Market in Turmoil but These 10 Stocks Are on Fire

Ten stocks stood firmer on Thursday, defying a broader market bloodbath, thanks to more company-specific developments, including earnings and bullish coverage, among others. Of the firms in the list, three notably rallied to new record highs.

Meanwhile, all Wall Street indices finished in the red, led by the Nasdaq, down 2.29 percent, followed by the S&P 500, losing 1.66 percent, and the Dow Jones, down 1.65 percent.

Indices aside, we name the 10 top-performing stocks on Thursday and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and more than 5 million shares in trading volume.

A trader. Photo by Tima Miroshnichenko on Pexels

10. Baytex Energy Corp. (NYSE:BTE)

Baytex Energy extended its winning streak to a 7th consecutive session on Thursday to hit a new 52-week high as investors took heart from an investment firm’s bullish coverage for its stock.

During the trading session, the stock climbed to its highest price of $3.25 before trimming gains to end the day just up by 3.63 percent at $3.14 apiece.

In its market note on the same day, Raymond James Financial raised the stock to “outperform” from “market perform” alongside its price target, to C$5.50 from C$3.50 previously.

The revision followed Baytex Energy Corp.’s (NYSE:BTE) announcement that it would exit the US market with the divestment of its Eagle Ford assets for $3.25 billion and instead focus on its more robust Canadian operations.

“Monetizing our US Eagle Ford assets strengthens our balance sheet, supports capital allocation to our highest-return opportunities and positions us to deliver meaningful shareholder returns,” Baytex Energy Corp. (NYSE:BTE) President and CEO Eric Greager said.

The transaction is targeted to be completed by the end of the year or early next year, subject to closing conditions and regulatory approvals.

Baytex Energy Corp. (NYSE:BTE) said that it would return to a net cash position upon the deal’s closing, with a portion of the proceeds to be used to repay its outstanding credit facilities and notes due 2030.

9. Albemarle Corp. (NYSE:ALB)

Albemarle extended its gains for a 5th straight day on Thursday, as investors gobbled up shares following an investment firm’s marked price target upgrade for its stock.

At intra-day trading, Albemarle Corp. (NYSE:ALB) soared to its highest price of $119.28 before trimming gains to end the day just up by 3.85 percent at $114.57 apiece.

On the same day, investment firm UBS raised its price target for Albemarle Corp. (NYSE:ALB) by 25.9 percent to $107 from $85 previously, but maintained its “neutral” stance for the stock. However, the new target was 6.6 percent lower than the company’s latest closing price.

UBS’ upgrade followed Albemarle Corp.’s (NYSE:ALB) strong third quarter performance, where it narrowed its net loss by 85 percent to $160.7 million from $1.069 billion in the same period last year.

Adjusted EBITDA also grew by 6.7 percent to $225.6 million from $211.5 million.

Net sales, on the other hand, dipped by 3.5 percent to $1.3 billion from $1.35 billion year-on-year, primarily due to a 16 percent lower pricing in energy storage.

“Our team delivered strong third quarter results, with adjusted EBITDA up year-over-year despite lower lithium prices, demonstrating the strength of our business and disciplined execution,” said Albemarle Corp. (NYSE:ALB) Chairman and CEO Kent Masters.

“Our successful implementation of cost and productivity improvements and reduced capital expenditures coupled with our recent portfolio management actions underscore our commitment to long-term value and enhanced financial flexibility. We remain confident in our full-year outlook and ability to navigate dynamic markets,” he added.