High-Growth Investments

The Allstate Corporation

The Allstate Corporation (ALL) is a leading insurance provider that’s kept its customers in “good hands” for more than 90 years. Today, Allstate has nearly 193 million policies, and through these policies, it provides a variety of insurance products and services, including auto, boat, motorcycle, homeowners, renters, life and business insurance.

Allstate is scheduled to release results for the third quarter on October 30. Third-quarter earnings are forecast to surge 296.3% year-over-year to $3.21 per share, up from $0.89 per share in the same quarter a year ago. Revenue is expected to rise 13.3% year-over-year to $14.94 billion.

I should also add that Allstate has a history of posting big earnings surprises, as it posted earnings surprises of 76.1%, 45.9%, 30.2% and 335.1% in the past four quarters, respectively. Analysts have increased earnings estimates over the past two months, so another quarterly earnings surprise is likely. ALL is a Conservative buy below $202.

SOM Technicals:

8-3-24: Closed at 178.82. Trade pressures are up. Volumes are bullish. The next target up is 188.86.

8-11-24: Closed at 171.03. Trade pressures are rising to the neutral zone. Volumes are neutral. The next target down is 168.07.

8-16-24: Closed at 178.11. Trade pressures are up. Volumes are bearish. The next target down is 175.48.

8-26-24: Closed at 180.51. Trade pressures are up. Volumes are bullish. The next target up is 184.31.

8-30-24: Closed at 188.94. Trade pressures are bullish. Volumes are bullish. The next target up is 194.68.

9-7-24: Closed at 185.36. Trade pressures are down. Volumes are bearish. The next target down is 180.99.

9-14-24: Closed at 188.30. Trade pressures are up. Volumes are bullish. The next target up is 191.33, the previous high.

9-28-24: Closed at 188.36. Trade pressures are down. Volumes are bearish. The next target down is 183.62.

10-5-24: Closed at 190.57. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is the prior high at 103.97.

10-12-24: Closed at 188.28. Trade pressures are up. Volumes are bullish. The next target up is 193.97.

10-18-24: Closed at 195.37. Trade pressures are up but turning down. Volumes are bearish. The next target down is 191.33.

 

Coca-Cola Consolidated, Inc.

Coca-Cola Consolidated, Inc. (COKE) bottles and distributes a vast range of beverage products and flavors, including Coca-Cola branded products, as well as well-known energy drinks, sparkling and still beverages, carbonated and non-carbonated drinks.

During the first six months of the year, sales rose 2.3% year-over-year to $3.4 billion. Sparkling bottle/can sales increased 4% year-over-year to $2.0 billion, while still bottle/can sales grew 2.4% year-over-year to $1.1 billion. Income from operations climbed 7.9% year-over-year to $474.5 million.

While the company doesn’t have any analysts following it right now, Coca-Cola remains very optimistic about its business going forward. In fact, Coca-Cola Consolidated recently announced a big increase in its quarterly dividend.

The company will now pay a quarterly dividend of $2.50 per share, up from its previous dividend of $0.50 per share. The new dividend will be paid on November 8 to all shareholders of record on October 25. The stock has a 0.8% dividend yield. COKE is a Conservative buy below $1,426.

SOM Technicals:

8-3-24: Closed at 1274.20. Trade pressures are up. Volumes are bullish. The next target up is 1345.00.

8-11-24: Closed at 1259.41. Trade pressures are up but declining. Volumes are bullish. The next target down is 1217.49.

8-16-24: Closed at 1270.17. Trade pressures are up. Volumes are bullish. The next target up is 1305.70.

8-26-24: Closed at 1339.75. Trade pressures are up but declining. Volumes are neutral. The next target down is 1319.69.

8-30-24: Closed at 1342.40. Trade pressures are down into the neutral zone. Volumes are bullish. The next target down is 1285.96.

9-7-24: Closed at 1329.90. Trade pressures are up but declining. Volumes are bearish. The next target down is 1285.96.

9-13-24: Closed at 1296.96. Trade pressures are down. Volumes are neutral. The next target down is 1233.97.

9-28-24: Closed at 1295.96. Trade pressures are rising into the neutral zone. Volumes are bullish. The next target up is 1306.31.

10-5-24: Closed at 1292.09. Trade pressures are down but rising. Volumes are neutral. The next target down is 1260.

