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Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at OFG Bancorp (OFG), a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. OFG Bancorp currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here
Set to Beat the Market?
In order to see if OFG is a promising momentum pick, let's examine some Momentum Style elements to see if this financial holding company holds up.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.
For OFG, shares are up 0.11% over the past week while the Zacks Banks - Northeast industry is up 1.97% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 1.86% compares favorably with the industry's 3.35% performance as well.
Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Over the past quarter, shares of OFG Bancorp have risen 18.86%, and are up 51.54% in the last year. On the other hand, the S&P 500 has only moved 4.07% and 28.21%, respectively.
Investors should also take note of OFG's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now, OFG is averaging 162,490 shares for the last 20 days.
Earnings Outlook
The Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with OFG.
Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. These revisions helped boost OFG's consensus estimate, increasing from $4.02 to $4.27 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom Line
Given these factors, it shouldn't be surprising that OFG is a #1 (Strong Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep OFG Bancorp on your short list.
Zacks Investment Research
Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Opera Limited OPRA: This company which provides web browsers, Opera News, an AI-driven content discovery platform, has seen the Zacks Consensus Estimate for its current year earnings increasing 12.8% over the last 60 days.
Opera Limited Sponsored ADR Price and Consensus
Opera Limited Sponsored ADR price-consensus-chart | Opera Limited Sponsored ADR Quote
Canon CAJPY: This company which is an industry leader in professional and consumer imaging equipment and information systems, has seen the Zacks Consensus Estimate for its current year earningsincreasing 10.6% over the last 60 days.
Canon, Inc. Price and Consensus
Canon, Inc. price-consensus-chart | Canon, Inc. Quote
Sterling Infrastructure, Inc. STRL: This company which operates through subsidiaries within segments specializing in E-Infrastructure, Building and Transportation Solutions principally in the United States, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.8% over the last 60 days.
Sterling Infrastructure, Inc. Price and Consensus
Sterling Infrastructure, Inc. price-consensus-chart | Sterling Infrastructure, Inc. Quote
OFG Bancorp OFG: This financial holding company that conducts its business activities through its subsidiaries, primarily in Puerto Rico, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.2% over the last 60 days.
OFG Bancorp Price and Consensus
OFG Bancorp price-consensus-chart | OFG Bancorp Quote
Pathward Financial, Inc. CASH: This company which provides banking products and services principally in the United States, has seen the Zacks Consensus Estimate for its current year earnings increasing 6.2% over the last 60 day.
Pathward Financial, Inc. Price and Consensus
Pathward Financial, Inc. price-consensus-chart | Pathward Financial, Inc. Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Here are three stocks with buy rank and strong value characteristics for investors to consider today, September 10:
MPLX LP MPLX: This midstream energy company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.9% over the last 60 days.
MPLX LP Price and Consensus
MPLX LP price-consensus-chart | MPLX LP Quote
MPLX LP has a price-to-earnings ratio (P/E) of 9.94 compared with 17.90 for the industry. The company possesses a Value Score of B.
MPLX LP PE Ratio (TTM)
MPLX LP pe-ratio-ttm | MPLX LP Quote
OFG Bancorp OFG: This financial holding company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.2% over the last 60 days.
OFG Bancorp Price and Consensus
OFG Bancorp price-consensus-chart | OFG Bancorp Quote
OFG Bancorp has a price-to-earnings ratio (P/E) of 10.26 compared with 11.10 for the industry. The company possesses a Value Score of B.
OFG Bancorp PE Ratio (TTM)
OFG Bancorp pe-ratio-ttm | OFG Bancorp Quote
Sterling Infrastructure, Inc. STRL: This infrastructure services company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.8% over the last 60 days.
Sterling Infrastructure, Inc. Price and Consensus
Sterling Infrastructure, Inc. price-consensus-chart | Sterling Infrastructure, Inc. Quote
Sterling Infrastructure, Inc. PE Ratio (TTM)
Sterling Infrastructure, Inc. pe-ratio-ttm | Sterling Infrastructure, Inc. Quote
Sterling Infrastructure has a price-to-earnings ratio (P/E) of 19.30 compared with 27.50 for the industry. The company possesses a Value Score of B.
See the full list of top ranked stocks here.
Learn more about the Value score and how it is calculated here.
Zacks Investment Research
OFG Bancorp could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
As such, the Zacks rating upgrade for OFG is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for OFG imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Estimate Revisions for OFG
For the fiscal year ending December 2024, this financial holding company is expected to earn $4.27 per share, which is a change of 11.5% from the year-ago reported number.
Analysts have been steadily raising their estimates for OFG. Over the past three months, the Zacks Consensus Estimate for the company has increased 6.2%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of OFG to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Zacks Investment Research
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