Growth stocks can be some of the most exciting picks in the market, as these high-flyers can captivate investors’ attention, and produce big gains as well. However, they can also lead on the downside when the growth story is over, so it is important to find companies which are still seeing strong growth prospects in their businesses.
One such company that might be well-positioned for future earnings growth is Imperial Oil Limited (IMO - Free Report) . This firm, which is in the Oil and Gas - Integrated – Canadian industry, saw significant EPS growth last year, and is looking great for this year too.
In fact, the current growth estimate for this year calls for significant earnings-per-share growth. Furthermore, the long-term growth rate is currently an impressive 24.1%, suggesting pretty good prospects for the long haul.
And if this wasn’t enough, the stock has actually seen estimates rise over the past month for the current fiscal year by about 11.6%. Thanks to this rise in earnings estimates, IMO has a Zacks Rank #2 (Buy) which further underscores the potential for outperformance in this company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
So if you are looking for a fast growing stock that is still seeing plenty of opportunities on the horizon, make sure to consider IMO. Not only does it have double-digit earnings growth prospects, but its impressive Zacks Rank suggests that analysts believe better days are ahead for IMO as well.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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