It’s no secret that 2022 has been a challenging time within the market. Geopolitical issues, stubborn COVID-19 uncertainties, and a hawkish pivot from the Federal Reserve have all been thorns in the market’s side year-to-date.
However, believe it or not, there have been plenty of stocks in 2022 snapping the overall bearish trend.
Three of the top S&P 500 performers in 2022 – Occidental Petroleum OXY, Cardinal Health CAH, and Hess Corp. HES – have all delivered substantial gains to investors.
The chart below illustrates the year-to-date performance of all three stocks.
Image Source: Zacks Investment Research
As we can see, all three stocks have gone on a stellar run in 2022. Let’s take a closer look at each one.
Occidental Petroleum
Occidental Petroleum is an integrated oil and gas company with significant exploration and production exposure.
Like many stocks in the Zacks Oils and Energy sector, OXY’s growth trajectory is impossible to ignore; the company’s earnings are forecasted to soar nearly 280% year-over-year in its current fiscal year (FY22) paired with revenue growth of 42%.
Still, the growth is projected to cool off in FY23, with estimates calling for a 23% year-over-year drop in earnings and a 9.6% pullback in revenue. This is shown in the chart below.
Image Source: Zacks Investment Research
Further, the company generates solid cash; OXY reported free cash flow of $3.6 billion in its latest quarter, enough for a sizable 36% Y/Y increase.
Image Source: Zacks Investment Research
Cardinal Health Inc.
Cardinal Health is a nationwide drug distributor and provider of services to pharmacies, healthcare providers, and manufacturers.
Analysts have raised their earnings outlook for CAH’s current and next fiscal year as of late, helping land the stock into a Zacks Rank #2 (Buy).
Image Source: Zacks Investment Research
Undoubtedly a major positive, Cardinal Health belongs to the elite Dividend Aristocrat group; Dividend Aristocrats are classified as companies with at least 25 consecutive annual dividend increases.
CAH’s annual dividend currently yields roughly 2.5%, above its Zacks Medical sector by a fair margin.
Image Source: Zacks Investment Research
Hess Corp.
Hess is a globally integrated energy company engaging in the exploration, production, development, transportation, purchase, and sale of crude oil and natural gas liquids.
Hess has been on a strong earnings streak, exceeding earnings and revenue estimates in four consecutive quarters. Just in its latest release, the company narrowly beat earnings expectations and posted revenue 7.4% above expectations.
Image Source: Zacks Investment Research
HES does pay a dividend, currently yielding a modest 1.1%, below its Zacks Oils and Energy sector average by a fair margin. Still, the company’s 6.4% five-year annualized dividend growth rate helps pick up the slack.
Image Source: Zacks Investment Research
Bottom Line
Investors are more than aware of how harsh the market has been in 2022, with many stocks residing in the red year-to-date.
Still, all three stocks above – Occidental Petroleum OXY, Cardinal Health CAH, and Hess Corp. HES – have all shaken off the market’s woes, becoming top S&P 500 performers in 2022.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock And 4 Runners Up
Hess Corporation (HES) : Free Stock Analysis Report
Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report
Cardinal Health, Inc. (CAH) : Free Stock Analysis Report
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