10-12-24: Closed at 1282.91. Trade pressures are up. Volumes remain neutral. The next target up is 1396.03.

10-18-24: Closed at 1287.46. Trade pressures are down. Volumes are bearish. The next target down is low pivot at 1252.

 

Costco Wholesale Corporation

Costco Wholesale Corporation (COST) operates in the warehouse club industry, with 600 locations in 47 states and Puerto Rico, as well as 108 locations in Canada, 40 locations in Mexico, 33 locations in Japan and 29 locations in the U.K. The company also has locations in Australia, China, France, Iceland, Korea, New Zealand, Sweden and Taiwan.

Costco announced results for its fourth quarter and fiscal year 2024 after the stock market closed on Thursday. Interestingly, the company’s decision to start selling gold bars last fall proved to be a boon for its business. It’s estimated that Costco is selling between $100 million and $200 million in gold bars each month.

For the fourth quarter, Costco reported sales rose 1% year-over-year to $78.2 billion, just shy of estimates for $79.97 billion. Earnings grew 9% year-over-year to $2.354 billion, or $5.29 per share, compared to $2.16 billion, or $4.86 per share, in the fourth quarter of 2023. Analysts expected earnings of $5.07 per share.

Costco also reported total sales increased 5% year-over-year to $249.6 billion in its fiscal year 2024. Full-year earnings rose 17.1% year-over-year to $7.367 billion, or $16.56 per share, up from $6.292 billion, or 14.16 per share, in fiscal year 2023. COST is a Conservative buy below $946.

SOM Technicals:

8-30-24: Closed at 895.38. Trade pressures are down into the neutral zone. Volumes are neutral. The next target down is 867.10.

9-7-24: Closed at 876.68. Trade pressures are down. Volumes are bearish. The next target down is 854.86.

9-14-24: Closed at 916.00. Trade pressures are up. Volumes are bullish. The next target up is 939.04.

9-28-24: Closed at 885.62. Trade pressures are down. Volumes are neutral. The next target down is 859.78.

10-5-24: Closed at 883.11. Trade pressures are rising onto the neutral zone. Volumes are bearish. The next target up is 899.

10-12-24: Closed at 889.03. Trade pressures are down. Volumes are neutral. The next target down is 881.04.

10-18-24: Closed at 889.56. Trade pressures are down but rising. Volumes are bearish. The next target down is 875.10.

 

The Progressive Corporation

The Progressive Corporation (PGR) is a well-known insurance provider, offering everything from car, boat and motorcycle insurance to homeowners, renters and commercial insurance. The company also offers popular insurance bundles, in which folks can bundle their auto and property insurance for lower rates. And Progressive continues to benefit from high insurance rates.

For the third quarter, analysts have increased earnings estimates by 44% in the past three months, which is setting the company up for a fifth-straight quarterly earnings surprise. Third-quarter earnings are forecast to jump 67.5% year-over-year to $3.50 per share, up from $2.09 per share in the same quarter a year ago.

Progressive also plans to pay a quarterly dividend of $0.10 per share on October 11. All shareholders of record on October 3 will receive the dividend. The stock has a 0.16% dividend yield. PGR is a Conservative buy below $269.

SOM Technicals:

4/27/24: Closed at 205.03. Trade pressures are down. Volumes are bearish. The next target down is 199.79.

5-4-24: Closed at 208.72. Trade pressures are down. Volumes are bullish. The next target down is 206.06.

5-10-24: Closed at 210.17. Trade pressures are neutral. Volumes are bullish. The next target down is 211.49.

5-18-24: Closed at 209.22. Trade pressures are down but rising. Volumes are bearish. The next target down is 201.34.

5-25-24: Closed at 203.91. Trade pressures are down. Volumes are bearish. The next target down is 191.19.

6-2-24: Closed at 211.18. Trade pressures are up. Volumes are bullish. The next target up is 214.90.

6-8-24: Closed at 212.53. Trade pressures are up. Volumes are bullish. The next target up is 219.12.

6-15-24: Closed at 203.92. Trade pressures are down but rising. Volumes are bearish. The next target up is 218.20.

6-23-24: Closed at 209.19. Trade pressures are down. Volumes are bullish. The next target down is 206.

