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AZZ and Cisco have been highlighted as Zacks Bull and Bear of the Day
Read MoreHide Full Article
For Immediate Release
Chicago, IL – January 15, 2024 – Zacks Equity Research shares AZZ (AZZ - Free Report) as the Bull of the Day and Cisco Systems (CSCO - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Exxon Mobil Corp. (XOM - Free Report) , Cenovus Energy Inc. (CVE - Free Report) and Canadian Natural Resources Ltd (CNQ - Free Report) .
The glitz and glamour of the market rally has been dirtied up a bit over the last couple of weeks. 2024 did not start off as a continuation of year-end bullishness but rather, a more cautionary stance. The headlines have been dominated by the launch of the spot Bitcoin ETF and equities are now facing a new set of concerns moving forward. Rate cuts are at the center of every investment conversation only now it’s the when and not the if.
This tumultuous market could lead investors to despair. But there’s gold hidden in that emotion. Stocks which have immense earnings growth and estimates continuing to push higher are in the best position to weather any market storm. One such stock is today’s Bull of the Day, AZZ.
AZZ Inc. provides hot-dip galvanizing and coil coating solutions in the United States, Canada, Brazil, China, the Netherlands, Poland, Singapore, and India. The AZZ Metal Coatings segment offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coil primarily serving the construction; appliance; heating, ventilation, and air conditioning; container; transportation; and other end markets.
AZZ is in the Manufacturing - Electronics industry which ranks in the Top 6% of our Zacks Industry Rank. It is currently a Zacks Rank #1 (Strong Buy) with a Zacks Value Style Score of A, Growth Style Score of A and Momentum Style Score of D with a VGM Composite Score of A. The reason for the favorable rank is that analysts have been upping their earnings estimates for the current year and next year. Over the last week alone, two have pushed up their current year numbers while one has followed suit for next year. The bullish moves have increased our Zacks Consensus Estimates for the current year from $4.08 to $4.19 while next year’s number is up from $4.43 to $4.60.
One thing all tech bellwether’s fear is the fall from grace. Over the years, the appeal of the long-term growth of tech companies has been intoxicating. Huge growth, amazing margins, and ultimate scalability makes these some of the most attractive investments on Earth. The problem is, often times the moat around these companies is not as deep nor as wide as they would have you believe. What happens eventually is, somebody builds a better mousetrap and you are reduced to a shell of your old self.
I am not saying that is what happened to today’s Bear of the Day, but the present day reality is a significant departure from early hopes. I am talking about the very famous, well-known networking company, Cisco Systems. Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China.
The stock is currently a Zacks Rank #5 (Strong Sell) with a Zacks Value Style Score of D, Growth of B and Momentum of C to help it round out with a VGM Composite Score of B. The reason for the unfavorable ranks is that over the last 60 days, no fewer than eleven analysts have cut their earnings estimates for the current year and next year. The bearish moves have cut the Zacks Consensus Estimates for the current year from $4.05 to $3.89 while next year’s is off from $4.22 to $4.06.
The Computer – Networking industry ranks in the Bottom 15% of our Zacks Industry Rank.
Additional content:
3 Energy Stocks Leading the Clean Energy Revolution
The world is experiencing a substantial transition toward cleaner energy sources as part of its commitment to combat greenhouse gas emissions. Energy companies are facing mounting pressure from various angles to address climate change. While most analysts anticipate renewable energy to play a crucial role in meeting future energy needs, it is widely acknowledged that the demand for oil and natural gas will not be entirely eliminated.
According to the U.S. Energy Information Administration (EIA), there is a projection that the share of renewables in the electricity generation mix could double by 2050. This projection underscores the increasing significance of renewable energy sources in the long-term trajectory of the energy landscape.
The overarching trend in the energy sector indicates a substantial rise in the consumption of renewable energy.
Can the Winning Streak Continue in 2024?
The 2024 outlook for the clean energy industry is quite promising, driven by several key factors and trends. The EIA anticipates 17% growth in renewable deployment, reaching 42 gigawatts in 2024 and accounting for nearly a quarter of electricity generation.
The solar sector, in particular, has seen impressive growth, with solar power expected to continue leading the way in electricity generation growth for 2024 and 2025.
As of 2024, numerous oil and gas companies have taken the lead in embracing clean energy initiatives, making substantial contributions to sustainability goals and the transition toward clean energy.
Exxon Mobil Corp., traditionally known for its role in the oil and gas industry, has recently taken significant strides in leading the clean energy transition. Recognizing the growing urgency of climate change and the global shift toward sustainable energy sources, the company pledged to lower its greenhouse gas emissions 20-30% by 2030 from the 2016 levels.
