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CF Industries Holdings, Inc.’s CF shares have gained 10.8% over the past three months. The company has outperformed its industry’s decline of 4.3% over the same time frame. CF has also topped the S&P 500’s roughly 2.9% rise over the same period.
Let’s take a look into the factors that are driving this leading nitrogen fertilizer maker.
Healthy Nitrogen Demand, Lower Gas Costs Aid CF Stock
CF Industries is benefiting from the rising global demand for nitrogen fertilizers, which is driven by significant agricultural demand. Industrial demand for nitrogen has also recovered from the pandemic-related disruptions. Global demand is expected to remain strong in the near future due to recovering industrial demand and farmer economics.
High levels of corn planted acres and low nitrogen channel inventories are expected to drive demand for nitrogen in North America. Demand for urea is also likely to remain strong in Brazil and India. Demand in India is expected to be driven by an uptick in domestic production on the back of higher operating rates and favorable weather conditions.
CF, on its second-quarter call, said that it anticipates the global supply-demand balance to remain positive over the near term, driven by nitrogen import requirements for Brazil and India until the end of the year, as well as sustained wide energy spreads between North America and high-cost production in Europe.
CF also stands to benefit from lower natural gas prices. It saw a decline in natural gas costs in the second quarter of 2024. The average cost of natural gas fell to $1.90 per MMBtu in the quarter from $2.75 per MMBtu in the year-ago quarter. Lower natural gas costs led to a decline in the company's cost of sales. The benefits of reduced gas costs are expected to continue in the third quarter.
CF Industries Remains Focused on Capital Allocation
CF remains committed to boosting shareholders’ value by leveraging strong cash flows. The company repurchased 8.3 million shares for $652 million in the first half of 2024, including 4 million shares for $305 million in the second quarter.
The current $3 billion share repurchase program had around $1.9 billion remaining at the end of the second quarter. CF returned $832 million through dividends and share repurchases during first-half 2024. Earlier this year, the company also announced a 25% increase in quarterly dividend to 50 cents per share.
CF offers a dividend yield of 2.5% (above the S&P 500′s average dividend yield of roughly 2%) at the current stock price. Its payout ratio is 35% (a ratio below 60% is a good indicator that the dividend will be sustainable) with a five-year annualized dividend growth rate of 11.6%. Backed by strong financial health, the company's dividend is perceived to be safe and reliable.
CF Industries Holdings, Inc. Stock Price and Consensus
CF Industries Holdings, Inc. price-consensus-chart | CF Industries Holdings, Inc. Quote
CF’s Zacks Rank & Other Key Picks
CF currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN. While IAMGOLD and Eldorado Gold sport a Zacks Rank #1 (Strong Buy), Hawkins carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for IAMGOLD’s current-year earnings has increased by 46.4% in the past 60 days. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 119% in the past year.
The consensus estimate for Eldorado Gold’s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 74% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. The stock has rallied around 100% in the past year.
Zacks Investment Research
Barrick Gold Corporation GOLD stated that it sees 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade, while continuing to unlock the value embedded in its portfolio. At the Gold Forum Americas, GOLD highlighted that it remains alert to potentially value-accretive opportunities arising from industry consolidation. However, the company enjoys the advantage of doing so from an asset base that will support organic growth well into the future.
Five years ago, Barrick set out to build a sustainably profitable gold and copper business focused on world-class assets. The company did not have to acquire these assets at a premium; they were already embedded in the merged portfolio of Barrick and Randgold, requiring only the unlocking of their value. Barrick boasts six Tier One gold mines, with more in development. Its long-term plans are centered on high-quality orebodies with industry-leading grades, which are driving improved cost profiles. In addition to its robust gold portfolio, GOLD is expanding its copper business to meet the rising demand for the strategic metal, enhancing its growth options with copper-gold porphyries.
Barrick highlighted three world-class gold opportunities, all located in Nevada, which it considers the premier mining jurisdiction globally. The recently-commissioned Goldrush mine is ramping up to a targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. In Nevada, the 14-million-ounce Leeville project is expected to be a significant growth driver, with the potential to double or triple Carlin’s reserves and extend its life beyond 2045.
On the copper side, two major projects are progressing toward first production in 2028. The Reko Diq copper-gold project in Pakistan is designed to produce 400,000 tons of copper and 500,000 ounces of gold annually in its second development phase. In Zambia, the Lumwana Super Pit project is set to double the mine’s production over a mine life of more than 30 years.
