In the latest trading session, Conagra Brands (CAG) closed at $36.76, marking a +0.63% move from the previous day. This move outpaced the S&P 500's daily gain of 0.31%. Meanwhile, the Dow gained 0.22%, and the Nasdaq, a tech-heavy index, lost 0.28%.

Heading into today, shares of the company had gained 0.19% over the past month, outpacing the Consumer Staples sector's loss of 0.96% and the S&P 500's loss of 1% in that time.

Investors will be hoping for strength from Conagra Brands as it approaches its next earnings release. On that day, Conagra Brands is projected to report earnings of $0.64 per share, which would represent year-over-year growth of 10.34%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.08 billion, up 5.88% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $2.66 per share and revenue of $12.36 billion, which would represent changes of +12.71% and +7.18%, respectively, from the prior year.

Any recent changes to analyst estimates for Conagra Brands should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Conagra Brands is holding a Zacks Rank of #1 (Strong Buy) right now.

Valuation is also important, so investors should note that Conagra Brands has a Forward P/E ratio of 13.73 right now. This represents a discount compared to its industry's average Forward P/E of 18.26.

Investors should also note that CAG has a PEG ratio of 1.96 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Food - Miscellaneous industry currently had an average PEG ratio of 2.84 as of yesterday's close.

The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 61, putting it in the top 25% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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