, the stock market capped off 2023 with solid gains. While the 30-stock Dow climbed to record highs, the broader S&P 500 hovered near its all-time high and posted a whopping gain of 24% for the year. The Nasdaq, too, registered its best year since 2020, banking on AI optimism.
Most importantly, the momentum will continue this year, particularly in January. This is because of the "January Effect", or a seasonal uptick in share prices throughout January. Stock prices tend to increase due to tax-loss harvesting and year-end bonuses being invested in the markets.
The January Effect is driven by positive consumer sentiment since many believe in investing at the beginning of a year for their future. Mutual fund managers' initiatives to eliminate losers and hang on to best-performing stocks in their portfolio to improve year-end performance reports are an additional driver behind the January Effect.
Now, skeptics may not trust these catchy market adages. After all, the stock market has scaled northward about 57% of the time in January in the past 30 years. But this time, stocks are well-poised for further gains, thanks to the Federal Reserve's dovish outlook amid ebbing inflationary pressure.
The Fed's preferred inflation gauge dipped in November for the first time since 2020. In unison, retail inflation, as well as wholesale price pressures, have shown signs of cooling down, compelling the Fed to keep its benchmark fed funds rate unchanged in its latest policy meeting and hint at three more interest rate cuts this year (read more: 5 Top Stocks to Gain From Lower Interest Rates in 2024).
Needless to say, lower interest rates bode well for the broader stock market as they lead to an increase in consumer outlays, reduce the cost of borrowings and boost economic growth. Therefore, investors should make the most of the bullish seasonal patterns and a not-so-aggressive Fed by placing bets on growth stocks for stupendous returns.
The CBOE Volatility Index (VIX), by the way, is at present well below 20, indicating a low-risk environment, which undoubtedly suits growth investing.
Thus, investors should place bets on NGL Energy Partners, Beacon Roofing Supply, Granite Construction, Hooker Furniture and Limbach since these stocks carry a Zacks Rank #1 (Strong Buy) and a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can see the complete list of today's Zacks Rank #1 stocks here.
NGL Energy Partners is a limited partnership operating a vertically integrated propane business. NGL Energy Partners currently has a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 141.8% over the past 60 days. NGL's expected earnings growth rate for the current year is 155.7%.
Beacon Roofing Supply is the largest publicly traded distributor of residential and non-residential roofing materials. Beacon Roofing Supply currently has a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 10.1% over the past 60 days. BECN's expected earnings growth rate for the current year is 9.2%.
Granite Construction is one of the nation's largest infrastructure contractors and construction materials producers. Granite Construction currently has a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 9.9% over the past 60 days. GVA's expected earnings growth rate for the current year is 35.1%.
Hooker Furniture is a leading manufacturer and importer of residential furniture. Hooker Furniture currently has a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 76.8% over the past 60 days. HOFT's expected earnings growth rate for the current year is 12.4%.
Limbach provides building systems. Limbach currently has a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 28.7% over the past 60 days. LMB's expected earnings growth rate for the current year is 173.4%.
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.