Since early 2014, I've kept an eye on companies that hit new 52-week highs and lows each week. 2014 and 2015 were great years for this pursuit, with many companies appearing on both lists, often several times a year.
Since February 2016 however, the lists have been entirely one-sided, with big companies seemingly only hitting new highs. It's been extraordinarily rare to get more than one S&P/ASX200 (INDEXASX: ^AXJO) (ASX: XJO) member hitting a new low.
This means that, apart from short periods of mediocrity, your favourite stocks just keep charging higher. Here are three of the latest:
Macquarie Group Ltd (ASX: MQG) – last traded at $88.08, up 6% in the past 12 months
Shares in Macquarie are actually pretty close to a 10-year high, as the company works on a number of new opportunities, including in the oil and gas sector. A better-than-expected first half seemingly encouraged shareholders, although the bank has stuck to its guns in guiding for a flat full-year profit. I find Macquarie more interesting than our other banks, as just over 2/3rds of Macquarie's revenue is generated from overseas. It is thus an interesting play on a weaker Aussie dollar, although investors need to bear in mind that banks are usually quite cyclical.
Orica Ltd (ASX: ORI) – last traded at $18.06, up 17% in the past 12 months
Orica shares have had a bumpy year, most recently rising in the wake of its November annual report, which revealed a 7% decline in Net Profit After Tax. A focus on cash generation and reducing debt, combined with rising margins in the second half of the year suggest that the company could be worth a closer look, even though it is not a bargain at first glance.
AGL Energy Ltd (ASX: AGL) – last traded at $22.32, up 23% in the past 12 months
AGL shareholders have enjoyed a year of very strong performance, with a buyback and several announcements regarding the divestment of assets being very well received by the market at large. The rise in the company's share price, however, is in direct contrast to management's comments on 'Australia's over-supplied energy generation market'. CEO Andy Vesey has been vocal about AGL's need to exit coal power generation in an 'orderly' manner, and given AGL's heavy reliance on coal power at the moment, I believe buyers need to take care not to pay too much for this company.
