One important metric to look for in a stock is a strong Composite Rating. The composite for Itron just rose to 82, putting it in the top 18% of all stocks on a group of key technical and fundamental metrics.
The meter maker has had a really good year. It reversed from a 5% dip in earnings per share in the final quarter of 2022 to put up EPS gains of 345%, 829% and 326% last quarter. Sales growth has followed a similar trajectory.
Itron Stock Pops 12.75% On Earnings.
On Nov. 2, Itron reported 326% third quarter EPS growth to 98 cents per share, on a 33% hike in revenue to $420.9 million, better than analysts expected. Itron stock shot up 12.75% that day.
"The dramatically changing utility landscape and the electrification of everything is exposing a variety of growing challenges for the utilities, municipalities, and cities that we serve," CEO Tom Deitrich said in the company's Q3 earnings release. He added that, "Itron's capabilities to provide visibility and control at scale are essential in managing rapidly increasing demand."
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Itron makes a variety of meters for power grids, water systems and other uses. It also sells meter reading software and other related technologies. It works with ConEdison, ComEd and other agencies.
Among its recent wins, Itron got a contract with the city of Paris, France, to install a system of controllers for more than 200,000 street and traffic lights. It's designed to cut public lighting energy use by 30% over 10 years.
61% Hike In Share Price In A Year
Among its other ratings Itron's Earnings Per Share Rating is 84, out of 99. Itron stock has a C- Accumulation/Distribution Rating, a gauge of buying by mutual funds and other institutional investors. The C- rating means they are selling about as many ITRI shares as They're buying. Its Relative Strength Rating is 77.
Itron stock hit a 39.38 low on Nov. 3, 2022, and turned higher. It's building a consolidation with a 79.99 entry point. See if the stock can break out in volume at least 40% higher than normal. On Tuesday, Itron closed at 63.31, down for the day but up about 61% in the past year.
Itron stock earns the No. 2 rank among its peers in the Electronics-Scientific Measuring industry group. Camtek is No. 1. And Keysight Technologies is No. 3.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
The unique IBD Relative Strength Rating measures technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matches up against other publicly traded companies.
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