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Should You Buy Owens Corning (OC) Ahead of Earnings?
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Investors are always looking for stocks that are poised to beat at earnings season and Owens Corning Inc (OC - Free Report) 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 Corning is 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 $1.11 per share for OC, compared to a broader Zacks Consensus Estimate of $1.06 per share. This suggests that analysts have very recently bumped up their estimates for OC, giving the stock a Zacks Earnings ESP of +2.67% heading into earnings season.
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).
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.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artifical intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>
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Should You Buy Owens Corning (OC) Ahead of Earnings?
Investors are always looking for stocks that are poised to beat at earnings season and Owens Corning Inc (OC - Free Report) 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 Corning is 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 $1.11 per share for OC, compared to a broader Zacks Consensus Estimate of $1.06 per share. This suggests that analysts have very recently bumped up their estimates for OC, giving the stock a Zacks Earnings ESP of +2.67% heading into earnings season.
Owens Corning Inc Price and EPS Surprise
Owens Corning Inc Price and EPS Surprise | Owens Corning Inc Quote
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 #2 (Buy) and an ESP in positive territory, investors might want to consider this stock ahead of earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artifical intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>