Markets have been falling globally in recent months and the share prices of many companies have declined. During this market sell-off, I’ve been looking out for the best stocks for me to buy for long-term growth.
By purchasing now, I may be able to pick up the shares at beaten-down prices. I’ve found three exciting firms that I want to look at further.
Currys
Currys (LSE:CURY) is an online and in-store electronics retailer. This company has been caught up in the wider sell-off in the retail industry.
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This has been caused by a combination of factors including inflation, rising interest rates, and higher energy costs.
These all mean that customers have less money in their pockets to buy items, and this trend may not end for a while yet.
As a result, the shares are down 33% in the past month and currently trade at 69.6p.
However, with a cash balance of £100m at the beginning of 2022, it may be able to navigate any further issues. It has also initiated a share buyback scheme.
Currys suffered supply chain issues over Christmas but used the time during the pandemic to build its online presence. This development of online operations complements the firm’s tradition of offering face-to-face advice and service for the sale of electronics.
Wizz Air
Secondly, Wizz Air (LSE:WIZZ) is an airline specialising in short-haul flights around Europe, the Middle East, and North Africa.
In the past month, the share price has fallen 33% and currently trades at 1904.5p.
The airline operated an extremely restricted schedule during the pandemic and, with staff shortages and flight cancellations, this summer could bring further disruption. At some point, however, international should return to normal.
The firm also warned that it could report a loss for the three months to 30 June, citing cancellations and increasing staff costs.
Furthermore, it had a policy of not hedging its jet fuel. It has since reversed this decision, but this original policy has left the airline at the mercy of surging oil prices for the moment.
Harbour Energy
Finally, Harbour Energy (LSE:HBR) is a global oil exploration and production business. The shares are down 20% in the past week and currently trade at 375p.
The company is benefiting from high oil prices, with Brent crude currently trading at $116 per barrel.
Today, it announced a $200m share buyback scheme, indicating that the business is in a financially healthy state.
For the first three months of 2022, the company beat production guidance and had operating costs of $14.1 per barrel. It expected costs to be between $15 and $16 per barrel.
There is the potential threat that further Chinese lockdowns could lead to lower oil prices. In addition, future pandemic variants could cause demand for oil to decline and may cause a fall in the value of Harbour Energy’s produce.
Overall, these three companies have been caught up in the recent market correction and could be good investments for the long term. I will be buying shares in all three businesses soon.