In terms of achievements, ExxonMobil has made noteworthy progress.ExxonMobil achieved a reduction in operated methane emissions by 50% since 2016. This achievement demonstrates ExxonMobil’s commitment to its environmental goals and showcases its ability to adapt to the evolving energy landscape. The company's investment in CCS technology has led to the operation of multiple large-scale CCS facilities worldwide, capturing millions of tons of CO2 annually.
The Zacks Consensus Estimate for XOM’s 2024 sales indicates an improvement of 8.3% from the 2023 estimate. The Zacks Consensus Estimate for HLX’s earnings for 2024 is pegged at $9.48 per share.
Cenovus Energy Inc. is making significant strides in leading the clean energy transition. The company has set ambitious goals to reduce its greenhouse gas emissions, with a target to cut absolute scope 1 and 2 emissions by 35% by 2035 from the 2019 levels. In 2024, CVE plans to invest $100 million in targeted emissions reduction initiatives, including carbon capture projects.
In 2022, Cenovus made notable progress in its ESG goals. The company achieved a 32% reduction in absolute methane emissions in its upstream operations from the 2021 levels and a 59% reduction from 2019 to 2022. Cenovus set a milestone to reduce absolute methane emissions in its upstream operations by 80% by the end of 2028 from the 2019 baseline.
The Zacks Consensus Estimate for CVE’s 2024 sales indicates an improvement of 40% from the 2023 estimate figure. The Zacks Consensus Estimate for CVE’s earnings for 2024 is pegged at $2.37 per share.
Canadian Natural Resources Ltd is actively participating in the energy transition with a focus on increasing production efficiency and reducing its environmental impacts. The company has set ambitious clean energy targets, aiming to reduce greenhouse gas emissions intensity 40% by 2035, a goal that aligns with Canada's broader climate objectives.
As of 2023, CNQ has achieved a remarkable 8% reduction in corporate direct emissions intensity from its 2018 levels, demonstrating a strong commitment to its sustainability goals. This achievement is a result of the company’s strategic investments in carbon capture and storage technologies, and the implementation of energy-efficient processes across its operations. CNQ has been actively investing in renewable energy projects, including solar and wind energy, which not only diversify its energy portfolio but also contribute to a greener energy grid.
The Zacks Consensus Estimate for Canadian Natural’s 2024 sales indicates an improvement of 8.7% from the 2023 estimate figure. The Zacks Consensus Estimate for CNQ’s earnings for 2024 is pegged at $5.86 per share.
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.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
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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AZZ and Cisco have been highlighted as Zacks Bull and Bear of the Day
For Immediate Release
Chicago, IL – January 15, 2024 – Zacks Equity Research shares AZZ (AZZ - Free Report) as the Bull of the Day and Cisco Systems (CSCO - Free Report) as the Bear of the Day. In addition, Zacks Equity Research provides analysis on Exxon Mobil Corp. (XOM - Free Report) , Cenovus Energy Inc. (CVE - Free Report) and Canadian Natural Resources Ltd (CNQ - Free Report) .
Here is a synopsis of all five stocks.
Bull of the Day:
The glitz and glamour of the market rally has been dirtied up a bit over the last couple of weeks. 2024 did not start off as a continuation of year-end bullishness but rather, a more cautionary stance. The headlines have been dominated by the launch of the spot Bitcoin ETF and equities are now facing a new set of concerns moving forward. Rate cuts are at the center of every investment conversation only now it’s the when and not the if.
This tumultuous market could lead investors to despair. But there’s gold hidden in that emotion. Stocks which have immense earnings growth and estimates continuing to push higher are in the best position to weather any market storm. One such stock is today’s Bull of the Day, AZZ.
AZZ Inc. provides hot-dip galvanizing and coil coating solutions in the United States, Canada, Brazil, China, the Netherlands, Poland, Singapore, and India. The AZZ Metal Coatings segment offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coil primarily serving the construction; appliance; heating, ventilation, and air conditioning; container; transportation; and other end markets.
AZZ is in the Manufacturing - Electronics industry which ranks in the Top 6% of our Zacks Industry Rank. It is currently a Zacks Rank #1 (Strong Buy) with a Zacks Value Style Score of A, Growth Style Score of A and Momentum Style Score of D with a VGM Composite Score of A. The reason for the favorable rank is that analysts have been upping their earnings estimates for the current year and next year. Over the last week alone, two have pushed up their current year numbers while one has followed suit for next year. The bullish moves have increased our Zacks Consensus Estimates for the current year from $4.08 to $4.19 while next year’s number is up from $4.43 to $4.60.
Bear of the Day:
One thing all tech bellwether’s fear is the fall from grace. Over the years, the appeal of the long-term growth of tech companies has been intoxicating. Huge growth, amazing margins, and ultimate scalability makes these some of the most attractive investments on Earth. The problem is, often times the moat around these companies is not as deep nor as wide as they would have you believe. What happens eventually is, somebody builds a better mousetrap and you are reduced to a shell of your old self.
