In this article, we will be taking a look at the 5 best long term growth stocks to invest in. To read our detailed analysis of these stocks and growth investing, you can go directly to see the 10 Best Long Term Growth Stocks To Invest In.
5. PBF Energy Inc. (NYSE:PBF)
Number of Hedge Fund Holders: 31
PBF Energy Inc. (NYSE:PBF) is an energy company based in New Jersey. The company refines and supplies petroleum products.
On October 6, Ryan Todd at Piper Sandler raised his price target on PBF Energy Inc. (NYSE:PBF) shares from $49 to $53. The analyst also reiterated an Overweight rating on the stock.
This October, PBF Energy Inc. (NYSE:PBF) reported third-quarter gross petroleum refining margin of $24.96 per barrel of throughput. This figure is more than double the figure reported a year ago, which was $9.32. The company has been profiting from strong customer demand for its products and higher gross margins so far this year.
There were 31 hedge funds long PBF Energy Inc. (NYSE:PBF) in the second quarter, with a total stake value of $494.2 million.
4. FleetCor Technologies, Inc. (NYSE:FLT)
Number of Hedge Fund Holders: 33
FleetCor Technologies, Inc. (NYSE:FLT) is a data processing and outsourced services company based in Atlanta, Georgia. The company offers digital payment solutions to businesses, allowing them to control purchases and make payments. It also provides corporate payment solutions like accounts payable automation and Virtual Card, which provides a single-use card number for a specific amount usable during a certain timeframe.
Sanjay Sakhrani at Keefe Bruyette holds an Outperform rating on shares of FleetCor Technologies, Inc. (NYSE:FLT) as of October 10. The analyst also placed a $230 price target on the stock.
This October, FleetCor Technologies, Inc. (NYSE:FLT) announced its decision to acquire Roomex, a European workforce lodging provider serving the UK and German markets. The acquisition will help the company expand its US workforce lodging business in other markets, raising revenue and profitability. In August, FleetCor Technologies, Inc. (NYSE:FLT) raised its outlook for 2022, expecting total revenues between $3.38 billion and $3.42 billion, versus consensus estimates of $3.37 billion. For adjusted EPS, the company expects between $15.85 and $16.05, versus estimates of $15.68.
In total, 33 hedge funds were long the stock in the second quarter, with a total stake value of $1.04 billion.
3. Johnson Controls International plc (NYSE:JCI)
Number of Hedge Fund Holders: 33
Johnson Controls International plc (NYSE:JCI) is an industrials company engaged in engineering, manufacturing, commissioning, and retrofitting building products and systems. The company operates in the US, Europe, the Asia Pacific, and internationally. It designs, sells, installs, and services heating, ventilating, air conditioning, controlling, building management, refrigerating, and suppression systems, among much more.
Morgan Stanley’s Joshua Pokrzywinski holds an Overweight rating on shares of Johnson Controls International plc (NYSE:JCI) as of October 12. The analyst also placed a $60 price target on the stock.
This September, Morgan Stanley raised its EPS estimates on companies in the heating and cooling systems business. For Johnson Controls International plc (NYSE:JCI), the firm now expects an EPS of $3.72 in 2023 and $4.12 in 2024. In the same month, Johnson Controls International plc (NYSE:JCI) also got added to Bank of America’s Growth 10 list as one of the top growth stocks to invest in. Finally, the company also declared a quarterly dividend of $0.35 per share on September 14, making it a smart investment choice for income investors.
Johnson Controls International plc (NYSE:JCI) was found among the 13F holdings of 33 hedge funds in the second quarter and 44 hedge funds in the previous quarter. Their total stake values were $603 million and $1.4 billion, respectively.
Aristotle Capital Management, an independent/employee-owned investment management organization, mentioned Johnson Controls International plc (NYSE:JCI) in its first-quarter 2022 investor letter. Here’s what the firm said:
“As investors since the fourth quarter of 2017, we have enjoyed a front-row view of the large transformation that has taken place at Johnson Controls. Once a multi-industrial corporation, the company successfully turned itself into a pure-play buildings solutions and technology provider. Catalysts we previously identified for Johnson Controls included synergies following its merger with Tyco International, which provides fire safety and building security products, as well as benefits from its separation of non-building-focused businesses, such as automotive seating and batteries. With all catalysts in sight now nearing completion, and Johnson Controls now a better business for it – with higher recurring revenues and lower capital intensity – we decided to exit our investment to help fund the purchases of Xcel Energy and Atmos Energy.”
2. Halliburton Company (NYSE:HAL)
Number of Hedge Fund Holders: 43
Halliburton Company (NYSE:HAL) is an oil and gas equipment and services company offering products and services in the energy sector across the globe. The company operates through its Completion and Production, and Drilling and Evaluation segments. It is based in Houston, Texas.
On October 19, Lloyd Byrne at Jefferies initiated coverage of Halliburton Company (NYSE:HAL) shares with a Buy rating. The analyst also placed a $40 price target on the stock.
This September, Citigroup picked its best Buy and Sell stocks in all sectors based on quality and momentum. In the energy sector, Halliburton Company (NYSE:HAL) was named as one of the top Buys. In October, Halliburton Company (NYSE:HAL) was also one of the most notable gainers in the market, rising by 3.8% on October 19 in light of crude oil prices being on the rise.
Our hedge fund data shows 43 funds long Halliburton Company (NYSE:HAL) in the second quarter, with a total stake value of $1.3 billion.
1. NVIDIA Corporation (NASDAQ:NVDA)
Number of Hedge Fund Holders: 84
NVIDIA Corporation (NASDAQ:NVDA) is an information technology company providing graphics and networking solutions. The company operates in the US, Taiwan, China, and internationally.
Ross Seymore, an analyst at Deutsche Bank, reiterated his Hold rating on NVIDIA Corporation (NASDAQ:NVDA) shares on October 18. The analyst also placed a $140 price target on the stock.
In October, NVIDIA Corporation (NASDAQ:NVDA) was among the leading chip stocks helping the sector as a whole gain in the market, showcasing a share price gain of almost 6% on October 17. The company’s revenue in the fiscal second quarter was $6.7 billion, beating estimates by $3.47 million.
In the second quarter, 84 hedge funds were long NVIDIA Corporation (NASDAQ:NVDA), with a total stake value of $3.3 billion. In comparison, 102 hedge funds were long the stock in the previous quarter, with a total stake value of $6.4 billion.
See also 10 Best Japanese Stocks To Buy and 10 Best FTSE Dividend Stocks To Buy.
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