This morning, I promised you an earnings season play that's looming large on my trading screen. You'll recall I mentioned capital is rotating out of financials and into energy.
At the same time, energy stocks will be "headlining" earnings reports next week - the busiest, richest week of the entire season.
Right now, I've got my eye on a company that's been under a lot of pressure, and that only means it's likely to explode much higher as it reports.
Let me show you...
I Love Helmerich & Payne Inc. (NYSE: HP) for This Coming Week
My trading model is practically screaming to recommend this contract petroleum drilling company.
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The company is set to release its quarterly result on Thursday, April 26. Last quarter, Helmerich & Payne blew analysts' consensus for earnings per share and revenue. Unfortunately, the stock was dragged lower by the rest of the market, as its earnings were released literally one day before the January highs.
This time around, HP shares have a short interest ratio of 8.9. With the stock working toward new 52-week highs, it's only a matter of time before a short squeeze starts fueling the stock for another leg in its current bull market rally.
Another strong argument for a bullish development: Helmerich & Payne is the top performer in the energy sector over the last six months after returning 33% since November.
With one of the more attractive technical backdrops among its peers and a high score from my earnings trading model, HP shares are among my bullish picks for next week's earnings parade.
Longer-term investors can grab the shares at their current price to ride them to my target of $80, roughly 11% from their current price.
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About the Author
Chris Johnson (“CJ”), a seasoned equity and options analyst with nearly 30 years of experience, is celebrated for his quantitative expertise in quantifying investors’ sentiment to navigate Wall Street with a deeply rooted technical and contrarian trading style.