Barrick Gold Corporation Price and Consensus
Barrick Gold Corporation price-consensus-chart | Barrick Gold Corporation Quote
Mining requires constant replacement of the ounces it depletes. GOLD is a leader in orebody expansion and has more than replaced the gold reserves it has mined in the past five years. The newly added ounces are of the same or better grade than reserves that were mined.
Since 2019, Barrick has built an industry-leading balance sheet, reducing net debt by $3.5 billion, investing $11.2 billion in life-of-mine plans for key mines and returning more than $5 billion to shareholders. The company’s strong operating cash flows provide the financial flexibility to fund its growth projects.
Despite these achievements, Barrick believes its shares remain undervalued. According to analysts’ consensus net asset value calculations, the value of Barrick’s interest in Nevada Gold Mines and its copper portfolio almost exceeds the company’s current market capitalization. This implies that the rest of Barrick’s business, including its interest in three Tier One gold mines outside Nevada, the world-class Fourmile project and its development pipeline, is valued at only $3.3 billion. Furthermore, this valuation does not account for the company’s exploration teams’ unparalleled success in discovering new ounces. Based on the current share price, GOLD believes the case for investing in its stock is compelling.
Barrick’s shares have gained 25.4% in the past year compared with a 38.7% rise in the industry.
Zacks Rank & Key Picks
Barrick currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN. While IAMGOLD and Eldorado Gold sport a Zacks Rank #1 (Strong Buy), Hawkins carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for IAMGOLD’scurrent-year earnings is pegged at 41 cents per share, indicating a rise of 355.6% from the year-ago level. IAG’s earnings beat the consensus estimate in each of the trailing four quarters, with the average surprise being 200%. The stock has surged nearly 118.6% in the past year.
The Zacks Consensus Estimate for Eldorado Gold’s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the trailing four quarters, with the average earnings surprise being 430.3%. The company's shares have surged nearly 73.8% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14 per share, indicating a rise of 15.3% from the year-ago level. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days.The stock has appreciated around 100.4% in the past year.
Zacks Investment Research
Nucor Corporation NUE issued guidance for the third quarter of 2024. The company expects earnings per share (EPS) to range between 87 cents and 97 cents. After accounting for certain one time non-cash charges totaling approximately 43 cents per share, the adjusted EPS is projected to be between $1.30 and $1.40. This marks a notable decline compared with EPS of $2.68 in second-quarter 2024 and $4.57 in third-quarter 2023.
The non-adjusted earnings guidance for third-quarter 2024 includes estimated one time non-cash pre-tax charges of around $123 million or 43 cents per share. These charges are linked to the impairment of certain non-current assets in Nucor’s raw materials and steel products segments.
Nucor Corporation Price and Consensus
Nucor Corporation price-consensus-chart | Nucor Corporation Quote
The expected decline in earnings for the third quarter, excluding one-time charges, is primarily caused by lower earnings in the steel mills segment, stemming from reduced average selling prices. The steel products segment is also expected to report lower earnings due to reduced prices and volumes. The raw materials segment is anticipated to see a decline in earnings compared with the second-quarter actuals.
During the third quarter, Nucor repurchased nearly 2.5 million shares at an average price of $156.07 per share, bringing the total repurchased shares year to date to about 11 million at an average price of $172.36. Year to date, the company returned around $2.29 billion to shareholders through buybacks and dividend payments.
Shares of Nucor are down 10.1% in a year compared with the industry’s 14.4% fall.
NUE’s Zacks Rank & Key Picks
NUE currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN. While IAMGOLD and Eldorado Gold sporta Zacks Rank #1 (Strong Buy), Hawkins carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for IAMGOLD’scurrent-year earnings is pegged at 41 cents per share, indicating a rise of 355.6% from the year-ago level. IAG’s earnings beat the consensus estimate in each of the trailing four quarters, with the average surprise being 200%. The stock has surged nearly 118.6% in the past year.
The Zacks Consensus Estimate for Eldorado Gold’s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the trailing four quarters, with the average earnings surprise being 430.3%. The company's shares have surged nearly 73.8% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14 per share, indicating a rise of 15.3% from the year-ago level. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days.The stock has rallied around 100.4% in the past year.
Zacks Investment Research
Piedmont Lithium Inc. PLL announced that it has received an environmental permit ("EPA Permit") from Ghana’s Environmental Protection Agency for its Ewoyaa Lithium Project. This marks a major milestone in the development of the project.
PLL-Atlantic Lithium Partnership
Piedmont Lithium is jointly developing the Ewoyaa Project with Atlantic Lithium Limited.
Piedmont Lithium acquired a 22.5% stake in Ewoyaa in August 2023. This investment paves the way for Piedmont Lithium to potentially hold 50% equity in Atlantic Lithium's lithium assets portfolio in Ghana, pending regulatory approvals.