I am not saying that is what happened to today’s Bear of the Day, but the present day reality is a significant departure from early hopes. I am talking about the very famous, well-known networking company, Cisco Systems. Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China.
The stock is currently a Zacks Rank #5 (Strong Sell) with a Zacks Value Style Score of D, Growth of B and Momentum of C to help it round out with a VGM Composite Score of B. The reason for the unfavorable ranks is that over the last 60 days, no fewer than eleven analysts have cut their earnings estimates for the current year and next year. The bearish moves have cut the Zacks Consensus Estimates for the current year from $4.05 to $3.89 while next year’s is off from $4.22 to $4.06.
The Computer – Networking industry ranks in the Bottom 15% of our Zacks Industry Rank.
Additional content:
3 Energy Stocks Leading the Clean Energy Revolution
The world is experiencing a substantial transition toward cleaner energy sources as part of its commitment to combat greenhouse gas emissions. Energy companies are facing mounting pressure from various angles to address climate change. While most analysts anticipate renewable energy to play a crucial role in meeting future energy needs, it is widely acknowledged that the demand for oil and natural gas will not be entirely eliminated.
According to the U.S. Energy Information Administration (EIA), there is a projection that the share of renewables in the electricity generation mix could double by 2050. This projection underscores the increasing significance of renewable energy sources in the long-term trajectory of the energy landscape.
The overarching trend in the energy sector indicates a substantial rise in the consumption of renewable energy.
Can the Winning Streak Continue in 2024?
The 2024 outlook for the clean energy industry is quite promising, driven by several key factors and trends. The EIA anticipates 17% growth in renewable deployment, reaching 42 gigawatts in 2024 and accounting for nearly a quarter of electricity generation.
The solar sector, in particular, has seen impressive growth, with solar power expected to continue leading the way in electricity generation growth for 2024 and 2025.
As of 2024, numerous oil and gas companies have taken the lead in embracing clean energy initiatives, making substantial contributions to sustainability goals and the transition toward clean energy.
Here, we have discussed three companies, each carrying a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Exxon Mobil Corp., traditionally known for its role in the oil and gas industry, has recently taken significant strides in leading the clean energy transition. Recognizing the growing urgency of climate change and the global shift toward sustainable energy sources, the company pledged to lower its greenhouse gas emissions 20-30% by 2030 from the 2016 levels.
In terms of achievements, ExxonMobil has made noteworthy progress.ExxonMobil achieved a reduction in operated methane emissions by 50% since 2016. This achievement demonstrates ExxonMobil’s commitment to its environmental goals and showcases its ability to adapt to the evolving energy landscape. The company's investment in CCS technology has led to the operation of multiple large-scale CCS facilities worldwide, capturing millions of tons of CO2 annually.
The Zacks Consensus Estimate for XOM’s 2024 sales indicates an improvement of 8.3% from the 2023 estimate. The Zacks Consensus Estimate for HLX’s earnings for 2024 is pegged at $9.48 per share.
Cenovus Energy Inc. is making significant strides in leading the clean energy transition. The company has set ambitious goals to reduce its greenhouse gas emissions, with a target to cut absolute scope 1 and 2 emissions by 35% by 2035 from the 2019 levels. In 2024, CVE plans to invest $100 million in targeted emissions reduction initiatives, including carbon capture projects.
In 2022, Cenovus made notable progress in its ESG goals. The company achieved a 32% reduction in absolute methane emissions in its upstream operations from the 2021 levels and a 59% reduction from 2019 to 2022. Cenovus set a milestone to reduce absolute methane emissions in its upstream operations by 80% by the end of 2028 from the 2019 baseline.
The Zacks Consensus Estimate for CVE’s 2024 sales indicates an improvement of 40% from the 2023 estimate figure. The Zacks Consensus Estimate for CVE’s earnings for 2024 is pegged at $2.37 per share.
Canadian Natural Resources Ltd is actively participating in the energy transition with a focus on increasing production efficiency and reducing its environmental impacts. The company has set ambitious clean energy targets, aiming to reduce greenhouse gas emissions intensity 40% by 2035, a goal that aligns with Canada's broader climate objectives.
As of 2023, CNQ has achieved a remarkable 8% reduction in corporate direct emissions intensity from its 2018 levels, demonstrating a strong commitment to its sustainability goals. This achievement is a result of the company’s strategic investments in carbon capture and storage technologies, and the implementation of energy-efficient processes across its operations. CNQ has been actively investing in renewable energy projects, including solar and wind energy, which not only diversify its energy portfolio but also contribute to a greener energy grid.
The Zacks Consensus Estimate for Canadian Natural’s 2024 sales indicates an improvement of 8.7% from the 2023 estimate figure. The Zacks Consensus Estimate for CNQ’s earnings for 2024 is pegged at $5.86 per share.
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.
See Stocks Free >>
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
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.