6-30-24: Closed at 207.71. Trade pressures are up into the neutral zone. Volumes are bearish. The next target up is 218.69.

7-5-24: Closed at 210.18. Trade pressures are down. Volumes are neutral. The next target down is 205.22.

7-12-24: Closed at 213.30. Trade pressures are up. Volumes are bullish. The next target up is 218.69.

7-20-24: Closed at 219.35. Trade pressures are up but declining. Volumes are bearish. The next target down 212.57.

8-3-24: Closed at 216.94. Trade pressures are up. Volumes are bullish. The next  target up is 240.00.

8-11-24: Closed at 221.73. Trade pressures are up. Volumes are bullish. The next target up is 227.32.

8-16-24: Closed at 236.77. Trade pressures are up. Volumes are bullish. The next target up is 244.22.

8-26-24: Closed at 242.45. Trade pressures are up. Volumes are bullish. The next target up is 246.40.

8-30-24: Closed at 252.20. Trade pressures are up. Volumes are bullish. The next target up is 261.59.

9-7-24: Closed at 248.69. Trade pressures are up but declining. Volumes are neutral. The next target down is 244.68.

9-14-24: Closed at 255.46. Trade pressures are up. Volumes are bullish. The next target up is 267.50.

9-28-24: Closed at 251.10. Trade pressures are down. Volumes are bearish. The next target down is 244.03.

10-5-24: Closed at 255.36. Trade pressures are up. Volumes are bullish The next target up is 262.01.

10-12-24: Closed at 254.02. Trade pressures are up. Volumes are bullish. The next target up is 256.27.

10-18-24: Closed at 251.12. Trade pressures are down. Volumes are bearish. The next target down is 242.32.

 

Targa Resources Corporation

Targa Resources Corporation (TRGP) is a midstream energy company that provides gathering and processing systems as well as logistics and transportation systems. The company operates more than 31,000 miles of natural gas pipelines and 53 processing plants, which service top natural gas and crude oil-producing basins in the U.S.

You may recall that Targa Resources operates in the lucrative oil and natural gas-producing region in the Permian Basin. The company’s robust operations in this region are anticipated to continue to add handsomely to its top and bottom lines.

For the third quarter, the analyst community expects earnings to increase 55.7% year-over-year to $1.51 per share, compared to $0.97 per share in the third quarter of 2023. Analysts have revised earnings estimates 13.5% higher in the past three months, which bodes well for a second-straight quarterly earnings surprise. TRGP is a Conservative buy below $156.

SOM Technicals:

5-25-24: Closed at 114.28. Trade pressures are down. Volumes are bearish. The next target down is 111.90.

6-2-24: Closed at 118.23. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-8-24: Closed at 118.01. Trade pressures are up. Volumes are bullish. The next target up is 119.68.

6-15-24: Closed at 119.00. Trade pressures are down. Volumes are neutral. The next target down is 117.63.

6-23-24: Closed at 125.10. Trade pressures are up. Volumes are bearish. The next target down is 123.65.

6-30-24: Closed at 128.78. Trade pressures are up. Volumes are bullish. The next target up is 130.53.

7-5-24: Closed at 132.49. Trade pressures are up. Volumes are bullish. The next target up is 139.71.

7-12-24: Closed at 135.05. Trade pressures are up. Volumes are bullish. The next target up is 137.41.

7-20-24: Closed at 136.37. Trade pressures are up. Volumes remain bullish. The next target up is 139.96.

8-3-24: Closed at 130.58. Trade pressures are down. Volumes are bearish. The next target down is 126.70.

8-11-24: Closed at 135.69. Trade pressures are up. Volumes are bullish. The next target up is 139.35, the prior high.

8-16-24: Closed at 142.83. Trade pressures are up. Volumes are bullish. The next target up is 150.00.

8-26-24: Closed at 145.47. Trade pressures are up. Volumes are bullish. The next target up is 151.82.

9-28-24: Closed at 146.80. Trade pressures are down. Volumes are neutral. The next target down is 140.89.

10-5-24. Closed at 158.02. Trade pressures are up. Volumes are bullish. The next target up is 159.07.

10-12-24: Closed at 165.76. Trade pressures are up. Volumes are bullish. The next target up is169.90.

10-18-24: Closed at 162.75. Trade pressures are down into the neutral zone. Volumes are bullish. The next target down is 157.41.