Future of Piedmont Lithium’s Ewoyaa Project
The EPA permit approval is a critical milestone for Ghana's first lithium mine. The construction of Ghana's first lithium mine will help meet the growing demand for electric vehicles and clean energy alternatives.
The next steps for the project are to get the mining lease and obtain all essential licenses before its development. The project's progress is subject to remaining approvals and prevailing market conditions.
PLL Q2 Earnings Dip Y/Y
In the second quarter of 2024, the company reported a loss of 69 cents per share, wider than the Zacks Consensus Estimate of a loss of 29 cents. It reported a loss of 55 cents in the prior-year quarter. It posted revenues of $13 million for the quarter ended in June 2024, missing the Zacks Consensus Estimate of $15 million.
Piedmont Share Price Lags Industry's Decline
PLL shares have lost 83.1% in the past year compared with the industry’s 4.6% decline.
PLL’s Zacks Rank & Stocks to Consider
Piedmont currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.06 per share. The consensus estimate for 2025 earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 106.1% in a year.
The Zacks Consensus Estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 135.7% in a year.
The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 84.7% in a year.
Zacks Investment Research
Cleveland-Cliffs Inc. CLF recently said that it remains entirely committed to the transformational project taking place at its Middletown Works integrated facility in Middletown, OH. CLF was selected for award negotiations for up to $500 million in total funding from the Department of Energy to replace its Middletown blast furnace with a Direct Reduced Iron plant and two Electric Melting Furnaces. It is still in active negotiations with the Department of Energy about the award-specific terms and conditions.
Cleveland-Cliffs remains optimistic about gaining final approvals and moving forward with this carbon-friendly, high-return project. It is continuing to move ahead with award negotiations and project execution for the transformational Middletown project. The project confirms Cleveland-Cliffs' status as a global technological leader in steelmaking. Following its recent real-life hydrogen reduction trials at Indiana Harbor and Middletown, as well as its success with Direct Reduction in Toledo, OH, this project is a logical next step, per CLF.
The company has done well in working in collaboration with UAW-represented and USW-represented workers throughout the Midwest, from Minnesota to Pennsylvania, and is pleased to be partnering with its IAM-represented steel workers in Middletown.
Shares of Cleveland-Cliffs have lost 15% over the past year against the industry’s 8.9% decline.
CLF, on its second-quarter call, reduced its projected capital expenditure for 2024 to the range of $650-$700 million from $675-$725 million expected earlier. It is on track with its goal of reducing steel unit costs by approximately $30 per net ton year over year in 2024.
Cleveland-Cliffs Inc. Price and Consensus
Cleveland-Cliffs Inc. price-consensus-chart | Cleveland-Cliffs Inc. Quote
CLF’s Zacks Rank & Key Picks
CLF currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space are Carpenter Technology Corporation CRS, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN.
Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 111.7% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. The consensus estimate for EGO's current-year earnings has gone up in the past 30 days. EGO, which currently sports a Zacks Rank of 1, beat the consensus estimate in the last four quarters, with the average earnings surprise being 430.3%. The company's shares have gained roughly 71.6% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14 per share, indicating a rise of 15.3% from the year-ago level. The consensus estimate for its current fiscal-year earnings has increased 12.8% in the past 60 days. HWKN, which currently carries a Zacks Rank #2 (Buy), has gained around 99.1% in the past year.
Zacks Investment Research
Ashland Inc. ASH has accelerated the application of its new super wetting technology platform, which was unveiled last September. The company has commercialized the easy-wet 300 n super wetting agent for corn, soy and wheat, as well as watermelon, flowers and other produce such as bananas, lettuce and tomatoes. Successful field trials and client pilots over the last year have validated Ashland's strategy and demonstrated its commitment to rapidly scaling high-performance, creative and sustainable technology.
Easy-wet 300 n is a wetting agent for crop formulations that is biodegradable, nonionic, silicone-free and easier to process. The agent also produces minimum foaming. Easy-wet 300 n, which has been developed utilizing proprietary, patented technology, decreases spray drift beyond targeted crops and shows greater effectiveness at lower concentrations in pesticide mixes. It offers higher wettability than non-silicone, non-ionic surfactants . The solution effectively reduces water surface tension, ensuring that active ingredients are delivered evenly across leaf surfaces.
Ashland's technology enables agricultural retailers to increase crop yield, hence facilitating organic growth. Its novel easy-wet 300 n wetting agent is biodegradable according to the Organization for Economic Cooperation and Development standards. It is non-phytotoxic and improves pesticide adhesion to leaves in a silicone-free formulation with environmentally friendly properties.
