Advertisement
Canada markets close in 1 hour 8 minutes

  • S&P/TSX

    21,859.63
    -152.09 (-0.69%)
     

  • S&P 500

    5,061.47
    -9.08 (-0.18%)
     

  • DOW

    38,429.57
    -74.12 (-0.19%)
     

  • CAD/USD

    0.7296
    -0.0024 (-0.33%)
     

  • CRUDE OIL

    82.83
    -0.53 (-0.64%)
     

  • Bitcoin CAD

    88,017.49
    -3,427.40 (-3.75%)
     

  • CMC Crypto 200

    1,396.92
    -27.18 (-1.91%)
     

  • GOLD FUTURES

    2,333.10
    -9.00 (-0.38%)
     

  • RUSSELL 2000

    1,990.36
    -12.29 (-0.61%)
     

  • 10-Yr Bond

    4.6600
    +0.0620 (+1.35%)
     

  • NASDAQ

    15,671.13
    -25.51 (-0.16%)
     

  • VOLATILITY

    16.01
    +0.32 (+2.04%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • CAD/EUR

    0.6821
    -0.0015 (-0.22%)
     
MARKETS LIVE BLOG:

STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

Why Earnings Season Could Be Great for Owens Corning (OC)

Zacks Equity Research
Updated

Investors are always looking for stocks that are poised to beat at earnings season and Owens Corning OC may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.

That is because Owens Corningis seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings—with the most up-to-date information possible—is a pretty good indicator of some favorable trends underneath the surface for OC in this report.

In fact, the Most Accurate Estimate for the current quarter is currently at 93 cents per share for OC, compared to a broader Zacks Consensus Estimate of 85 cents per share. This suggests that analysts have very recently bumped up their estimates for OC, giving the stock a Zacks Earnings ESP of 9.41% heading into earnings season.

OWENS CORNING Price and EPS Surprise

OWENS CORNING Price and EPS Surprise | OWENS CORNING Quote

ADVERTISEMENT

Why is this Important?

A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10 year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).

Given that OC has a Zacks Rank # 1 (Strong Buy) and an ESP in positive territory, investors might want to consider this stock ahead of earnings. Clearly, recent earnings estimate revisions suggest that good things are ahead for Owens Corning, and that a beat might be in the cards for the upcoming report.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
OWENS CORNING (OC): Free Stock Analysis Report
 
To read this article on Zacks.com click here.