Here's a company that is likely to never be lacking for business. Waste Connections provides solid waste collection and landfill disposal in 42 states and Canada. On Wednesday, the Relative Strength (RS) Rating for Waste Connections stock rose into a new percentile. It jumped 10 points to 82, up from 72 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is improving relative price strength. This one fits that bill. Its new 82 RS Rating means Waste Connections stock has outperformed 82% of all stocks in IBD's database on price performance. It's a singular distinction because market research shows that the stocks that go on to make the biggest gains tend to have an 80 or higher RS Rating as they launch their biggest runs.
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Waste Connections Stock's Other Key Ratings
The Ontario, Canada-based company also has a strong 88 EPS Rating, of a best-possible 99. Its 87 Composite Rating is good but not quite great. The Composite Rating combines five separate proprietary IBD ratings, based on key fundamental and technical criteria, into one easy-to-use score. The best growth stocks have a Composite Rating of 90 or better.
Waste Connections is building a consolidation with a 145.72 buy point. See if it can clear the breakout price in heavy trade. After a series of stairstep rises starting in May 2021, Waste Connections stock hit an all-time high 145.62 on April 8 before it succumbed to the bear market. It bottomed at 121.31 on May 12 and starting rising. Waste Connections stock traded at 128 Wednesday afternoon.
The company reported 17% earnings-per-share growth last quarter to 82 cents. Sales grew 18% to $1.65 billion. It has reported double-digit sales and profit growth for at least the past four quarters.
Trash Collector Aims For Greener Tomorrow
On its website, Waste Connections describes itself as a company that provides "sustainable waste management solutions." It adds that "We are striving for a greener and cleaner tomorrow in all our locations spread across North America."
Waste Connections stock holds the No. 6 rank among its peers in the Pollution-Control industry group. Aris Water Solutions and Heritage-Crystal Clean are also among the group's highest-rated stocks.
IBD's unique Relative Strength Rating identifies technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matches up against other publicly traded companies.
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