Industrial Stocks Have Been Hit Hard This Year From COVID-19, Is Now The Time To Buy?
The market for industrial stocks seems to be on the road to recovery. Industrial stocks refer to a variety of different companies. These companies include engineering, construction, equipment, machinery, and more. Many of these companies were hit pretty hard by the coronavirus pandemic that the world is facing. But the top industrial stocks to watch seem to rebound in the second half of 2020. It seems that with fewer people outside, it creates an easier opportunity to do public construction.
Industrial stocks are closely tied in with how the economy is performing. So when the economy is down, industrial stocks tend to be as well. Some industrial stocks like Caterpillar Inc. (CAT Stock Report) have managed to recover in this climate while others like The Boeing Company (BA Stock Report) are struggling to do so. This means that there are many industrial stocks to watch at the moment.
News related to reopening and coronavirus vaccines can cause industrial stocks to trend upwards. That is why investors have been keeping an eye on this sector. Now let’s see two trending industrial stocks that are rising or have the potential to uptick in the market.
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Top Industrial Stocks To Watch In 2020: KBR Inc.
The first industrial stock to watch is KBR Inc. (KBR Stock Report) due to its recent surge in the share price. KBR is an industrial company with a focus on engineering, construction, and procurement as well. KBR primarily provides for government services and hydrocarbons industrials all around the world. This industrial company has had to face the economic challenges of many other industrial companies in 2020. But things may now be looking up for KBR.
On August 19th, KBR announced that they will acquire defense firm Centauri for $800 million. The company has wanted to enter the space market for a while and this is their attempt at doing so. Before this announcement, KBR stock was at $22.58 a share on average. Once this was announced, KBR stock price rose to $24.77 a share on average. This 9.69% increase in KBR stock was great for investors. On August 20th, KBR stock is at $24.04 a share. This means that it kept its momentum but the hype has fallen for investors.
If KBR can make more advancements similar to this its stock price could rise even more. Before the pandemic, KBR stock price was at $31 a share. It seems as if KBR would like to reach that point once again and push past it as well. Once more positive financials are reported for this industrial company it is more likely. For now, KBR stock is an industrial stock to watch during the second half of 2020.
Top Industrial Stocks To Watch In 2020: HD Supply Holdings Inc.
The next industrial stock to watch is HD Supply Holdings Inc. (HDS Stock Report). HD Supply is an industrial company that distributed products around North America. The company has more than 500,000 professional customers in the nation. These companies focus on maintenance, repairs, power, construction, and more. On September 9th, HD Supply Holdings will be having a second-quarter earnings call. This could potentially drive HDS stock price up.
What is the current state of HDS stock though? HDS stock price was at $43 before the pandemic drove its way down to $23 a share on average. Yet ever since then, HDS stock price has managed to nearly fully recover. As of August 20th, HDS stock is at $40.54 a share. If HDS stock price can rise 5.72% then it will be at a point of full recovery. With this earnings call coming up, that is a possibility for this industrial stock. That is why it is an industrial stock to watch in August.
Many industrial stocks like General Electric (GE Stock Report) are still struggling to jump back up in share price. The market for industrial stocks has been in a volatile state for most of 2020. Things like acquisitions and earnings reports are big contenders for bringing stock prices up. That is why KBR stock and HDS stock are two potential industrial stocks to buy.