The easy-wet 300 n wetting agent addresses the challenge of improving crop yield on less land while also supporting customers' sustainability objectives. The new wetting agent provides excellent performance and gives customers greater control over their formulations.
Shares of Ashland have gained 5.7% over the past year against the industry’s 8.3% decline.
For the fiscal fourth quarter, ASH expects sales to be in the range of $530-$540 million and adjusted EBITDA to be in the band of $130-$140 million. The company expects adjusted EBITDA for the fiscal year to be in the range of $465-$475 million. It projects sales to be around $2.1 billion.
Ashland Inc. Price and Consensus
Ashland Inc. price-consensus-chart | Ashland Inc. Quote
ASH's Zacks Rank & Key Picks
ASH currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space are Carpenter Technology Corporation CRS, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN.
Carpenter Technology currently sports a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 111.7% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. The consensus estimate for EGO's current-year earnings has gone up in the past 30 days. EGO, which currently sports a Zacks Rank of 1, beat the consensus estimate in the last four quarters, with the average earnings surprise being 430.3%. The company's shares have gained roughly 71.6% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14 per share, indicating a rise of 15.3% from the year-ago level. The consensus estimate for HWKN’s current fiscal year earnings has increased 12.8% in the past 60 days. HWKN, which currently carries a Zacks Rank #2 (Buy), has gained around 99.1% in the past year.
Zacks Investment Research
Investors generally consider a 52-week high a good criterion for determining an entry or exit point for a given stock. However, stocks touching new 52-week highs are often predisposed to profit-taking, resulting in pullbacks and trend reversals.
Moreover, given the high price, investors often wonder if the stock is overpriced. While the speculation is not absolutely baseless, all stocks hitting a 52-week high are not necessarily overpriced.
In fact, investors might lose out on top gainers in an attempt to avoid the steep prices.
Stocks such as Century Communities CCS, Powell Industries POWL, Sylvamo SLVM, IAMGOLD IAG and Universal Health Services UHS are expected to maintain their momentum and keep scaling new highs. More information on a stock is necessary to understand whether or not there is scope for further upside.
Here, we discuss a strategy to find the right stocks. The technique borrows from the basics of momentum investing and bets on “buy high, sell higher.”
52-Week High: A Good Indicator
Many times, stocks that hit a 52-week high fail to scale higher despite having potential. This is because investors fear that the stocks are overvalued and expect the price to crash.
Overvaluation is natural for most of these stocks as investors’ focus (or willingness to pay the premium) has helped them reach the level. But that does not always indicate an impending decline. Factors such as robust sales, surging profit levels, earnings growth prospects and strategic acquisitions that encouraged investors to bet on these stocks could keep them motivated if there is no tangible negative. In other words, the momentum might continue.
Also, when a string of positive developments dominates the market, investors find their under-reaction unwarranted, even if there are no company-specific driving forces.
Setting the Right Filters
We ran a screen to zero in on 52-week high stocks (trading near the high level) that hold tremendous upside potential. The screen includes parameters to shortlist stocks with strong earnings growth expectations, sturdy value metrics and price momentum.
Moreover, the screen filters stocks that are relatively undervalued compared to their peers in terms of earnings as well as sales, ensuring the continuation of their rally for some time.
Current Price/52 Week High >= .80
This is the ratio between the current price and the highest price at which the stock has traded in the past 52 weeks. A value greater than 0.8 implies the stock is trading within 20% of its 52-week high range.
% Change Price – 4 Weeks > 0
It ensures that the stock price has moved north over the past four weeks.
% Change Price – 12 Weeks > 0
This metric guarantees a continued upward price momentum for the stock over the past three months as well.
Price/Sales <= XIndMed
The lower, the better.
P/E using F(1) Estimate <= XIndMed
This metric measures the amount an investor puts into a company to obtain one dollar of earnings. It narrows down the list of stocks to those that are undervalued compared to the industry.
One-Year EPS Growth F(1)/F(0) >= XIndMed
This helps choose stocks that have higher growth rates than the industry. This is a meaningful indicator, as decent earnings growth adds to investor optimism.
Zacks Rank =1
No screening is complete without the Zacks Rank, which has proved its worth since its inception. It is a fundamental truth that stocks with a Zacks Rank #1 (Strong Buy) have always managed to brave adversities and beat the market average. You can see the complete list of today’s Zacks #1 Rank stocks here.
Current Price >= 5
This parameter will help screen stocks that are trading at $5 or higher.
