Assessing Waste Connections (WCN): A Momentum Stock with Steady Performance

 For both new and experienced market participants, effectively navigating the stock market and making informed decisions are common goals. Information on stock performance, including metrics such as value, growth, and momentum, can highlight potential opportunities. This approach helps identify stocks, including industrial stocks like Waste Connections (TSX:WCN), that may show promising trends or characteristics in the market, contributing to a diversified portfolio. 



Understanding Momentum in Stock Performance 

Momentum-focused market participants pay attention to stocks exhibiting upward or downward trends in price or earnings outlook. This approach often involves analyzing metrics such as weekly price changes and monthly percentage changes in earnings estimates, which can signal potential entry points.  

Spotlight on Waste Connections (WCN) 

Waste Connections, Inc. (TSX:WCN) operates as an integrated solid waste services company in the United States and Canada. The company provides non-hazardous waste collection, transfer, disposal, and recycling services. Through its R360 Environmental Solutions subsidiary, it also offers non-hazardous oilfield waste treatment, recovery, and disposal services in significant U.S. natural resource-producing areas, including the Permian, Bakken, and Eagle Ford Basins. 

Recently, Waste Connections has shown notable price movements. Over the past week, the stock declined by 2.4%, but over the past four weeks, it has risen by 0.7%. Over the last year, the stock has gained 23.4%, indicating a solid upward trend. The trading volume for WCN averages 921,817 shares over the past 20 days, reflecting strong market interest. Performance and Analyst Outlook 

Performance is a critical aspect for those focusing on momentum. Waste Connections has seen positive revisions to its earnings estimates, with seven analysts raising their forecasts for fiscal 2024 in the past 60 days. The consensus estimate for the company's earnings has increased by $0.02 to $4.83 per share. The company also has an average earnings surprise of 3.1%, indicating a tendency to exceed market expectations. 

Waste Connections (WCN) is notable for its solid earnings outlook, positive analyst revisions, and robust market interest. While the stock has experienced some recent volatility, its long-term trend remains positive, making it an interesting subject for those tracking momentum in industrial stocks. 

Location: Canada

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