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Celanese (CE) makes products for nearly every imaginable market including consumer, aerospace, agriculture, electronics, energy — the list goes on and on. And as the economy recovers, Celanese stock is on the rise. On Tuesday, the Relative Strength (RS) Rating for the chemicals maker rose to 73.
Celanese stock dipped to an 86.71 low at the end of September amid the bear market. It was trading above 122 Tuesday afternoon, down fractionally for the day but up about 40% since September. That’s a nice bounce from the bottom, but it has room to run. It’s well below its all-time high 176.50, set in January 2022.
The upwardly revised 73 RS Rating means Celanese stock is outperforming 73% of all stocks. In addition, it’s trading comfortably above both its 50-day and 200-day lines. When looking for the best stocks to buy and watch, market research shows that the market’s biggest winners tend to have an 80 or better RS Rating in the early stages of their moves. While Celanese is not near an ideal entry right now, see if it is able to form and break out from a proper base.
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Irving, Texas-based Celanese reported $3.94 earnings per share last quarter. That was down 18% from the year-ago same quarter. The prior three periods its EPS grew 135%, 60% and -1%. Sales grew a mild 2% to $2.3 billion last quarter. Celanese says on its website it plans to hold a call with analysts to discuss its fourth quarter earnings results on Feb. 24 at 10 a.m. ET.
Celanese stock ranks No. 7 among its peers in the Chemicals-Basic industry group. Westlake Chemical Partners (WLKP) and Ecovyst (ECVT) are among the group’s highest-rated stocks.
The exclusive Relative Strength Rating from Investor’s Business Daily tracks market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock’s price behavior over the last 52 weeks compares to all the other stocks in our database.
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1/10/2023 A Relative Strength Rating upgrade for Celanese shows improving technical performance. Will it continue?
1/10/2023 A Relative Strength Rating upgrade for Celanese shows improving technical…
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