According to technical analysis, two companies are predicted to experience a bullish momentum. These stocks have the potential to outperform the market, and it is recommended that investors monitor them closely.
A retail sector giant Dick’s Sporting Goods and automobile sector company Genuine Parts emerged as the best performers in the market in February.
The quarterly results of these companies have been robust. Moreover, market experts are convinced that these two companies will continue to do good in the future.
The quarterly results of these stocks have been impressive, surpassing the market’s anticipated performance.
It is expected that these stocks will remain positive even in the upcoming quarters as well. Other factors contribute to their success besides their strong financial performance.
Some other key factors are playing their role in giving these stocks bullish momentum in the market.
Dick’s Sporting Goods Is Renowned for Its Consistency
The company listed on the NASDAQ Stock Exchange (DKS) has remained the most consistent performer for February.
Just a few days ago, the company has published details of its fourth quarter’s earnings.
The details have shown that its stock price has seen a quick rise in price by 11%
In addition to that, the company’s sales increased by 7.3% to $3.59B. These staggering numbers have shown that DKS has exceeded market expectations.
The next quarter’s results of the company will be announced on May 24th.
The senior leadership of Dick’s Sporting Goods has told that they are expecting the company’s earnings per share will go higher at $2.96 per share. As the things stand, its earning per share (EPS) is at $2.57.
In addition to that, the company has also raised its payout to stockholders to $4 for each share.
As far as the Technical Indicators are concerned:
Since the end of May 2022, there has been a significant increase in the value of the company’s stock, and it is currently moving within a bullish trend.
It has recently encountered a significant barrier that was established in September 2020. Dick’s Sporting Goods since then, has not been able to surpass this level.
If it were to receive sufficient trading volume to break through, it would gather momentum.
Genuine Parts with Its Staggering Financial Performance Has Surprised the Market
Genuine Parts is a public limited company listed on the New York Stock Exchange (NYSE: GPC). The company is renowned to deliver auto parts to the automobile sector.
Over the past couple of weeks, it has emerged as one of the biggest victors in the stock market. As of now, it has been tipped as the best investment prospect for the future.
The company announced its fourth quarter’s financial figures back in February.
Over the past three years, the company’s annual sales rate has increased by 9% and its average annual earnings per share has grown at the rate of 22%.
Additionally, both company’s profits and sales have increased by 15%. The company will announce its first quarter’s report for FY 2023 on 20th April.
Talking of its earning per share (EPS), it is expected that its EPS in April will go all the way up to $2.03 per share, from $1.81.
Apart from the anticipated positive outcomes, what is truly noteworthy is that the corporation has distributed cash dividends annually ever since it became publicly traded in 1948.
This indicates its financial stability and consistency. The annual dividends have been increased for 67 consecutive years, and the current rate of increase stands at 2% per year.
The stock began to decline towards the end of February from a technical standpoint, and it has garnered close attention from investors.
But the positive financial are expected to be delivered in the coming month of April. Hence, experts are optimistic about the company’s stock. There may be an increase in buyers entering the market to buy the company’s stock.
