Energy Stocks At New Highs: These Natural Gas And Electric Companies Find Buyers
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The stock market’s new highs list is shrinking as we head into the long holiday weekend. But two energy stocks are worth highlighting after news that Russia has suspended natural gas pipeline shipments to Germany.
EQT Corporation (EQT) has powered back up above the 46.81 buy point of a cup-with-handle base and is trading within the 5% buy zone, which extends up to 49.15.
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The stock is No. 1 in the Integrated Oil & Gas group, which is ranked 32nd out of the 197 industries that IBD tracks. This natural gas producer has best-possible 99 Composite and Relative Strength Ratings.
EQT has booked impressive quarterly growth in the last 12 months, earning 41 cents per share in December 2021, 81 cents in March and 84 cents in June.
However, sales numbers have been erratic during the same period, making it harder to project future income.
Clean Energy Stock Hits Profit Zone
Constellation Energy (CEG) is a leader among carbon-free energy producers and may benefit from the passing of the Inflation Reduction Act. It’s also the largest player in the Alternative Energy group, which is ranked No. 2 on IBD’s industry group list.
This energy stock has been in a strong uptrend since July, earning a lofty 98 Relative Strength Rating. It just broke out of a 3-weeks tight base with an 83.33 buy point, but is trading poorly into Friday’s closing bell. Previously, it gapped out of a double-bottom base with a 67.04 buy point and took off like a rocket.
Shares have now reached the 20% to 25% profit zone, indicating it may be time to take profits.
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