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Reasons to Add Nextracker (NXT) Stock to Your Portfolio Now
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Nextracker Inc. (NXT - Free Report) , with its record increase in backlogs, impressive liquidity count and rising earnings estimates, offers a great investment opportunity in the Solar sector.
Let’s focus on the reasons that make this Zacks Rank #1 (Strong Buy) stock a solid investment pick at the moment.
Growth Projections & Surprise History
The Zacks Consensus Estimate for NXT’s fiscal 2024 earnings per share (EPS) has increased 21% to $2.65 in the past 60 days. The Zacks Consensus Estimate for Nextracker’s total revenues for fiscal 2024 stands at $2.44 billion, which indicates year-over-year growth of 28.5%.
The company’s (three to five years) earnings growth rate is pegged at 35.2%. It delivered an average earnings surprise of 56.26% in the last four quarters.
Liquidity
The company’s current ratio at the end of the fiscal third quarter was 1.87, higher than the industry’s average of 1.52. The ratio, being greater than one, indicates Nextracker’s ability to meet its future short-term liabilities without difficulties.
Rising Backlog
Nextracker’s solid order activities resulted in a record backlog of more than $3 billion at the end of the third quarter of fiscal 2024. This was driven by continued strength in demand for NXT’s products globally. It achieved the 10 GW milestone for projects in India, the Middle East and Africa regions in operation or under fulfillment as of Dec 31, 2023.
Price Performance
In the past three months, NXT shares have risen 20.1% against its industry’s average decline of 10.9%.
AROC’s long-term earnings (three to five years) growth rate is 7%. The Zacks Consensus Estimate for Archrock’s 2024 sales is pegged at $1.08 billion, which indicates a year-over-year improvement of 9.2%.
UGP’s long-term earnings growth rate is 5%. The Zacks Consensus Estimate for Ultrapar Participacoes’s 2024 EPS, pegged at 32 cents, has improved 28% over the last 60 days.
Murphy USA delivered an average earnings surprise of 13.63% in the last four quarters. The Zacks Consensus Estimate for MUSA’s 2024 sales is pegged at $22.02 billion, which calls for a year-over-year surge of 2.3%.
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Reasons to Add Nextracker (NXT) Stock to Your Portfolio Now
Nextracker Inc. (NXT - Free Report) , with its record increase in backlogs, impressive liquidity count and rising earnings estimates, offers a great investment opportunity in the Solar sector.
Let’s focus on the reasons that make this Zacks Rank #1 (Strong Buy) stock a solid investment pick at the moment.
Growth Projections & Surprise History
The Zacks Consensus Estimate for NXT’s fiscal 2024 earnings per share (EPS) has increased 21% to $2.65 in the past 60 days. The Zacks Consensus Estimate for Nextracker’s total revenues for fiscal 2024 stands at $2.44 billion, which indicates year-over-year growth of 28.5%.
The company’s (three to five years) earnings growth rate is pegged at 35.2%. It delivered an average earnings surprise of 56.26% in the last four quarters.
Liquidity
The company’s current ratio at the end of the fiscal third quarter was 1.87, higher than the industry’s average of 1.52. The ratio, being greater than one, indicates Nextracker’s ability to meet its future short-term liabilities without difficulties.
Rising Backlog
Nextracker’s solid order activities resulted in a record backlog of more than $3 billion at the end of the third quarter of fiscal 2024. This was driven by continued strength in demand for NXT’s products globally. It achieved the 10 GW milestone for projects in India, the Middle East and Africa regions in operation or under fulfillment as of Dec 31, 2023.
Price Performance
In the past three months, NXT shares have risen 20.1% against its industry’s average decline of 10.9%.
Image Source: Zacks Investment Research
Other Stocks to Consider
A few other top-ranked stocks from the same sector are Archrock (AROC - Free Report) , Ultrapar Participacoes (UGP - Free Report) and Murphy USA (MUSA - Free Report) , each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
AROC’s long-term earnings (three to five years) growth rate is 7%. The Zacks Consensus Estimate for Archrock’s 2024 sales is pegged at $1.08 billion, which indicates a year-over-year improvement of 9.2%.
UGP’s long-term earnings growth rate is 5%. The Zacks Consensus Estimate for Ultrapar Participacoes’s 2024 EPS, pegged at 32 cents, has improved 28% over the last 60 days.
Murphy USA delivered an average earnings surprise of 13.63% in the last four quarters. The Zacks Consensus Estimate for MUSA’s 2024 sales is pegged at $22.02 billion, which calls for a year-over-year surge of 2.3%.