Volume – 20 days (shares) >= 100000
The inclusion of this metric ensures that there is a substantial volume of shares, so trading is easier.
Here are our five picks out of the 13 stocks that made it through the screen:
Century Communities is a home building and construction company. Its activities comprise land acquisition, development and entitlements, and the acquisition, development, construction, marketing, and sale of various single-family detached and attached residential home projects. The company’s initiative of offering affordable homes along with several incentive offerings, including lot premiums, interest rate buydowns and discounts on base home prices, is expected to be a tailwind. Also, its focus on building homes on a spec basis bodes well. This initiative of the company helps in direct cost control, sparks the availability of quick move-ins and assures buyers of financing certainty.
Furthermore, despite the improving inventory of existing home sales, the company is likely to benefit from increasing new home contracts, thanks to its improved cycle times and increased level of home starts. The company’s focus on affordability, along with the reduced cycle times and cost-reduction initiatives, positions it well for the rest of 2024.
The Zacks Consensus Estimate for 2024 earnings has moved north by 0.8% to $10.72 per share in the past 30 days. CCS surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 35.57%.
Powell Industries is a prominent electrical equipment manufacturer, riding on its strong foothold and improving conditions in two key markets — oil and gas and petrochemical. The company’s efforts to strengthen its project portfolio beyond the core oil and gas, and petrochemical end markets have also enhanced its market share across the utility, commercial and other industrial markets. POWL is also benefiting from increased demand for electrical power from data centers.
Powell is strengthening its participation across the electrical power value chain and benefiting from solid momentum in data center and utility markets. The company witnessed strong bookings in electric utility and commercial markets in the first nine months of fiscal 2024 in the United States. Powell’s capacity expansion initiatives, particularly at the product factory in Houston, bode well. The expansionary efforts have been enabling the company to better serve its customers with enhanced offerings across data centers, hydrogen, carbon capture and other transitional energy markets.
The Zacks Consensus Estimate for fiscal 2024 earnings has remained steady at $12.01 per share over the past 30 days. POWL surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 69.88%.
Sylvamo produces and markets uncoated freesheet for cut size, offset paper and pulp. Stronger order books and higher pulp and paper prices are likely to aid its top-line growth in the near term. The company has initiated a cost-reduction program called Project Horizon, which is focused on streamlining its organization and cost structures in an effort to make a leaner, stronger company.
SLVM is on track to realize savings of at least $110 million by the end of 2024. Around $80 million of the target will come from operational improvements in its mills and supply chains and the balance from the reduction in selling and administrative expenses. The company continues to lower its debt levels and maintains a strong financial position that enables it to invest in its business. It has a pipeline of more than $200 million of high-return capital projects, which will boost its earnings and cash flow profile.
Earnings estimates for Sylvamo’s fiscal 2024 have remained steady at $7.40 per share over the past 30 days. SLVM surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 23.97%.
IAMGOLD is an international gold exploration and mining company based in Canada. IAG is poised for growth, supported by an upward trend in gold prices, the ongoing ramp-up at Côté Gold, and the established portfolio of early-stage and advanced exploration projects within high-potential mining districts. IAG continues to invest in maximizing production and increasing the life of its existing mines, advancing development and exploration projects.
IAMGOLD expects production from the Côté Gold mine in 2024 to be near the lower end of 130,000-175,000 ounces (on a 60.3% basis). IAG has the financing in place and is set to buy a 9.7% interest in Côté Gold on Nov. 30, 2024. This will take its stake in the project to 70%. We expect the contribution from the mine to IAG’s production in 2024 to be higher once this deal is completed. Significant operational projects planned for the next years include the Westwood ramp-up to safely access other mining areas that were affected by the seismic activity in 2020.
The Zacks Consensus Estimate for 2024 earnings has moved north by 5.1% to 41 cents per share in the past 30 days. IAG surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 200%.
Universal Health Services owns and operates (through its subsidiaries) acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers. Universal Health's Acute Care and Behavioral Health segments have been pivotal in driving top-line growth, fueled by expansions in licensed bed capacity. The company anticipates positive impacts on its Acute Care unit from Medicaid supplemental programs. Strategic buyouts have played a significant role in augmenting its growth trajectory by broadening its portfolio of facilities. It beat second-quarter earnings estimates on Acute Care strength. The company maintains a robust liquidity position, enabling it to pursue growth initiatives and distribute capital through buybacks and dividends. It has resorted to a constant dividend payout of 20 cents per share since 2019.
The Zacks Consensus Estimate for UHS’ 2024 earnings has remained steady at $15.91 per share in the past 30 days. The company surpassed the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 14.58%.
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