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TOP PICK
Stockchase Research Editor: Michael O'Reilly We again reiterate SHEL as a TOP PICK. With energy again being viewed as strategic asset, especially within Europe, the company is well positioned. It trades at 9x earnings compared to peers at 13x and is valued at only 1.2x book. It pays a good dividend, backed by a payout ratio under 40% of cashflow. We like how management has focused on aggressively retiring debt and buying back shares, while still building on cash reserves. We recommend trailing up the stop (from $45) to $48, looking achieve $70 -- upside potential over 33%. Yield 3.76% (Analysts’ price target is $69.64)
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TOP PICK
Stockchase Research Editor: Michael O'Reilly This pet wellness company has demonstrated net sales growth for 14 consecutive quarters and is reiterated as a TOP PICK. It acts a good inflation hedge and is recession proof as many products are viewed essential by pet owners. It trades at 1.5x book value. We like that it has grown cash reserves will retiring debt. We continue to recommend a trailing stop at $11.50, looking to achieve $22.50 -- over 50% potential upside. Yield 0% (Analysts’ price target is $22.58)
specialty stores

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TOP PICK
Stockchase Research Editor: Michael O'Reilly We again reiterate CVS, a top retail pharmacy and health care insurance company, as a TOP PICK. It trades at 1.6x book value and forward earnings for next year project a PE of 10x earnings compared to peers at 14x. It pays a good dividend backed by a payout ratio under 40% of cash flow. We like that it has continued to build cash reserves, while aggressively retiring debt and buying back shares. We continue to recommend the trailing stop at $85, looking to achieve $117 -- upside potential of 25%. Yield 2.36% (Analysts’ price target is $117.22)
specialty stores
COMMENT
Markets 2022: The Road Ahead. Topics include Federal Reserve rate hikes, Covid 19 economic fallout, Russia-Ukraine war, sanctions on Russia, inflation, market volatility. The guests today are: Earl Davis - Head of Fixed Income & Money Markets, BMO Global Asset Management Patricia Perez-Coutts - Portfolio Manager, PenderFund Capital Management John Zechner - Chairman & Founder, J. Zechner & Associates
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COMMENT
It's been a wild ride already this year. Patricia: This is not the first time it's happened. We have to be patient investors at all times.
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COMMENT
What does your world look like? Earl: He feels like the fixed income guy crashing the equity party. We'll see peak yields for the year shortly, by the end of July. Things will then calm down until January, when there will be a re-evaluation, depending on where inflation is. Base case is higher rates, not just for 2022, but also for 2023. The storyline will continue for the BOC. 75 is the new 50. He sees at least 2, and then they go back down to 50s. It depends when peak inflation hits, which he sees as September. But if it's not, then all options are open.
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COMMENT
Stocks vs. bonds. John: For most of the year, it's been an odd situation where both stocks and bonds have been decimated. He concurs that peak interest and inflation will be relatively sooner. In the past month or so, you've started getting divergence. On extremely down stock market days, the bond market rallies.
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