Energy has made a terrific comeback this year after getting clobbered in 2020 amid the Covid shelter-at-home phase. Among the top-ranked companies in the oil and gas exploration and production group, Hess (HES) is a standout. And it’s in buy range and just cleared a key benchmark as its Relative Strength Rating climbed to 83, up from 78 the day before.
History shows that the best-performing stocks typically have an RS Rating of above 80 in the early stages of their moves.
Hess Stock Under Accumulation
In addition to its rising Relative Strength Rating, Hess boasts a B+ Accumulation/Distribution Rating. The B+ A/D rating, on an A+ to E scale with A+ tops, means institutions are buying significantly more shares than they are selling.
Regarding fundamentals, the company has posted three quarters of rising earnings growth. In its most recent quarter, Hess recorded a 237% jump in EPS to 82 cents per share, reversing from a 60-cent per share loss a year earlier. Revenue gains have also increased during the same period. Last quarter, its revenue rose 40% year over year, to $1.92 billion.
The company holds the No. 2 rank among its peers in the Oil & Gas-International Exploration & Production industry group. Hess (HES) and APA Corp. (APA), formerly known as Apache, and Ovintiv (OVV) are also among the group’s highest-rated stocks.
Hess is within a buy range after clearing a 76.34 entry in a flat base. The buy range goes up to 5% above the initial entry.
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD’s unique rating measures price movement with a 1 (worst) to 99 (best) score. The grade shows how a stock’s price behavior over the last 52 weeks holds up against all the other stocks in our database.
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